The UAE Ministry of Finance is still in the process of preparing the executive regulation of value-added tax (VAT) and tax rates on supply of goods and/or services and exports are yet to be determined, a top official said.
Younis Haji Al Khoori, undersecretary of the ministry, said that the ministry is committed to working with the highest levels of transparency and disclosure, and will publish all information related to VAT and taxable supplies once the executive regulation is issued in Official Gazette and published on the ministry’s website.
The businesses, with an annual turnover of over Dh150 million, were 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.
Source Credit: Khaleej Times
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