Registration of VAT:
Businesses, as well as certain governmental entities to be determined by a UAE Cabinet decision, that are Taxable Persons will be expected to register with the FTA and obtain a tax registration number. The system for these registrations is expected to be available within the next month.
The GCC VAT Treaty sets out the following registration thresholds for businesses in the GCC:
- Mandatory Registration:
- The business must register if the taxable supplies within previous 12 months or the anticipated supplies after 30days exceed the limit of AED 375000( or US $ 100,000)
- Voluntary Registration:
- The business can register voluntarily if the total supplies or total expenditure within previous 12 months or the anticipated supplies or total expenditure after 30days exceeds the limit of AED 187500( or US $ 50,000)
BMS can help you to in all this preliminaries before VAT comes in Picture and we can provide you with the following services:
- We can assess the total supplies for you within the previous 12 months to assess whether you are required to get a mandatory registration or whether you can register voluntarily.
- We can provide you with the accounting services before the assessment procedure is undertaken.
- We can help you in the registration procedure for VAT.