ABU DHABI 28 May 2017: All UAE businesses subject to the Value Added Tax (VAT) have to submit their tax declaration statements on a quarterly basis after the VAT law goes into effect starting January 2018, according the Ministry of Finance.
The companies concerned can file their declaration statements electronically after responding to all the questions raised on the ministry’s website, with the threshold for VAT registration put at Dh375,000 as per the ministry’s announcement this week. It is optional to register between Dh187,500 and Dh375,000, said Wam.
UAE businesses will be able to start VAT registration in Q3 2017 and it is compulsory to be registered by Q4 2017.
The UAE businesses, subject to the tax, have to keep all files that allow competent authorities to audit their transactions and commercial activities, with the nature of the needed documents to be announced over the coming period, said the ministry.
A country-wide awareness campaign to educate various stakeholders on the collection of VAT and excise tax implementation has been conducted by the ministry over the past period.
By Rajive Singh