TAX AGENT SERVICE
As per the definition under the Article (1), chapter one of the Tax Procedures Law of the UAE, Tax Agent is a person who is registered with the Authority in the Register, who is appointed on behalf of another Person to represent him before the Authority and assist him in the fulfilment of his Tax obligations and the exercise of his associated tax rights.
The UAE Minister of State for Financial Affairs, His Excellency Obaid Humaid Al Tayer, has stated that the UAE will implement VAT at the rate of 5% on 1 January 2018. VAT is expected to be introduced at a rate of 5% with some limited exceptions including basic food items, healthcare, and education.
UAE is going to implement VAT with effect from 1st January 2018. All companies/individuals coming under above threshold limit (subject to the provisions of the germane law) have to register for VAT on or before 31st December 2017. VAT Registration is compulsory for companies and individuals doing businesses in the UAE, having an annual turnover of more than AED 375,000/-.
Documents & information required for VAT Registration:
Before applying for VAT Registration, below mentioned documents are required to be kept ready. The soft copies of the documents should also be uploaded along with the application.
- Documents identifying the authorized signatory e.g. passport copy, Emirates ID
- Trade license copy of the company
- Other official documents authorizing the entity/individual to conduct activities within the UAE e.g. certificate of incorporation, articles of association, power of attorney etc.
- Description of business activities
- Turnover for the last 12 months in AED
- Supporting document for 12-month sales
- Expected turnover in next 30 days
- Estimated value of imports for one year from each GCC countries
- Estimated value of exports for one year to each GCC countries
- Whether you expect to deal with GCC suppliers or customers
- Supporting documents for customs registration in each Emirates if applicable.
- Details of Bank Account
VAT RETURN FILING SERVICE
Value Added Tax (VAT) is a tax on consumption and it applies to almost all goods and services. As most of the management of the companies might be aware of the fact that as part of diversifying the economy and revenue generation, the GCC governments have decided to adopt Value Added Tax (VAT). UAE is also going to adopt VAT which applies to almost all goods and services except basic food items, healthcare, and education. Though the burden normally lies on the ultimate consumer the business entities need to change the systems, processes, and procedures to comply the new legal requirement which is expected to be implemented by the government effective from 1st Jan 2018.
EXCISE TAX REGISTRATION SERVICE
The Registration for Excise Tax in the UAE has started from 17th September 2017. All Taxable entities are entitled to register for Excise tax through the FTA’s online portal. The Excise Tax Federal Decree-Law No. (7) of 2017 in the UAE shall be effective from 1st October 2017. Hence the registration has to be done on or before 30th September 2017.
Who should register for Excise Tax in the UAE?
The below-mentioned groups will now have to register for Excise Tax in the UAE
- Producers of Excise goods.
- Importers of Excise goods.
- Stockpilers of Excise goods.
- Warehouse keepers responsible for excise goods.