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October 4, 2017, 10:03 pm
As VAT is going to kick off in the UAE which is represented by the Ministry of Finance,the Common Value Added Tax (VAT) (flat 5% ) upon the agreement of the States of the Gulf Cooperation Council following Federal Decrees No. 31 and 32 of 2017, issued by President His Highness Shaikh Khalifa Bin Zayed Al Nahyan ,the Federal Tax Authority ,UAE will be the moniotring authority for all the concerns related to VAT.
The law requires any person conducting any type of business to keep accounting records and commercial books, as well as any tax-related information as determined by the Law.
Tax returns, data, information, records and documents must be submitted to the authority in Arabic. The FTA may, however, accept documents in any other language, as long as the person provides a translated copy in Arabic at their expense and responsibility, if so requested.
All the Registrants must include their Tax Registration Number (TRN), in all correspondence and transactions with the authority or with others. They must also inform the authority by filling the form of any circumstance that might require the amendment of information related to their tax record within 20 working days of the occurrence of said circumstance.
Each taxable person must also prepare tax returns for each tax period and for each tax while being registered. They must then submit the tax returns to the authority and pay any payable tax as specified in the tax return or any tax assessment within the time limit. The authority reserves the right to turn down any incomplete return.
The law mandates that a register of tax agents be established at the authority, which will hold files for each agent documenting his/her conduct. It is not permitted for any person to practise the profession of a tax agent in the UAE unless he/she is enrolled in the register.
Procedures for registration, as well as the rights and obligations of the tax agent before the authority and the person, is specified in the executive regulations of the law.