UAE VAT REGISTRATION
The UAE Federal Tax Authority (FTA) has announced deadlines for VAT registration in the UAE.
Deadlines are as follows:
* Businesses with an annual turnover exceeding AED 150 million must apply for registration by 31 October 2017
* Businesses with an annual turnover exceeding AED 10 million must apply for registration by 30 November 2017
* All other business entities with an annual turnover exceed the mandatory registration threshold (AED 375,000) must apply for registration by 4 December 2017
The online portal is now open and businesses can register here through the FTA website.
Businesses who fail to register as a VAT payer and start accounting VAT transactions will incur penalties. Administrative penalties issued by the Federal Tax Authority:
* Will not be less than AED 500
* Will not be more than 3 times the amount of tax under penalty.
Everyone is urged to fully comply with their VAT responsibilities. The government is currently in the process of defining the exact fees and penalties for non-compliance.
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