The Federal Decree Law No.8 of 2017 on VAT (Value Added Tax) stated by the Ministry of Finance summaries the possibilities of taxes within the country.
According to the Federal Tax Authority, there are various conditions for the value-added tax (VAT) registration. FTA is the supportive organization of the business to be in compliance with the law, they have also ensured that there individuals (Tax Agents) who can help them with their concerns regarding the taxes and tax system.
Refresher on VAT registration in UAE
The UAE has implemented the tax system with Excise Tax first October 2017, followed by VAT (Value Added Tax) on 1 January 2018.
Things You Should Know About VAT Registration in UAE
· Businesses are not required to register if their supplies are Less than Dh375,000
Things to remember about VAT registration
Business must register for VAT if their goods and supplies exceed Dh375,000 over previous 1 year, or expected to exceed the Dh375,000 coming time. Business with goods and supplies >187,500 can`t register with FTA to get tax number, don`t require Tax Register Number (TRN).
· VAT Registration or Implementation in UAE is Continuous?
VAT registration is continuous for both new business or old business reaching the limit of Dh375,000, the legal process is applied for the late VAT registration.
· Natural Persons are subject to VAT registration if their supplies exceed Dh375000.
A legal or natural person in business is required for VAT registration if their goods and services exceed a mandatory limit of Dh375,000 over previous 1 year or expected to exceed the Dh375,000 coming time than they should make VAT registration as soon as possible to avoid penalties.
· The Tax Registration Number (TRN) is important in carrying out all business transactions.
Tax Registration Number (TRN) is sufficient in carrying out any business or commercial transaction, it can be verified online using the facility of TRN verification through FTA official website.
· Unregistered businesses are not entitled to have their goods and supplies be levied with Tax.
Unregistered business is not entitled to have their goods and supplies be levied with tax. But unregistered business still has to pay tax on imported goods.
· Documents Required for VAT registration?
The registration process is available online only. These documents are submitted through the FTA’s online portal:
· Trade license copy of the business.
· The partner`s or the business owners’ passport copies.
· The partner`s or the business owners’ Emirates ID copies.
· The company’s address and contact details.
· The company or business Memorandum of Association (MOA).
· The company or business owner’s contact details.
· The companies or business bank details.
· The company’s or business income statement for the past year.
· The business’ or business experience.
Consultants for VAT Registration in Dubai and UAE
· Alkhadim LLC is a regulated Tax Agent in Dubai and UAE that offers VAT consultancy services in Dubai and UAE. Our team is specialized in providing followings services.
· VAT Registration or Implementation.
· Preparation of TAX returns.
· Taxation and Return filing services.
· Advisory activities and representation on behalf of the client before tax authorities.
· Provide proper training to the staffs with respect to taxation.
· Contact us now and book a free VAT consultation with our Specialized and highly skilled team.
Consultants for VAT Registration in Dubai and UAE
• Alkhadim LLC is a regulated Tax Agent in Dubai and UAE that offers VAT consultancy services in Dubai and UAE. Our team is specialized in providing followings services.
• VAT Registration or Implementation.
• Preparation of TAX returns.
• Taxation and Return filing services.
• Advisory activities and representation on behalf of the client before tax authorities.
• Provide proper training to the staffs with respect to taxation.
• Contact us now and book a free VAT consultation with our Specialized and highly skilled team.
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