ABU DHABI, The Federal Tax Authority has called on all UAE business to take all necessary measures to register for the Value-Added Tax, VAT, to avoid the risk of non-registration by 1st January, 2018, which would entail fines as stipulated in Cabinet Decision No. 40 of 2017 on Administrative Penalties for Violations of Tax Laws in the UAE.

VAT will be due on the importation of certain goods, as well as the supply or deemed supply of certain goods or services made by "Taxable Person" (ie a VAT-registered person under the UAE VAT Law). Businesses must register for VAT if their annual taxable supplies and imports exceed the mandatory registration threshold of AED375,000.

The failure of the taxable person conducting Business to submit a registration application within the timeframe specified in the Tax Law will entail an administrative penalty of AED20,000 VAT registration form is available 24/7 online on FTA's portal. It should be completed by a person who is the authorised signatory of the business e.g. adirector, shareholder, holder of power of attorney on behalf of the business.

Source: Emirates News Agency