Federal Tax Authority or the FTA is a body formed by the government to administer all the taxes in UAE (starting with VAT & excise duties).
Some of the responsibilities of the FTA will include :-
- Collecting taxes
- Provide guidance
- Decision making capacity in technical cases
- Conducting tax audits and administering penalties
However Ministry of Finance will still be the body that issues all the tax laws.
Vat law is expected to be published during Q3 and the executive regulations will follow.
Assistance from FTA in the form of:
- Publications, notices, VAT taxable persons guide
- E-learning module
- VAT helpline
We, at msi Alnoman and Ravi, are qualified to assist you through every step for your business. Our thorough knowledge in this field is ideal to guide your business, minimizing risk, to benefit your business.
Stay posted to know more about other VAT rules.To find more information on VAT you can visit the following:–
- Ministry of Finance
- Introduction to VAT
- Understanding VAT
- What do we need to when VAT comes into effect?
- Special VAT rules
- Reverse Charge Mechanism
- Categories of VAT