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All member countries in the GCC signed a unified VAT agreement, enabling the implementation of a formal VAT system across the GCC.
The rate of VAT in UAE is 0% and 5%.
The Federal decree-law no.8 of 2017 on VAT provides the guidance for tax rates, scope of transactions, supply of goods and services. The law also defines tax registration & deregistration, mandatory tax registration, tax group registration exceptions, voluntary registration, tax registration of government bodies. Further, it will also form the basis for future VAT legislation UAE.
Application for Tax Registration Number (TRN) shall be taken in 2 scenarios:
Flyingcolour® assists in all types of accounting, bookkeeping, value added tax (VAT) related advise and VAT return filing, issues related to Federal Tax Authority (FTA), Economic Substance Regulation (ESR) related matters, monthly account related reporting to management (MIS), payroll services, excise and custom related claims and high quality outsourced CFO services through our team of experienced chartered accountants. We have attractive customized monthly accounting packages.
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