The Federal Tax Authority (FTA) has announced that businesses can now go for online registration of value added tax (VAT), which is scheduled to start from January 1, 2018, at a standard rate of 5 per cent.
The businesses, with an annual turnover of over Dh150 million, also urged by the authority to register before October 31, 2017 while businesses with an annual turnover exceeding Dh10 million are allowed to register before November 30, 2017.
“This is part of our commitment to enhancing the readiness of different businesses and raising their preparedness for the easy application of the distinct tax system that is consistent with global best practices and embodies the leading position of the UAE at all levels. The Federal Tax Authority is keen to give the business sectors sufficient time to adapt their operating systems to the requirements of the VAT system,” Khalid Al Bustani, Director-General of FTA, said.
Source Credit: Khaleej Times
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