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  The Federal Tax Authority (FTA) has given the list of provisions across different sectors that will be liable to Value Added Tax (VAT) from the start of 2018. From all the sectors, there are few supplies in the sectors like real estate, financial services and transportation will be totally exempt from VAT.  VAT in the UAE : All You Need to Know - VAT in UAE was introduced on January 1st, 2018 and thereafter it has been followed and executed successfully. VAT in the UAE is considered to be as a new source of income which will be continued to be utilised to provide high-quality public services as well as it will help government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue. However , everything has been affected because of the COVID-19 pandemic. Because of this, numerous a ctions have been set up by the UAE government to give relief to businesses. Various measures have been taken by the government of UAE to impede the eff...

  REGISTER FOR VAT VAT was introduced in UAE in Jan 2018  at the standard rate of 5%. If you are a business owner or plan to establish a business in UAE, you need to get registered under UAE VAT Law. Here are a few things you need to know before you register for VAT:     1. Knowing when to register for VAT If your company in the preceding 12-months or over the next 30-days exceed the threshold limit of AED 375,000 in taxable supplies and imports, you need to register for VAT in the UAE. If your taxable supplies and imports fall under this threshold of AED 375,000 but exceed AED 187,500 you can choose to do a voluntary registration. Knowing when to register – or deciding when to voluntarily register – is complicated. If you don’t register when you reach the threshold limit, you’re subject to penalties and fines. On the other hand, if you choose to register voluntarily, even though you may enjoy the benefits of tax refunds or offset expenses – it can also be an unneces...

  VAT Registration Natural Person and VAT compliance : One of the most common questions most of the Natural Persons who owns multiple businesses have when it comes to registering with Federal Tax Authority (FTA) for a VAT Tax Registration Number (TRN) is whether to: Request for a separate TRN no. for each business owned by them or  Seek one TRN no. for all businesses owned by them FTA recently published a Clarification (VATP021) on the subject to help Natural Person comply with VAT law and regulations. Some of the important points to consider from the Clarification include: Who should register for VAT – Natural Person or his Sole Establishments separately: A Natural Person owning a number of sole establishments needs to  obtain only one VAT registration for all its sole establishments  and does not require separate VAT registrations for such establishments. FTA further noted, the Clarification does not apply to a One-Person Company  LLC or other similar legal e...

  1. What is VAT? VAT is a tax collected on the sale of goods or services. VAT is also applicable on import of goods and services in many countries.  The amount of VAT payment is after deducting Input VAT which is paid by the business while purchasing goods and services for the purpose of business. Each country has its own administrative authority for VAT. In the UAE, Federal Tax Authority is the administrative authority while in the UK VAT is managed by HM Revenue and Custom. 2. When should one register for VAT? Mandatory Registration: In some cases, VAT registration is mandatory for businesses.  This is generally triggered upon reaching a certain revenue threshold.  In the UAE this threshold is when your   turnover in any of the past 12 months exceeds or is likely to exceed (in next 30 days)   AED 375,000 and in the UK   £85,000. Voluntary Registration: You can also register for VAT on a voluntary basis at any point up until your turnover reaches Man...