UAE businesses can sign up for VAT from October
In a recent updated on its website, the Ministry of Finance in the UAE has released new information and requirements for business registration for VAT
Business in the UAE will be able to register online for value added tax (VAT) using the government’s e-services from October, according to the UAE Ministry of Finance.
Younis Al Khouri, under-secretary, Ministry of Finance, announced earlier this week that six GCC countries will simultaneously implement the tax in January 2018, with the UAE in the process of drafting a new law to be passed once approved soon.
In a recent updated on its website, the ministry has released new information and requirements for business registration, stating that the VAT is “expected to be made available to businesses that meet the requirements criteria three months” before its official launch, according to Arabian Business.
“Businesses will be able to register online using eServices,” the ministry said on its website.
In this case, businesses will be required to submit VAT returns on a regular basis online as well as maintain 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 have not been revealed, though companies will need to meet the requirements prior to signing up.
The ministry advises that companies regularly check the website for latest updates and official announcements.