Companies in UAE can register for VAT from October, says finance ministry. VAT law is currently being finalized and will be published once approved, says Ministry. On Sunday, Younis Al Khouri, under-secretary, Ministry of Finance, said the six-nation Gulf Cooperation Council is aiming to introduce a 5 percent VAT from January 2018. In an update on its website, the ministry said that registration for VAT is “expected to be made available to businesses that meet the requirements criteria three months before the launch of VAT” with companies able to register online.
With regards to filing of VAT returns, the ministry said registered businesses will be expected to submit VAT returns on a regular basis online, putting the default period for filing VAT returns at three months for majority of businesses. It added businesses will be required to keep records that will allow authorities to identify the details of the business activities and review transactions. Specifics regarding the documents required and the time period for keeping them haven’t been revealed.
As per the ministry, UAE VAT law is currently being finalized, and will be published once approved. At present, the ministry has posted jobs in 28 categories, ranging from tax auditors, tax analysts, senior enforcement officers, excise policy analyst.
Sources: QGN, Gulf Agencies, CAYE Global, Arabian News, GT, GN, Bloomberg.