THINGS TO KNOW BEFORE YOU REGISTER FOR VAT
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...