UAE: Firms with 1m Revenue to Register for VAT System First
Type
E-journal
Date
17 Jun 2016
Jurisdiction
United Arab Emirates
Taxonomy
VAT
Copyright
LexisNexis
Analysis
The undersecretary of the UAE's Finance Ministry, Younis Al Khoury has announced companies in the country with an annual revenue of more than 1 million Dollars will have to register for the new VAT system first.
Companies with revenues of between 1 and 500 million will be given the option to register under the system when the first phase begins.
All companies will be obliged to register during the second phase.
The system is due to be implemented in 2018.