The six GCC countries (UAE, Kuwait, Qatar, Oman, Saudi Arabia and Bahrain) are developing the broad framework for the introduction of VAT in UAE (Value Added Tax). 1 January 2018 is the implementation date confirmed by UAE Ministry of Finance (MOF), while the registration will be started in the last quarter of 2017. The standard rate is 5% with some exception which will be applicable for VAT purposes. An annual turnover of AED375,000 and revenue above AED187,500 is compulsory threshold for VAT registration. Businesses are due to raise invoices issued within 14 days and up to 12 items will be specified as required on a Tax invoice. While Returns will be filed quarterly and payment are due within month after filing the return.
Businesses should be aware of the impact on them and need to assess the key areas of their business which are as below:
• Accounting & Finance.
• IT System.
• Legal Contracts.
• Sales and Supply Chain.
• Human Resources (HR).
Global Integrated Services is your one point solution for your business needs. At GIS we provide the following services for VAT purpose.
Assess the impact on business.
Map the transaction and resources of Business.
Plan the Implementation for VAT.
VAT Registration & VAT Return.
For further details Please contact us…