First Phase Of VAT: Registration Crosses Over 1000 Enterprises

The Assistant Undersecretary for Development and Policy of Public Revenues at the Ministry of Finance and National Economy, Rana Ebrahim Faqihi, yesterday affirmed that over 1,000 local and international enterprises have registered for the first phase of the Value Added Tax (VAT) implementation – effective on January 1, 2019, at a standard rate of 5%.

The Assistant Undersecretary highlighted the VAT registration process, noting that 668 enterprises have already received their VAT Registration Certificate and more than 500 companies have initiated the process of registration.

As of today, the call centre has successfully responded to more than 1,500 tax-related inquires of which 90% were immediately settled by VAT experts, apart from promptly responding to more than 500 email inquiries, the official added.

Faqihi went on noting that the National Bureau for Taxation (NBT) will continue to advance its multiple communication platforms well after the VAT’s induction to ensure information is suitably accurate and to continue to provide a platform, where citizens can report misconducts; such as charging VAT prior to induction and applying VAT on goods and services that are not subject to VAT.

Source Credit: DT News