7 in 10 know about VAT

A majority of Gulf News’ poll respondents - seven in ten voters - are aware that value-added tax (VAT) will be implemented across the GCC, starting January 2018.

However, according to the report, “Ministry of Finance sets minimum turnover requirement for VAT registration”, published on gulfnews.com on March 22, not all businesses in the UAE will need to go through the VAT registration process.

Only businesses with a turnover of Dh375,000 are required to register for VAT.

In 2018, a five per cent levy will be charged on all supplies of goods and services, unless specifically exempted or zero-rated, in the UAE.

Visit gulfnews.com/guides to learn all you need to know about VAT.