Queries You Might Have In Mind?
Queries You Might Have In Mind?
1. Who needs to register for VAT in the Emirates?
1. Who needs to register for VAT in the Emirates?
Any business that imports or supplies goods exceeding AED 375,000 annually must register for VAT with the FTA.
2. What documents are needed for registering VAT?
2. What documents are needed for registering VAT?
It is required that you have your trade license, Emirates ID, company bank account details, invoices, and income statements.
3. Is there voluntary VAT registration? If so, what is the threshold?
3. Is there voluntary VAT registration? If so, what is the threshold?
Yes, there are both mandatory and voluntary VAT registrations, where the former applies to a turnover of AED 375,000 plus the income slab, and the latter to a turnover of AED 187,500 plus the income slab.
4. How long does it take to register for VAT?
4. How long does it take to register for VAT?
If you take our experts' help, we would wind up the VAT registration process in 5 to 10 working days and produce an accurate and complete document for the FTA.
5. What is the penalty for late registration?
5. What is the penalty for late registration?
In case you fail to register VAT on time, then you are liable to pay AED 10,000 plus any backdated VAT liability.
6. Do I need an auditor to complete my VAT registration process?
6. Do I need an auditor to complete my VAT registration process?
No, you can do it yourself by logging in to the FTA portal; however, most businesses prefer to use a tax consultant to reduce errors and speed up the process.