Companies in UAE can register for VAT from October, says finance ministry

VAT law is currently being finalised and will be published once approved, says Ministry

Business in the UAE will be able to register online for value-added tax (VAT) from October, according to the UAE Ministry of Finance.

On Sunday, Younis Al Khouri, under-secretary, Ministry of Finance, said the six-nation Gulf Cooperation Council is aiming to introduce a 5 percent VAT from January 2018.

In an update on its website, the ministry said that registration for VAT is “expected to be made available to businesses that meet the requirements criteria three months before the launch of VAT” with companies able to register online.

With regards to filing of VAT returns, the ministry said registered businesses will be expected to submit VAT returns on a regular basis online, putting the default period for filing VAT returns at three months for majority of businesses.

It added businesses will be required to keep records that will allow authorities to identify the details of the business activities and review transactions. Specifics regarding the documents required and the time period for keeping them haven’t been revealed.

As per the ministry, UAE VAT law is currently being finalised, and will be published once approved.

At present, the ministry has posted jobs in 28 categories, ranging from tax auditors, tax analysts, senior enforcement officers, excise policy analyst.

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Posted by: Abu Tafif

The first step to the UAE becoming less attractive for business. Taxes require rules and the fair implementation of rules, given that many more simple rules are still waiting to be implemented fairly, I do not see this being good for business at all. Perhaps Doha will be rubbing it's hands together in excitement?

Posted by: Telcoguy

If i understand this right VAT will be introduced by all GCC countries.
I may be wrong, as I have not been following this in detail.

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