We received this short review from our key partner “We are Professionals Accounting and Tax Consultant” https://wapc.ae
There are only very few taxes levied in the UAE, which is the Value-Added-Tax (5 percent), the Excise Tax for certain commodities (Tobacco, Energy Drinks, etc.), and the Tourism and municipality Tax for Hotels. UAE also has a corporate tax only for foreign banks and oil companies.
A business must register for VAT if its taxable supplies and imports exceed the mandatory registration threshold of AED 375,000.
All businesses in the UAE need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) are required to register for VAT. Businesses that do not think they should be VAT-registered should maintain their financial records in any event in case we need to establish whether they should be registered.
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