{"id":147,"date":"2017-03-22T08:44:07","date_gmt":"2017-03-22T08:44:07","guid":{"rendered":"https:\/\/www.mortgagefinder.ae\/blog\/?p=147"},"modified":"2018-01-08T14:10:44","modified_gmt":"2018-01-08T14:10:44","slug":"uae-federal-tax-authority-set-up-to-collect-vat","status":"publish","type":"post","link":"https:\/\/www.mortgagefinder.ae\/blog\/uae-federal-tax-authority-set-up-to-collect-vat\/","title":{"rendered":"UAE Federal Tax Authority Set Up To Administer VAT"},"content":{"rendered":"
\"\"March 22, 2017<\/strong><\/h6>\n

 <\/p>\n

The days of tax free living in the UAE is soon coming to an end with a 5% VAT (value added tax) to be introduced on 1\u00a0January 2018. While the VAT law has not yet been finalized, the Ministry of\u00a0Finance announced that it has established a Federal Tax Authority to administer the levy and that companies with annual revenue\u00a0in excess of AED375,000 per annum would need to register in the second half of 2017.<\/p>\n

 <\/p>\n

As its name suggests, The Federal Tax Authority will enforce federal tax laws, conduct audits, collect tax revenues; and in case of non-compliance with issue penalties. It’s primary purpose will be to administer and enforce the VAT.<\/p>\n

 <\/p>\n

In addition to a 5% value added tax, excise tax is also to be levied on selected products such as tobacco and fizzy drinks.<\/span><\/p>\n

The Federal Tax Authority will enforce federal tax laws, conduct audits, collect tax revenues; and in case of non-compliance with issue penalties.<\/span><\/p><\/blockquote>\n

 <\/p>\n

The National reported earlier this week, that the VAT is expected to generate revenues in excess of AED32Billion in its first 2 years and is a clear attempt to further diversify UAE governments revenues away from fossil fuels.<\/p>\n

 <\/p>\n

View full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

March 22, 2017   The days of tax free living in the UAE is soon coming to an end with a 5% VAT (value added tax) to be introduced on 1\u00a0January 2018. While the VAT law has not yet been finalized, the Ministry of\u00a0Finance announced that it has established a Federal Tax Authority to administer […]<\/p>\n","protected":false},"author":1,"featured_media":149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[2],"tags":[],"yoast_head":"\nUAE Federal Tax Authority Set Up To Administer VAT - Mortgage Finder Blog<\/title>\n<meta name=\"description\" content=\"Days of tax free living in the UAE are soon to be over with a 5% VAT (valued added tax) to be introduced on 1 January 2018.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mortgagefinder.ae\/blog\/uae-federal-tax-authority-set-up-to-collect-vat\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"UAE Federal Tax Authority Set Up To Administer VAT - 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