Online VAT Registration in UAE is now open!
As we are well aware that in the UAE, VAT will be implemented from 1st January 2018.
As per the latest information available from the Federal Tax Authority, VAT registration is now open. We remind you to be prepared for VAT registration in time to avoid any legal penalty.
- If your turnover for the last 1 year is more than AED 150 Million, you have to register on or before 31st October 2017
- If your turnover for the last 1 year is between AED 10 Million & AED 150 Million, you have to register on or before 30th November 2017
- If your turnover for the last 1 year is between AED 375,000/ - & AED 10 Million, you have to register on or before 04th December 2017
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.
"The registration portal is available to all businesses around the clock to assure the ease and usefulness of the registration procedures to all businesses from all sectors through the website, which has been specially designed to meet international standards and to provide guidance to registrars on the completion of their applications."
The FTA has urged all businesses to learn and understand the implications of the VAT system and to align their work with the reporting and compliance requirements by the government. Businesses are also asked to ensure that they meet the conditions that allow them to uphold their obligations, which might call for making certain changes.
Once the Online VAT Registration is done, a tax identification number will be allocated, the authority will issue a TRN. In the application, the company's name as well as the name of the manager should be filled in Arabic. The applicant should fill the name of the bank, branch and the IBAN number of the UAE bank in which it operates.