The Finance Ministry (MoF) of United Arab Emirates has published an official statement on 18th August 2015 regarding Value Added Tax (VAT) proposal and the possible Corporate Tax (CT) outline. The UAE has completed a treaty to implement VAT with the other GCC member states (Bahrain, Kuwait, Oman, Saudi Arabia and Qatar). The MoF also settles that it will make a declaration once the law has been confirmed, and that businesses will be given no less than 12 months from the announcement date to make for the implementation, and before being essential to fulfil their corporate tax compulsions.