UAE’s Ministry of Finance has made available a list of Frequently Asked Questions that will clarify on an ongoing basis any questions companies might have about the upcoming VAT law. The law has not been issued yet; however, many aspects of the law have been discussed in public forums hosted by the MoF.
Companies making over AED 367,000 in revenue are mandated to register for VAT. The law is expected to go into effect in 2018, and the UAE has made it very clear on several occasions that it intends to put it in effect on time.
Companies are urged to take this issue seriously as failure to report or collect taxes properly will have significant financial implications on them.
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