fta calls on all businesses to register for vat before january 1st
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
Arab Today, arab today

FTA calls on all businesses to register for VAT before January 1st

Arab Today, arab today

Arab Today, arab today FTA calls on all businesses to register for VAT before January 1st

FTA
Abu Dhabi - WAM

The UAE’s Federal Tax Authority, FTA, has called on all businesses to register for Value-Added Tax, VAT, before January 1, 2018, following the completion of the first phase of registration.

In a statement today, FTA said the VAT registration procedure is free of charge and can be completed online via the e-Services portal on the FTA website.

VAT is set to come into effect in January 1 as per Federal Decree-Law No (8) of 2017, issued by President His Highness Sheikh Khalifa bin Zayed Al Nahyan.

To register, businesses must provide the following information: Applicant details, including entity and activity details; Trade licenses; Manager’s details; Contact information; Documents of authorised signatory, including scanned copies of their Emirates ID and passport.

The FTA has re-emphasised that a business will be required to register if the total value of its taxable supplies made within the UAE exceeds the mandatory registration threshold of AED 375,000 over the previous 12-month period.

Taxable supplies include all supplies that are made in the UAE, whether subject to 5 percent or zero-rated tax under Article (45) of Federal Decree Law No (8) of 2017, excluding supplies exempted under Article (46) of Federal Decree Law No (8) of 2017.

Additionally, all goods or services imported from abroad are considered taxable supplies.

The law defines a "supply" as any supply of goods or services in the UAE for consideration by any person in the course of conducting business.

All businesses must submit an application for registration as soon as possible, the FTA cautioned, in order to avoid the risk of missing the deadline, which would entail the Administrative Penalties stipulated in Cabinet Decision No. (40) of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.

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fta calls on all businesses to register for vat before january 1st fta calls on all businesses to register for vat before january 1st

 



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fta calls on all businesses to register for vat before january 1st fta calls on all businesses to register for vat before january 1st

 



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