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UAE Government announced the Value-Added Tax (VAT) probably effective from 1st January 2018
VAT is an indirect tax, it is imposed on supplies of goods and services that are bought and sold. Occasionally you might also be referred to as a type of general consumption tax. VAT is one of the most common types of consumption tax found over 150 countries.
Yes, Businesses will be required to keep accounting records which will enable the Federal Tax Authority to identify the details of the business activities and review transactions. The time period to retain accounting books is minimum 5 years.
Yes, it is applicable to the majority of transactions in goods and services in each business sector. However, it is expected that only utilities like healthcare may be exempted from the tax.
VAT imposed rate is from 0% to 5% and few activities are exempted.
VAT is applicable to every business sector whose turnover is more than AED: 375,000/- per annum.
Taxpayers must file VAT returns within 28 days from the end of the tax period with accordance with the procedures specified in the VAT legislation.
Different types of penalties will be levied for non-compliance of VAT law.
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