VAT Registration Open now in UAE and Executive Regulations Released
1st October 2017 marks a historic day for UAE as the Ministry of Finance of UAE have opened the Registration for VAT. VAT will come into force in UAE and in KSA from 1st January 2018.
The registrants are required to provide the following information at the time of registration:
- Trade License
- Certificate of Incorporation
- Articles of Association/ Partnership Agreement or any other document showing ownership information about the business
- Details of Manager
- Copy of Passport and Emirates ID of the Manager
- Physical office Location of the Business
- Contact No
- Bank Details
- Information about other businesses of the directors and partners in UAE in last five years
- Declaration about :
- Business activities of the applicant
- Actual or estimated financial transaction values
- Turnover in last 12 months with supporting documents
- Details about expected turnover in next 30 days
- Details about expected exempt supplies
- Imports and Exports
- GCC activities of the Business
- Details about Customs registration information
There is no fee prescribed for the Vat Registration and all the documents are required to be uploaded on the website.
Other notable developments towards implementation of tax in the country are:
- The Sin Tax “Excise” comes into force from 1st October 2017
- The Ministry of Finance has published Cabinet Decision No. (37) of 2017 on the Executive Regulation of the Federal Decree-Law No. (7) of 2017 on Excise Tax, as well as Cabinet Decision No. (38) of 2017 on Excise Goods, Excise Tax Rates and the Method of Calculating the Excise Price, the latter of which will add 50% to the price of carbonated beverages and 100% to that of tobacco products and energy drinks.
- The UAE Ministry of Finance has released the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Tax Procedures, approved by the cabinet during its meeting on September 13, 2017.
We shall be informing you further about the insights of the Executive Regulations and Decree. In the meantime, please feel free to contact us at [email protected] for further consultation or assistance.
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