VAT is going to be implemented in UAE w.e.f 1st January 2018. So far the Government has not come up with the system of its payments and services. However it is already declared that the highest rate of VAT applicable in UAE will be only 5%. This rate is lowest across the world if we take into.
In order to be as adequately prepared as possible for the introduction of the new tax, companies of every size, in every non-exempt sector, must understand exactly how it will affect their ongoing operations and what adjustments will need to be made. Emirates Chartered Accountants Group has opened a division for serving its clients inread more
Business needs to take an initial VAT registration to effectively implement the VAT mechanism. The government authority has declared that in the first phase of implementation, the registration is mandatory for companies whose annual turnover exceeds AED 3.75 Million ie, USD 1 Million. It is optional for those businesses whose revenue range between AED 1.87read more
Now the businesses is UAE are responsible for carefully documenting their business income and costs. Registered businesses and traders will charge VAT to all of their customers at the prevailing rate at the time of sale or service. The VAT paid on goods / services that they buy from suppliers will be considered as inputread more