VAT (Value Added Tax) Registration is necessary for both the firms and individual business owners in the UAE. Value Added Tax has been put into practice from 1st January 2018 in the UAE for those who have an annual turnover of more than AED 375,000/-.
VAT Registration is an easy-to-access process available in the online portal of the Federal Tax Authority. Standard Auditing with many professional Tax consultants can help you consider which option to go i.e, voluntary option, or mandatory option before VAT registration.
At Standard Auditing, we make sure to take into account almost all aspects of whether to register as a Standalone or a Tax group. The official website for VAT Registration is here
Who can register for VAT?
Every taxable resident in the UAE whose annual turnover exceeds or is expected to exceed the mandatory registration threshold will have to register for VAT in UAE. The threshold limits are
- Mandatory VAT Registration Threshold = AED 375,000
Businesses with taxable supplies accessed in the last year where the supplies are found to be more than AED 375,000 are mandated for the VAT registration application.
- Voluntary VAT Registration Threshold = AED 187,500
Businesses can go for Voluntary VAT registration if their turnover is found to be below the AED 85,000 threshold.
Before the application of VAT registration, the following list of documents needs to be prepared and the soft copies of which have to be uploaded on the site.
- Document of identification of authorized signatory like passport copy, Emirates ID, etc
- Trade license copy of the company
- Other official documents like articles of association, certificate of incorporation, power of attorney, etc.
- Business Operation description
- Sales and Turnover details of the past 12 months
- Turnover estimate in the next 30 days
- The estimated value of imports & exports for one year
- Supporting documents for customs registration
- Bank Account details
Standard Auditing is a firm filled with renowned experts in the UAE providing prompt VAT Registration Services to the clients. From consultation, advisory, registration to Deregistration, we provide you with all at one stop.
For VAT registration services, get in touch with Standard Auditing at once.!