350000+ Companies Fall Under New Gulf VAT Regime
The Federal Tax Authority will open online registration for tax purposes for businesses in September 2017. The Excise Tax and VAT laws will be issued during the third quarter of this year and the regulations concerning both laws in addition to federal tax procedures are expected during the fourth quarter of 2017, according to Khalid Ali Al Bustani, Director General of FTA who confirmed this at a press conference in Abu Dhabi. About 350,000+ companies in the UAE will be covered under the VAT regime, starting from 1st January. All business that meet the minimum annual income of Dh375,000, are required for compulsory registration with the VAT system with the value set at 5 per cent.