By Julia | November 8th, 2017 | VAT
Now that the United Arab Emirates will be including the implementation of VAT from the month of January, 2018, it is important for certain business houses to know how the entire process will work. To begin with, it is to be noted that 5% Value Added Tax will be applicable for goods and services from next year which will ultimately be charged to the consumers. The companies registered for VAT in Dubai are needed to follow certain procedures.
The business houses in Dubai and in other regions of UAE can register for VAT by using online registration services. The online portal of Ministry of Finance, eservices.mof.gov.ae, will come into play in this matter. VAT registration becomes compulsory if the annual turnover of a business crosses AED 375,000. It is optional for businesses if the annual turnover remains between AED 187,500 and AED 375,000. It is also to be noted that a timely return filing will be considered absolutely important after the VAT gets implemented next year from 1st January.
The procedure of VAT registration is similar for all, but the documents needed for registration will vary for corporate and individuals. Paper works displaying the proof of business along with a request letter signed by the company authority or individual are the basic documents that will be required for the registration process. For further enquiries, you can either visit the government website or can even get in touch with our firm for an effective result in the long run.
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