Following the publication of the Value Added Tax Law (“VAT Law”) by Federal Decree-Law No. (8) of 2017, the UAE Ministry of Finance (“MoF”) has released the VAT Executive Regulations, approved by Cabinet Decision No (52) of 2017 (“VAT Regulations”).
The main features and principles of the VAT system are provided in the VAT Law while the specific details of application are provided in the VAT Regulations. With the VAT implementation date confirmed to be 1 January 2018, the release of the VAT Regulations is welcome and constitutes an essential step for the readiness of the UAE businesses.
The Federal Tax Authority (“FTA”) have opened its online portal since the beginning of October to enable taxpayers to register for VAT purposes. The VAT Regulations will help them to proceed with their implementation to be ready to comply with the VAT requirements by 1 January 2018.
This alert seeks to give an overview of these long awaited details. For access to the VAT Law and Regulations, please