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The United Arab Emirates and the Kingdom of Saudi Arabia began the implementation of Value Added Tax (VAT) on January 1, 2018 at the rate of five per cent, while other GCC countries are expected to follow in the near future. As VAT is new to the region, it is imperative for business owners to be aware and comply with the new regulations in order to avoid stiff penalties which could be as high as AED 50,000. Here are some steps to keep in mind in order to avoid penalties on VAT: Register for VAT Record all transactions Collect VAT File VAT Return Understand zero rates and exempt suppliers Reverse Charge Get the basics right. For the entire article, please visit the link below: