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.