UAE VAT Update

May 10, 2017

The BOTH Accounts team attended a VAT awareness workshop arranged by the Ministry of Finance.

 

Below are the major highlights covered during the session:

  • Value Added Tax is an indirect Tax and is imposed on most supplies of goods and services that are bought and sold.

  • Will be implemented on January 1, 2018 and Company registration will start in the 3rd quarter of 2017.

  • Taxable Supplies and services will be charged a standard Rate at 5%

  • Who are required to register for VAT

    • Mandatory registration threshold  AED 375,000 annual supplies

    • Voluntary registration threshold at least AED 187,500

  • It is expected that the default period for filing VAT returns will be three months for the majority of businesses

  • Two or more persons carrying on a business are able to apply for a single ”Group” VAT registration

  • Ministry of Finance will conduct specific industry seminars after Ramadan.

Please contact us for more information on VAT support administration and registration assistance.

 

 

 

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