VAT update in UAE
“On 27 August 2017, the Ministry of Finance of the UAE released the Federal Decree-Law No (8) of 2017 on Value Added Tax (“UAE VAT Law”). The UAE VAT Law provides the legal framework for the UAE’s introduction of VAT from 1 January 2018. The standard rate of VAT for goods and services is 5% with certain exceptions which could be – zero-rated or exempt from VAT or outside the scope of VAT. The UAE VAT Law is only one part of the puzzle, the VAT Executive regulations should follow shortly to provide a full picture on the UAE’s VAT implementation and are expected to be released during Quarter 4 of year 2017. With VAT registration due to open in mid-September, Now is the time that you begin to comprehend the potential impact of VAT on your business so as to reduce friction at a later date. The enclosed fact sheet highlights the implications that VAT will have on businesses and provides extensive information on the implementation of this new indirect tax in the region.
You may access the VAT law here
Re/Think provides VAT Advisory, tax optimization, VAT implementation and training services in the UAE and throughout the GCC. Our team of senior qualified tax advisors, finance experts and tax accountants will ensure a timely and cost effective VAT services for SMEs. In addition to advisory and implementation services, our teams will be available after 1 January 2018 (“go-live” date) to perform VAT compliance and ongoing advisory, as your business grows and rules regarding VAT framework become more complex.
Re/Think is a boutique accounting, audit, advisory, compliance and VAT advisory in Dubai, focused on providing businesses of varying sizes with timely, proactive, and customized business solutions from start-up and early development to the latest stages of a business lifecycle.
We offer tailored regulatory expertise and focus on guiding clients to reduce the risk of non-compliance across a wide range of compliance services and regulatory advice. While we focus on compliance consultancy services including advisory, training and process improvement, we do not just tell you what to do, we give you practical ways to make things work for your business.