Finance

Dubai Economy asks businesses not to hike prices ahead of VAT

Dubai Economy will roll out various campaigns in the coming days to ensure that traders do not increase their prices before VAT is implemented. The initiative is part of protecting consumer rights and enhancing transparency across retailing in line with Dubai’s reputation as a competitive business destination.

“Dubai Economy is committed to protecting consumers against unscrupulous trade practices. Retailers should comply with their price list and anyone who increases prices without any justification will incur a fine,” said Mohammed Ali Rashid Lootah, CEO of CCCP.

Retailers have to display the VAT applicable separately on every invoice from 1 January 2018 onwards and Dubai Economy will impose fines on those who do not abide by the new regulation. Dubai Economy will continue to conduct field inspections and also act on complaints received from consumers against retailers who are found to have increased prices ahead of VAT.

Lootah also told retailers not to manipulate the prices of VAT-exempted products or the five per cent VAT applicable. The CCCP task force is already monitoring market activity to ensure that retailers do not raise prices before the beginning of 2018.

"We call on consumers to watch out and ensure that there is no price manipulation or non-compliance with the laws. Consumers must ask for service and sale invoices and retain a copy with them. Complaints if any can be raised on the Ahlan Dubai number 600 54 5555, displayed across all retail establishments,” added Lootah.

Original Article

The post Dubai Economy asks businesses not to hike prices ahead of VAT appeared first on News Wire Now.

Leave a Reply