By Julia | November 10th, 2017 | VAT
VAT (value added tax) is expected to be implemented in the United Arab Emirates with effect from January 1, 2018. While the whole country awaits the VAT Registration, it is important to know for every business owner (small, medium or large scale) in the country to understand how VAT Invoices are needed to be maintained as per the latest information carried out by the Federal Tax Authority (FTA).
The FTA has described that there will be two separate kinds of invoices for VAT in the UAE. A business is considered to maintain a simplified VAT invoice if they supply for less than the specified amount. This is specifically for the retail industry and the supermarkets. On the other hand, supply for more than the specified amount is subjected to make a detailed invoice.
If you are associated with a business that provides lesser supply than the specified amount, you should consider the following points while preparing the VAT invoice:
If your business deals with the supplies above the specified amount, then you need to follow the subsequent points while preparing VAT invoice:
The Ministry of Finance (MoF) in the UAE has already dedicated one particular section on its website to educate people about VAT while providing practical guidance to make the citizen understand how it applies. In fact, the Ministry has already started to roll out a VAT and Excise Awareness Campaign. As mentioned before, VAT will be introduced in the Gulf from January, and some of the regulations are supposed to go live by the third quarter.
Uaevatexpert.ae offers valuable guidance to the clients by assisting them to get acquainted with the new regulations and tax provisions in the UAE. We have professionals who can provide you proper knowledge about the significant VAT related issues like VAT Registration, VAT implementation, and VAT returns filing services in the UAE.
Besides VAT consultations, we also provide several other services including company incorporation, accounting services, auditing services, and tax advisory services. We use state-of-the-technology to provide you with the best in class service, and we work relentlessly towards improving our services so that we can help your business grow seamlessly.
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