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The implementation of the Value Added Tax (VAT) will likely to be introduced across the United Arab Emirates on the 1st January, 2018. Further, the VAT rate is 5%.

Businesses that are required to comply with this government policy have to prepare and meet requirements to fulfill their tax obligations. It is necessary for businesses to have a profound understanding on the implications of VAT and how it would affect the business operation so as to conform their business model to compulsory government tax reporting and compliance. 

Businesses with a turnover of over AED 150M should apply to register before 31 October 2017. Businesses with a turnover of over AED 10M should apply to register before 30 November 2017. All other businesses need to have applied by 4 December 2017 in order to be registered by the start of 2018.

Some of the fines resulting in non compliance are as below:

AED 10,000 for the first time.

AED 50,000 in case of repetition.

The failure of the person conducting Business to keep the required records and other information specified in Tax Procedures Law and the Tax Law

 

AED 5,000 for each incorrect document.

Failure by the Taxable Person to comply with the conditions and procedures regarding the issuance of electronic Tax Invoices and electronic Tax Credit Notes

 

AED 5,000 for each tax invoice or alternative document.

Failure by the Taxable Person to issue the Tax invoice or an alternative document when making any supply.

 

AED 15,000

Failure by the Taxable Person to display prices inclusive of Tax.

 

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