UAE businesses – Online registrations for VAT are now openRoemarie Ann Periabras
UAE businesses – Online registrations for VAT are now open
The continuing businesses, with an annual turnover of over Dh150 million, also urged by the authority to join up before October 31, 2017.
The Federal Tax Authority (FTA) has announced that businesses are now able to choose online registration of value-added tax (VAT), which is scheduled to begin from January 1, 2018, at a typical rate of 5 %
FTA, which may be the UAE government’s entity in charge of administering, implementing, and collecting federal taxes in the Emirates, said all continuing businesses with an annual turnover of Dh375,000 must choose online registration through the authority’s website prior to the new levy in January following year.
The FTA website will facilitate the registration procedures for all businesses that are to the new taxation.
Taxpayers may register voluntarily if the full total worth of their taxable materials exceeded Dh187,500, or if the business enterprise expects to exceed that threshold next 30 days.
The continuing businesses, with an annual turnover of over Dh150 million, also urged by the authority to join up before October 31, 2017, while businesses with an annual turnover exceeding Dh10 million are permitted to register before November 30, 2017.
All businesses that must definitely be authorized by January 1, 2018, and really should submit their registration applications before 4th December 2017 to minimise the chance of not being authorized with time for the start of 2018.
“This is a component of our dedication to improving the readiness of different businesses and raising their preparedness for the simple software of the distinct taxes system that’s consistent with global guidelines and embodies the leading placement of the UAE at all amounts. The Federal Taxes Authority is usually keen to provide the business sectors adequate period to adapt their operating system to certain requirements of the VAT program,” Khalid Al Bustani, Director-General of FTA, stated
“The registration portal is open to all businesses around the clock to assure the ease and usefulness of the sign-up methods to all or any businesses from all sectors through the website, which includes been specially made to meet worldwide standards also to provide assistance to registrars on the completion of their applications.”
The FTA has urged all businesses to understand and understand the implications of the VAT system and also to align their use the reporting and compliance requirements by the federal government. Companies are also asked to make sure that they meet up with the conditions that permit them to uphold their obligations, which can call for making sure changes.
Source: Khaleej Times