10 Things You Should Know About VAT Implementation in UAE

Our experts are always there to make things easier for you. Here are some blogs that can help you in understanding the VAT registration process in UAE.

By Julia | November 8th, 2017 | VAT

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10 Things You Should Know About VAT Implementation in UAE

As UAE is all set to regulate the VAT Law, people who are still not aware of the basics of Value Added Tax can go through this informative content in order to gain a basic knowledge of the entire scenario.

Here are 10 basic and most vital things you should know about VAT implementation in UAE.

  1. Value Added Tax is going to be implemented from 1st January, 2018 in UAE.
  2. The VAT implementation rate in UAE as stated by the UAE Minister of State for Financial Affairs will be 5%.
  3. Firms in the UAE with annual revenue of more than Dh3.75 million are required to be registered under the GCC VAT
  4. Companies in UAE whose revenues are between Dh1.87 and Dh3.75 million will have the option to register during the 1st phase of VAT implementation
  5. The taxed category will cover goods and services concerning smart phones, jewelry, cars, restaurants, entertainment and electronics
  6. You can contact VAT/TAX experts; they shall visit your office to have an idea of the business model, so that they can design VAT implementation plan that fits the VAT regulations for your company
  7. Potential registrants should include their TRN which is the Tax Registration Number
  8. Every taxable person is required to prepare tax for each tax session and for each tax during the process of registration
  9. Then the tax returns must be submitted by them to the authority and shall also pay ant potential payable tax amount as specified or any form of tax assessment within the stipulated time
  10. The authority has the right to reject incomplete tax returns.

While these are just the basic points, one should note down at first in order to have an idea of the various aspects of VAT implementation in UAE, you can always seek expert help for an in-depth analysis and explanation of every fact and figure related to the topic.

Looking for professionals to come up with a perfect VAT implementation plan for your business? Get in touch with the experts at Uaevatexpert.ae

We offer some useful and business-friendly VAT services to every corporate house in and around United Arab Emirates. Now that the date of VAT implementation is gradually approaching, waste no time in postponing the training process. Seek expert guidance from the industry experts associated with our firm today. Our professionals shall guide you with customized plans and strategies that suit your business best. Helping your business grow is our priority.

Apart from helping your firm with VAT implementation guide and strategizing plans, our experts offer various Accounting, Auditing, Tax Advisory, and Company Incorporation services as well. Your firm deserves nothing less than the best, and our team of industry experts shall always come up with the best practices and real world instances in order to ensure absolute productivity in the long run.

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