GCC (Gulf Co-operation Council) countries have agreed ‘in principle’ to the GCC VAT Agreement to levy VAT (Value Added Tax) in UAE region. This will help the region to reduce their dependence on oil and other hydrocarbon products as a source of revenue. It is agreed by all the GCC countries that VAT will be introduced in every country latest by 1st January 2019. However, UAE decided to implement VAT likely w.e.f 1st January 2018.
The decision to implement VAT would cause a paradigm shift in business dynamics of the country as well as the region. Like most countries across the world, businesses in the Gulf region also will now have to adhere to stringent VAT regulatory and statutory compliances and report the same on a periodic basis. The challenge for business community in the Gulf will be to understand its new VAT Law and implement the same well before its due date.
The Federal Tax Authority has opened online registration for companies subject to value-added tax (VAT) as the government prepares to introduce the 5 per cent levy on January 1, 2018.Companies subject to VAT and with a threshold of annual turnover of Dh375,000 or above must register for VAT, the authority reiterated.All businesses with an annual turnover exceeding Dh150 million should register before October 31 and those with an annual turnover of more than Dh10m should register before November 30, the authority said.
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