VALUE ADDED TAX (VAT)
To reduce their dependence on oil and other hydrocarbon products as a source of revenue,GCC (Gulf Co-operation Council) countries have agreed ‘in principle’ to the GCC VAT Agreement to levy VAT (Value Added Tax) in the region. VAT is being introduced as a part of UAE's visionary steps towards a non oil reliant economy. It is going to be a part of business culture.
VAT, as a general consumption tax, will apply to the majority of transactions of goods and services unless specifically exempted or excepted by law. VAT will be introduced across the UAE on 1 January 2018 at a standard rate of 5%.
General Principles
What is VAT?
Value Added Tax (or VAT) is an indirect tax. It is also referred to as a type of general consumption tax. It is imposed on most supplies of goods and services that are bought and sold
Compliance Requirement
Major Requirements
VAT Registration
Maintenance of books of account
VAT Invoices
VAT Return filings
Tax Audit by FTA
Penalties
Recent Updates
Updates from Federal Tax Authority
Online Registration for Value Added Tax (VAT) Is Open
Cabinet-Approves-Decisions-No-39-and-40-for-2017-on-Federal-Tax-Authority-Service-Fees