VAT Registration in Umm Al Quwain
On 1st January 2018, Value Added Tax (VAT) was introduced in Umm Al Quwain UAE. The Federal Tax Authority(FTA), imposed 5% VAT on all goods and services sold in Umm Al Quwain UAE. VAT is an indirect tax and end-consumers are the ultimate cost bearers. The businesses collects the VAT on behalf of Government at each point of sale.
Criteria For VAT Registration In UAE. As UAE Federal Government introduced Value Added Tax (VAT) in UAE on 1 January 2018, and it is applicable for all seven emirates such as Abu dhabi, Dubai, Sharjah, Ajman, Umm Al quwain, Ras Al Khaima and Fujairah. Businesses comes under following criteria’s are supposed to register for VAT.
(a)It is mandatory to register for VAT if businesses taxable supplies and imports exceeds AED 375,000 per annum.
(b)It is optional for businesses whose supplies and imports exceed AED 187,500 per annum. A business house collects 5% VAT form end-consumers and pays its to UAE Federal Government.
At the other end , they are eligible for a refund from FTA for the VAT they already paid to their suppliers. Steps for VAT Registration In UAE. In order to start VAT registration process, a business house needs to create an e-services account with FTA.
Once you login to your account, you need to provide all your company details like, Company Name, Management Details, Contact Details etc. And also need to upload all legal documents related to your company, as a proof to validate the details you provided. Below mentioned are the steps for VAT Registration In UAE.
Documents Required For VAT Registration Umm Al Quwain
1. Trade license of business house.
2. Certificate of incorporation or registration certificate, if applicable.
3. Memorandom of association/ Article of association/ partnership agreement or any other document to show the management details about the business.
4. Passport and emirates ID copy of the manager
5. Signatory details.
6. Physical office address of the business house.
7. Contact details of the company.
8. Bank account details of the company.
9. Directories/ partners other business relationships in UAE in last five years along with their trade license copies.
10.Declaration from business house about: a, Details about business activities of the applicant b, Financial transaction values estimation c, Last 12 months turnover details with supporting document d, Details about Expected turnover details in next 30 days e, Details about Expected exempt supplies details f, Details about Imports and Exports g, GCC activities of the business, if applicable h, Details about customs registration, if applicable.
Process For Vat Registration In Umm Al Quwain
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Contact us To Discuss regarding VAT related requirements For Your Umm Al Quwain Business. Contact Us on 0545881515