BY AKM ACCOUNTING
Apply for VAT registration because this will lead you to:
Every business in UAE making taxable supplies that exceed the specified threshold is liable to get itself registered with FTA within the time prescribed.
It is mandatory to get yourself registered with FTA as a taxable person, if your annual taxable supplies exceed AED 375,000 at the end of any month.
However, you can be registered as a taxable person by your own choice if the annual taxable supplies exceed the threshold of AED.187,500.
You can apply for VAT registration and can become a taxable person if you are:
- A sole proprietor
- A limited liability company or partnership
- A limited company
- An association
- A joint venture
- A charity
If a business eligible for VAT registration fails to register on the FTA portal within the required timeframe, they will have to pay a penalty amounting to AED 20,000
AKM Accounting can help to get you registered within the stipulated time frame to avoid fines and penalties.
Contact us and one of our VAT professionals will let you know more about further requirement to get yourself registered for VAT.