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If you are a new company registered in UAE or an existing company, now this is the time to access whether you have to take VAT registration for your business or no. As VAT is now introduced in UAE from 01st January 2018, Federal Tax Authority argues all business and individuals to access applicability of VAT on their business and apply for VAT registration accordingly.
Individuals and Business have to access their taxable supplies in last 12 months if the supplies are more than AED 375,000 in last 12 months then it is mandatory to apply for VAT registration.
If taxable supplies are less than AED 375,000 but more than AED 187,500, taxable person may opt for voluntary VAT registration.
For smooth inter company business transaction FTA introduced group VAT registration, if there is more than one company held by the same management then they can opt for group VAT registration. In that case only one tax registration no. will be allotted to all group companies and transactions within group companies will be outside the scope. For group vat registration purpose branch of a company will not be considered as separate legal entity.
if business is supplying only zero rated supplies and not planning to supply taxable supplies in near future, in that case businesses can apply for exemption from VAT registration.
VAT is applicable to goods as well as services, in order to access applicability one should consider both i.e. supply of taxable goods and services.
Taxable supplies includes – standard rated (5%) supplies, Zero rated supplies, reverse charged services received & imported goods (provided the taxable person is responsible for accounting for the tax).
it is also allowed to apply for VAT registration if expenses subject to VAT are more than threshold limit even if there are no taxable supplies. This allows business to claim VAT paid on expenses.
Presence of authorized signatory is not required for VAT registration.
one taxable person can have only one Tax registration number, it is not allowed to hold multiple TRN by on taxable person.
A Registrant may recover Recoverable Tax incurred before Tax Registration (with some exceptions) on the Tax Return submitted for the first Tax Period following Tax Registration, which has been paid for any of the following:
If a taxable person fails to submit VAT registration application with in time frame specified in VAT law an administrative penalty of AED 20,000 will be imposed.
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