Value Added Tax (VAT) is not something new to the public in UAE anymore. Its high time it got implemented and the government also gave plenty of time to the people and businesses to get registered for VAT.
The Role Played by FTA for VAT's Understanding
FTA has done everything possible to help the people understand VAT. Be it organizing classes or creating awareness, it was always there whenever there was a need. So, now it becomes the duty of the public to understand Vat and do efforts for it. FTA has played its part and now it’s time the people in UAE get serious about it. Even the portal was made while keeping in mind the ease of the users If they are having any sort of difficulties in registering for VAT, the tax agents can be called for help. They know all the rules and regulations of VAT in the UAE which is why you can trust them and seek VAT understanding from them. If you want, they can also help you get registered as well. This shows that when you think of the solutions by heart, there are so many of them. All you need is to give it a go and see the results yourself.
Modern Rules for VAT Registration
There are always certain rules that are to be followed by applicants to ensure a successful registration. Same is the case with VAT registration. So, let us have a look at it;
Threshold
All the businesses whose taxable supplies exceeds from the annual threshold of 375000, he will be subjected to VAT and its registration
Voluntary Registration
For a business that wants to volunteer for the VAT registration, the annual turnover should at least be more than 187500. If not, the business will not get permission to get registered for this newly implemented tax.
Pay Tax to the Government
When the businesses collect the taxes from the public, they are obliged to pay it back to the government. This is because in this case, the businesses act as a medium between the government and the UAE public. It is a huge responsibility for the shoulders of the businessmen as they must pay taxes collected by the public to the government entities.
VAT Recovery by Foreign Businesses
Not just that the locals have to pay VAT but also the foreign businesses as well. They also need to recover VAT when they visit the UAE.
The VAT is not difficult at all and when you have a lot of people to seek help from, it becomes even easier. The VAT in the UAE is something you cannot avoid no matter how hard you try. People need to know that there is nothing bad VAT would do to them. That is why there is no reason for anyone to refrain from VAT. It will no doubt give them a lot of benefits in the future because they will be able to get more opportunities and even better infrastructure made through the help of taxes they pay. Yes, every penny matters when it is about the welfare of the country.
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