VAT Regulation For DMCC Free Zone
Value Added Tax or VAT in the UAE is talk of the town, so we thought to give some tentative information on this topic if you are one of the DMCC Free Zone company.
Note these are just indicative as The VAT Executive Regulations have not been released into the public domain and complete clarity on the treatment of Dubai Free Zones is still awaited.
However, based on the available information, we understand that all entities having a taxable supply exceeding AED 375,000 would be required to register for VAT and those with taxable supply between AED 187,500 and AED 375,000 may opt to register for VAT.
Further, the UAE Ministry of Finance has issued the following deadlines for registration:
- Businesses with a turnover exceeding AED 150 million should apply for registration before 31st of October 2017
- Businesses with a turnover exceeding AED 10 million should apply for registration before 30th of November 2017
- The registration date for All other business entities should submit their application to minimize the risk of not being registered in time for VAT go-live before 4th of December 2017
DMCC will share further information as soon as the FTA announces it. Nevertheless, you will need to be registered in order to claim back any VAT you pay as a business.
DMCC also advice to start the registration as soon as possible to avoid last minute problems.
Businesses can register via the e-Services portal on the FTA website. Find the registration steps from DMCC website itself.
Please note that this is intended as a helpful guide and you may wish to seek advice on your specific circumstances from your tax advisor.
Find out more about the introduction of VAT in UAE on the DMCC website.
By the way DMCC is one of the best free zones in UAE. So, if you are planning to set up your business then, it’s advised that you check out DMCC website for more information.
From The Web
August 13, 2020
5 Refreshing Ideas to Help you Cool Down this Summer in Dubai
August 10, 2020
Fun Activities You Can Now Enjoy Again in Dubai
July 30, 2020
4 Fascinating Long Weekend Ideas in Dubai
July 23, 2020
4 Budget-Friendly Activities in Dubai to Beat the Summer Heat
July 15, 2020
Top 5 Shop in Dubai for Pet Essentials and Grooming Services
July 14, 2020
Top 6 Podcast Platform
July 8, 2020
4 Amazing Things You Should Try in Dubai this Weekend
July 7, 2020
Top Suggested Podcast You Should Listen To
June 23, 2020
Dubai to welcome tourists from July 7
June 15, 2020
How do travel will look like after Covid-19