HH Sheikh Mohammed signs VAT Executive Regulation

VAT WEF 01/01/2018

The Ministry of Finance, MoF, Monday announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, signed the Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT.

Source: Khaleej Times

For full story , click the link below.

https://www.khaleejtimes.com/business/vat-in-uae/sheikh-mohammed-signs-vat-executive-regulation-

Customs Registration Certificate for VAT

Customs Registration certificate for VAT registration is now open and easy to obtain

As part of the VAT registration, businesses which have import/export activity and holds a customs registration number is required to submit a document proof from customs department.

Recently the customs department has activated a new link to obtain this certificate. Follow the link below to get one for your business.

Charges are approx AED120/-

http://www.dubaitrade.ae/request-letters-and-certificates-new-request

Record keeping under VAT regulations – Real Estate

Real Estate be aware of timeline in record keeping

As per article 71 of Executive Regulation of Federal Decree-Law No (8) of 2017 on Value Added Tax

Any records related to a real estate required to be kept shall be held for a period of 15 years after the end of the Tax Period to which they relate.

Other business required to keep records for 5 years.