VAT law is currently being finalised and will be published once approved, says Ministry
Business in the UAE will be able to register online for value-added tax (VAT) from October, according to the UAE Ministry of Finance.
On Sunday, Younis Al Khouri, under-secretary, Ministry of Finance, said the six-nation Gulf Cooperation Council is aiming to introduce a 5 percent VAT from January 2018.
In an update on its website, the ministry said that registration for VAT is “expected to be made available to businesses that meet the requirements criteria three months before the launch of VAT” with companies able to register online.
With regards to filing of VAT returns, the ministry said registered businesses will be expected to submit VAT returns on a regular basis online, putting the default period for filing VAT returns at three months for majority of businesses.
It added businesses will be required to keep records that will allow authorities to...Read more...