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
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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/-
as VAT start date is nearing, businesses should gear up their business transactions with an ERP.
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.