Friday, 9 March 2018

New Deadline For VAT Registration Extended Until April 30

Federal Tax Authority(FTA) has announced new date of penalties for VAT registration after that major relief on Wednesday UAE was exempted from the penalties for a couple of months. The FAT gave a new date of VAT Register is 30 April.

These companies have until 30 April to register for a value-added tax(VAT) that avoid the administrative penalties as many as couldn't meet the earlier deadline due to technical and other issues.Investment analysts said that companies who missed the deadline they are a smaller business, these are free zones and have many branches of foreign companies.

Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, Minister of Finance in UAE and Chairman of the FTA, in FTA meeting, also observe the outcome of the tourist refund because of this refund system will cover outlets and shops.

Sheikh Hamdan said "The result is all the business sector and all segments of society response are very satisfactory.the tax compliance ratios are continuous growth, which is confirmed by the success of the model adopted by the FTA, which is based on the encouraging self- adherence to easy electronic registration is by the businesses".

 "The first major beneficiaries are those would be the entities those could not register up to December 4, 2017, or are going to apply now", said Surandar Jesrani, partner, and CEO at Morison MJS  In a Tax Consultancy.

Jesrani said "the free zone companies and branches of foreign companies will be included in the entities and these type of entities were hope some relaxations and discount from the VAT and hence it could not register before the deadline after launching the VAT in UAE.

" The FTA has already 260,000 companies registered .it will be noticed that those businesses that have not registered for VAT it cannot invoice and collect VAT".

"The UAE businesses did registration in time, but there are some small and medium enterprises that could not register due to lack of preparedness," said Naveen Sharma, chairman of the Institute of Chartered Accountants of India (Dubai chapter).

"The UAE businesses did registration in time, but there are some small and medium enterprises that could not register due to lack of preparedness," said Naveen Sharma, chairman of the Institute of Chartered Accountants of India (Dubai chapter).

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