As we all know VAT went live in the UAE from 1st January 2018, following are some important aspects to know about this new Tax Regulation
A taxable person as per the UAE VAT law can register in the third quarter of the year 2017. It is mandatory for every taxable person to get registered under the VAT registration platform before the end of the year 2017.
Member State may allow 2 or more person that are residents of the same member state to register for VAT as a Tax Group. Such group will be treated as a single taxable person for compliance of UAE VAT law. Entities can register as VAT Group if;
Entities within one VAT Group are treated as one entity for the UAE VAT purpose.
Supplies made between members of a VAT Group will not be considered as a transaction under UAE VAT. Further, one entity cannot be part of more than one VAT group.
It is mandatory for every taxable person to maintain books of accounts under UAE VAT law, In addition to that the authority can ask for additional documents such as, annual accounts, general ledger, purchase day book, invoices issued, invoices received, credit notes, debit notes, VAT Ledger etc.
Under the UAE VAT law the books of accounts and records are to be maintained for five years.