H.H. Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates issued Federal Decree-Law No. (8) of 2017 on Value Added Tax. VAT in UAE is applicable from 1st January 2018 and registration for VAT is being handled through.
The Federal Tax Authority (FTA) is responsible for setting up and maintaining records on taxpayers and on taxes paid. It also issues necessary guidelines and clarifications to taxpayers on matters related to federal taxes and related fines.
At the beginning of 2018, the government of UAE rolled out
iteration of Value Added Tax in the country,
which levied on a range of applications in order to stimulate the local economy.
The Ministry of Finance specified standard rated VAT of 5
implemented on taxable transactions for various goods
and services, as well as on the use of public infrastructure and services.
FTA had issued many clarifications & guidelines to
clear the issues around
it. Due to the nascent nature of the
legislation in this country, most businesses only have some basic idea about the requirements involved
compliance, such as the proper documentation, proper interpretation of Articles of VAT Law and filing
entailed in the compliance process.
MAC & ROSS Chartered Accountants have a team of VAT consultants and tax
advisors in Dubai who can help your business
structure in-house recording and filing processes to ensure that your company does not incur any
penalties from improper
compliance. We can also assign you a dedicated VAT consultant to update you on the latest developments