Tuesday, March 13, 2018
The UAE's Federal Tax Authority (FTA) has announced that it will waive late registration penalties for businesses that have not yet registered for VAT, on the condition that they do so by April 30 of this year.
In a statement issued on March 5, the FTA explained that despite waiving penalties until the end of April, any VAT due since the introduction of the tax on January 1 must still be paid.
Businesses in the UAE are required to register to collect and remit value-added tax if at any time during the past twelve months the value of their taxable supplies exceeded the mandatory registration threshold of AED375,000 (USD102,110), or if the entity anticipates that they will exceed the threshold within the next 30 days.
Taxpayers can register voluntarily if the total value of their taxable supplies exceeded AED187,500, or if the business expects to exceed that threshold within the next 30 days.