- Applicable for Goods and Services
- Every taxable supply and deemed supply made by a taxable person
- Import of concerned goods except as specified in the Executive Regulation of this Decree-Law
- Registering the company for obtaining the TRN (Tax Registration Number). This will be the number to file the returns of your company
- Requirements 1) Trade License copy and 2) Passport/ Emirates ID of the Signing Authority
- Businesses with annual revenue above AED 375,000 is liable to register for VAT.
- A taxable person having revenue or expenditure above AED 187,500 up to AED 375,000 shall have the voluntary option to register for VAT.
- VAT Registrations will begin in the Third Quarter of 2017.
MORE ABOUT VAT
- VAT in UAE has been implemented from 1st January 2018
- Supply of Goods and Services that is subject to ZERO rate
- Export of Goods and Services Outside the GCC
- International transportation and related supplies
- Supplies of certain sea, air and land means of transportation
- Certain investment grade precious metals
- Newly constructed residential properties, that are supplied for the first time within 3 years of their construction
- Supply of certain educational services, supply of relevant goods and services
- Supply of certain Health Care services, and supply of relevant goods and services
- Maintaining Books of Accounts becomes necessary in order to:
- Record and file VAT both input and output tax.
- Maintaining Records of all supplies of Goods and Services
- Tax Invoices
- Tax credit Invoices