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Around 350,000 firms to be covered under VAT in UAE

The Excise Tax and VAT laws are expected to be issued during the third quarter of this year

Image Credit: Gulf News / Fareed Rahman
Around 350,000 companies in the UAE will be covered under VAT starting from January 1, 2018, said Khalid Ali Al Bustani, Director General of Federal Tax Authority

Abu Dhabi: The Federal Tax Authority will open online registration for tax purposes for businesses in mid-September 2017, head of Federal Tax Authority said on Tuesday.

"The Excise Tax and VAT laws are expected to be issued during the third quarter of this year and the regulations concerning both laws in addition to federal tax procedures are expected to be issued during the fourth quarter of 2017," said Khalid Ali Al Bustani, Director General of FTA at a press conference in Abu Dhabi.

About 350,000 companies in the UAE will be covered under VAT starting from January 1. It will be rolled out across the UAE and Saudi Arabia. 

Excise tax will be implemented in the fourth quarter of this year.

All business that meet the minimum annual income of Dh375,000, as confirmed by their financial records, are required for compulsory registration with the VAT system with the value set at 5 per cent.

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