In the United Arab Emirates, registering with the Federal Tax Authority (FTA) is referred to as "Vat Registration". Anyone who meets the criteria can apply for excise tax registration or VAT registration, regardless of citizenship or immigration status.
Is TRN Mandatory For VAT?
In the United Arab Emirates (UAE), each person needs a valid Tax Registration Number (TRN) from the Federal Tax Authority (FTA) to pay Value-Added Taxes(VAT). The Federal Tax Authority in the UAE has made it easier and more comfortable for businesses to register for VAT by streamlining and simplifying the process. The entire registration procedure can now be finished in an electronic format. Value-added-tax (VAT) accounts can be set up using the FTA portal by entering an email address in the required field.
Under UAE legislation, the following types of people, businesses and companies are eligible for VAT registration-
Regardless of annual earnings, any non-resident who sells products in the United Arab Emirates must register for Value-Added Tax (VAT). This rule applies to everyone, citizens and illegals alike.
Businesses and people in the UAE who have had taxable sales of more than 375,000 AED in the past 12 months are required by law to register for Value Added Tax.
Anyone who expects his or her income to be more than 375,000 AED in the next 30 days must additionally register for VAT.
To qualify for VAT registration voluntarily, a business or individual must have made sales of more than AED 187,500 in the previous 12 months but less than AED 375,000.
A person can register for VAT on their own if they anticipate that the value of the goods or services they will sell in the next 30 days will be greater than AED 187,500 but less than the statutory maximum of AED 375,000.
An individual can register for VAT on his own if he has spent more than AED 187,500 on taxable items in the previous 12 months.
Value-added tax registration is voluntary, but it is required if taxable costs are expected to be more than AED 187,500 in the next 30 days.
Why Do You Need to Work With a Reliable Accounting Firm?
While the UAE government makes every attempt to make the process of getting a VAT number and registering your business as simple as possible, it is not always easy. The sheer volume of paperwork involved, as well as the amount of detail and knowledge needed to do it accurately, leaves many people feeling bewildered. On top of that, people without prior experience in the field may feel threatened by FTA's very high bar of clarity and depth.
When you work with seasoned professionals from a top UAE chartered accounting firm like EBS, you can easily register for VAT without incurring unnecessary charges or hassle. Moreover, the reputable accountants at this firm will help you design a sensible strategy for minimising your tax liability.
Therefore, contact the experts at EBS right away to get their professional VAT registration services. Schedule your appointment today!
Comentários