One of the biggest overhauls in the UAE’s tax laws in recent times, Value Added Tax (VAT) will be implemented across the country from the 1st of January, 2018, at a standard rate of 5%. The Federal Tax Authority of the United Arab Emirates has opened its official VAT registration portal, allowing eligible businesses to register for VAT starting 1st of October, 2017.
Businesses in the UAE must register for VAT if the value of their annual supplies exceeds the mandatory registration threshold of AED 375,000. Businesses can also register for VAT voluntarily if their annual supplies are less than the mandatory registration threshold but more than the voluntary registration threshold of AED 187,500.
WWFL has experienced UAE tax partners on hand to offer professional advice and services to companies and entrepreneurs to help them understand the new taxation system, its compliance and exemptions, and to guide them through completing their registration.