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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...

  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...