All about VAT registration in Dubai

From January 1, 2018, value added tax (VAT) will be in effect in the UAE. This will apply at the rate of 5% to non-essential consumer goods. Businesses can start registering this date for three months before VAT, that is, from October 1, 2017..

Am I eligible for VAT?

All businesses operating in the United Arab Emirates provide goods or services in the taxable categories with a yearly income than AED 375,000 are required to register for VAT. For companies with a value of yearly supplies and imports below AED 375,000 but above AED 187,500, such a registration is optional and voluntary.

What are my VAT-related responsibilities? All businesses in the UAE must record their all their financial transactions, and make sure their leaders are transparent and updated.. "VAT-registered businesses must": Charge the appropriate amount of VAT on their taxable goods / services Maintain business records to enable the government or auditor to check if the items are in order. The VAT charged, and the VAT paid to the government, on a regular basis Registration Number under the UAE VAT, it is mandatory for each business to describe a tax registration number (TRN) in order to claim the credits of tax paid. The said TRN can be communicated by a business to its suppliers, vendors and customers - so that when they raise the invoice, it is tagged with a TRN - allowing businesses to claim credits.

Businesses that registered before 4th December 2017 got their TRN. To help achieve achievement of tax compliance ahead of VAT implementation on 1st January 2018, the FTA started provisional TRNs to businesses that started after the 4th decline deadline - so that there is no interruption in business. If you have been given the VAT registration (as can be checked on one's email communication) for provisional approval, then you will not be able to access your VAT registration certificate at this moment. It will be available at a later date, once the registration and registration of your verification details are completed by the FTA.

You will receive a communication once your VAT registration certificate is available for you. TRN is a prerequisite to VAT implementation in the UAE, and therefore the issuance of provisional TRNs will be a long way in the continuity of business.

What is the deadline for registering for VAT?

Businesses with a annual turnover over AED 150 million are authorized to authorize VAT for October 31, 2017 before registering, and those with annual turnover over AED 10 million are advised to be 30 November 2017 before registering. In any case, all businesses eligible for VAT should be registered by January 1, 2018, and should submit their registration applications before December 4, 2017 - to avoid risk of being registered at the time.

How to register for VAT? Companies can register on the online portal of the FTA. Businesses are required to set up an online account on the site and fill up the "VAT registration in Dubai" form. For a detailed guide on how to go about "VAT registration Dubai", you can go through this guide by the FTA. Seeing as VAT will come into effect in the United Arab Emirates from 1 January 2018, there will be businesses operating there to take their VAT implementation plans. This includes systems for VAT filing or reclaiming, as may be applicable. This will have a significant impact on top lines and balance sheets, as well as the need for companies to plan out of the appropriate financial, technical, compliance and training systems to be in accordance with the new regime.

"Nifty coroprate services" is a leading "vat registration in Dubai". and providing "VAT consulting services" to many companies. The businesses in U.A.E. To determine the impact of the VAT on all areas of their operations and this can be achieved through a detailed analysis of activities from a primary input to the final output phase.

Http://niftyinternational.com/business-setup-dubai/ Nifty Corporate Services offers the best Business Setup Consultancy services in Dubai (Uae) for entrepreneurs to build their dream company in Uae. Call Us +971 50 774 0327.