As of January 01st 2018, all business entities that bring in an annual revenue of Dh375,000 and over, must register for VAT, after which they will be liable for a 5% VAT charge. Those that earn less than Dh375,000 but over Dh187,500 can register if preferred, although at this stage it isn’t mandatory. This includes newly built residential properties and any commercial properties for business purposes. Registered businesses who fall under the stipulated income threshold
As a business owner in the UAE, as of 1st January 2018, it will be mandatory for certain companies to be registered for VAT.VAT is commonly known as an indirect tax that’s levied on the consumption of goods and services in a country, and is currently in effect in over 180 countries worldwide. The UAE joins this list as of this year, and as such, respective companies, that is those who earn Dh 375,000 and
What is VAT? VAT stands for Value Added Tax. This is a certain percentage imposed on most goods, subject to exceptions and limitations, during each stage of its production and distribution.
Daily we come across abundance of tax firms here in Dubai. Not only are more people now concerned about the way in which they regulate their tax payable but more of us are now keen on ensuring that we reduce the amount to be paid as much as possible within a regulated and legal scope. However most of us, struggle to manage these numbers by ourselves, as we bear no knowledge
Overview on VAT in the GCC VAT registered businesses that supply goods and services are subject to VAT at either the standard or zero rate from 1st January 2018.