Abu Dhabi, United Arab Emirates
January 1, 2018
The United Arab Emirates has implemented the Value Added Tax (VAT) starting January 1, 2018.
All businesses with annual revenues of more than AED 375,000 are legally required to register for VAT with the Federal Tax Authority (FTA), while all businesses with annual revenues of less than AED 375,000 but more than AED 187,500 have the option to register for VAT. Businesses with annual revenues of less than SAR 187,500 are not required to register for VAT.
VAT registered businesses have the advantage of deduction of input VAT against their output VAT.
Businesses which supply goods and services that are subject to 0% VAT are not required to register for VAT.
United Arab Emirates Ministry of Finance VAT
UAE Ministry of Finance approves first purchase invoice with VAT
Raad Al-Saady, Senior Managing Director, Business Development, Abdul Latif Jameel, speaks to the General Authority of Zakat and Tax (GAZT) in a recent interview about the importance of preparing for VAT.
The Kingdom of Saudi Arabia implemented Value Added Tax (VAT) on January 1, 2018, in accordance with the Framework Agreement between the GCC Member States.
The General Authority of Zakat and Tax (GAZT) announced a change affecting all contracts for lease, or rent, to own assets signed prior to January 1, 2018.
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