Vat tips
VAT is a form of indirect goods and services tax levied that came into effect on 1st January 2018. The introduction was part of the GCC member countries’ effort to lower their dependence on income from oil.
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Once you register for VAT with the FTA, a business is assigned a unique TRN number.
On 1st January 2018, the UAE government introduced the new indirect Goods and Services tax -VAT. This was a monumental announcement as the showed how the UAE is moving in a direction to financial strengthen the nation and be at par with the global forces.
VAT is an indirect goods and services tax that is paid by the consumer as an additional percentage of the total price. Thus, the higher the original price of the product or service, the higher the VAT amount paid.
The UAE has set a goal of growth and development, driven by a clear vision and long-term vision. The establishment of a politically stable, socially progressive, and economically robust society.
