The VAT Executive Regulations have not been released into the public domain and complete clarity on the treatment of gold and jewellery sector is still awaited. However, based on the available information, we understand that all entities having a taxable supply exceeding AED 375,000 would be required to register for VAT and those with taxable supply between AED 187,500 and AED 375,000 may opt to register for VAT.
Further, the Ministry of Finance has issued the following deadlines for registration:
Before 31 October 2017 – Businesses with a turnover exceeding AED 150m should apply for registration
Before 30 November 2017 – Businesses with a turnover exceeding AED 10m should apply for registration
Before04 December 2017 – All other business entities should submit their application to minimize the risk of not being registered in time for VAT go-live
We will share further information as soon as it is announced by the FTA. Nevertheless, you will need to be registered in order to claim back any VAT you pay as a business.
Our advice is to start the registration as soon as possible.
Businesses can register here through the e-Services portal on the FTA website. Find the registration steps here.
Please note that this is intended as a helpful guide and you may wish to seek advice on your specific circumstances from your tax advisor. For further information/queries, please contact office, on 04-2291188 or email at firstname.lastname@example.org