Deputy ruler gives businesses last chance on VAT registration
Five per cent sales tax comes in on January 1
Businesses have been given a final warning that they have just days to register for VAT or face breaking the law.
Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and UAE Minister of Finance, called on all businesses to comply with the executive regulations of the federal law VAT, and register online via the Federal Tax Authority’s website to receive a tax identification number.
This is necessary to avoid any administrative penalties for breaching the new tax laws.
Sheikh Hamdan urged businesses to expedite and complete the registration process and update their data, state news agency Wam reported.
"Applying VAT plays a key role in building a sustainable knowledge economy, contributing to the infrastructure for the future development, strengthening public services, and enhancing the UAE's global competitiveness," Sheikh Hamdan said.
"The Ministry of Finance works in coordination with the Federal Tax Authority to ensure an easy application process for the all VAT related tax procedures. We also put great emphasis on supporting all business sectors in the country as they go through the process of VAT related change, allowing them to apply VAT in a simplified manner through accessible and user-friendly digital systems. These measures have been implemented to avoid imposing fines on affected companies due to non-compliance with tax regulation, and to support them in their financial activities.
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Published: December 17, 2017 06:32 PM