News

The UAE’s Finance Ministry has published a VAT timetable on its website. The timetable details the dates and venues for all workshops and who should attend. The publication comes as the Finance Ministry launches the first phase of its awareness and education workshops to prepare businesses for the new tax system which will be introduced by the end of this year, for excise tax, and early next yearfor VAT. It also follows confirmation from the Ministry for businesses with taxable suppliers over 375,000 AED to register for VAT. However businesses whose revenues fall short of the threshold should keep updated accounting records. These could be used if and when they need to register for VAT purposes. Both taxes are going to be introduced at around the same time and in line with the UAE’s GCC neighbours. The first workshop targeted so-called 'multipliers' or Government entities like chambers of commerce and economic development departments. It was also aimed at consultancies and partners. The workshops will ensure businesses
fully understand the new system and have the knowledge to take the necessary measures to comply with the new tax laws and procedures.