The Federal Tax Authority (FTA) has announced an online VAT registration systems for businesses, which is scheduled on January 1, 2018. Also, government prepares to introduce the 5% levy on January 1, 2018. The FTA website will simplify the registration process for all businesses that are subject to the new taxation.
The FTA said that companies with an annual turnover of Dh375,000 or more must go for online VAT registration. On the same way, companies with an annual turnover more than Dh150 million, also urged by the authority to register before October 31, 2017 and businesses with an annual turnover in excess of Dh10 million are subject to online VAT registration before November 30, 2017. If the total value of their taxable supplies more than Dh187,500, or if the business expects to cross that threshold within the next 30 days, taxpayers can register voluntarily. All businesses that have to be registered by January 1, 2018, should file their registration applications before 4th December, 2017 to minimize the risk of not being registered in time for the beginning of 2018.
