UAE VAT Update
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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