{"id":1968,"date":"2017-11-28T12:26:01","date_gmt":"2017-11-28T12:26:01","guid":{"rendered":"http:\/\/139.59.38.172:8081\/?p=1968"},"modified":"2021-08-26T12:04:00","modified_gmt":"2021-08-26T12:04:00","slug":"latest-updates-vat-what-will-be-taxed-uae","status":"publish","type":"post","link":"https:\/\/www.mymoneysouq.com\/financial-blog\/latest-updates-vat-what-will-be-taxed-uae\/","title":{"rendered":"Latest updates on VAT &#8211; What will be taxed in UAE?"},"content":{"rendered":"\n<p>FTA(Federal Tax Authority) is all set with the rules and regulations to implement VAT in January 2018 without any deferment. Most of them expected the inclusion of VAT to be delayed, but with the proper strategies and planning, FTA is prepared to introduce VAT to the UAE citizens.<\/p>\n\n\n\n<p>As per the latest update by the FTA authorities, around 90% of the organizations are registered for VAT which comprises 70% of SMEs. The very few companies which did not register for VAT are yet to face a big-time loss if they ignore the necessity of &nbsp;VAT. The companies which did not register for VAT are not supposed to impose a tax on their products rather pay it from their pockets.<\/p>\n\n\n\n<p>The FTA has released a document that has all the details regarding the VAT. Amongst which Article 45 and Article 46 are to be given a detailed look at it describes the sectors which are included and excluded from the tax payment.<\/p>\n\n\n\n<p><strong>Also read:<\/strong> <a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/vat-affects-education-sector-dubai\/\" target=\"_blank\" rel=\"noopener noreferrer\">VAT affects on the education sector in Dubai<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Article 45:<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">It has the sectors which come under the Zero-rated category. The zero-rated category comprises of the organizations under this section would pay 0% tax and still avail the benefits of the taxpayers. <\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"font-weight: 400;\">Goods and services exported out of GCC <\/span><\/li><li><span style=\"font-weight: 400;\">International transport of travelers and Goods which imports or exports in the State or passes through its region, including Transport-related Services. <\/span><\/li><li><span style=\"font-weight: 400;\">Materials which are particularly meant for charitable sectors are imported under zero-rated category <\/span><\/li><li><span style=\"font-weight: 400;\">Educational institutions like pre-primary schools, primary and high schools and higher education universities(owned or sponsored by local or federal government) <\/span><\/li><li><span style=\"font-weight: 400;\">Basic health care amenities \u00a0<\/span><\/li><li><span style=\"font-weight: 400;\">First stock supplied to the residential buildings which take maximum three years for completion <\/span><\/li><li><span style=\"font-weight: 400;\">First stock provided to convert commercial buildings to residential flats\u00a0<\/span><\/li><\/ul>\n\n\n\n<p><strong>Maybe interested:<\/strong>&nbsp;<a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/getting-loan-bank-options-may-not-aware\/\" target=\"_blank\" rel=\"noopener noreferrer\">Getting a loan from bank &#8211; few options you may not be aware<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Article 46:<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Article 46 lists the sectors which are exempted from the VAT. <\/span><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><span style=\"font-weight: 400;\">Local public transport like buses, metro, trams etc <\/span><\/li><li><span style=\"font-weight: 400;\">Vacant properties <\/span><\/li><li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supply for the residential buildings other than those which comes under Article 45 i.e. zero-rated category <\/span><\/li><\/ul>\n\n\n\n<p>Apart from Article 45 and Article 46, there are altogether 85 articles which give a complete outlook on the VAT with the rules, regulations, provisions, violations, and ends with the effective date which January 1, 2018. All the companies which don\u2019t come under Article 45 or Article 46 should register on or before December 3, 2017, or they would be penalized with an additional fine for the registration.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tax agents:<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">FTA has started providing job opportunities to the Bachelor or Masters degree holders in law, accounting, and tax, for the role of Tax agents. The tax agents will be acting as the mediators between FTA and the taxpaying citizens for providing and helping the public on the queries related to the VAT. So, VAT has already started its good impact in providing employment to the UAE residents. <\/span><\/p>\n\n\n\n<p><strong>Also check:<\/strong> <a href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/top-5-mobile-apps-save-money-uae\/\" target=\"_blank\" rel=\"noopener noreferrer\">Top 5 mobile apps to save money in UAE<\/a><\/p>\n\n\n\n<p>Meanwhile, FTA is simultaneously working on conducting workshops for the public to give them a clear picture and let them be aware of all the advantages they get once VAT comes into the effect.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>FTA(Federal Tax Authority) is all set with the rules and regulations to implement VAT in January 2018 without any deferment. Most of them expected the inclusion of VAT to be delayed, but with the proper strategies and planning, FTA is prepared to introduce VAT to the UAE citizens. As per the latest update by the [&hellip;]<\/p>\n","protected":false},"author":6,"featured_media":1975,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":{"0":"post-1968","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-news"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Latest updates on VAT - What will be taxed in UAE? - MyMoneySouq Financial Blog<\/title>\n<meta name=\"description\" content=\"As per the latest update by the FTA authorities, around 90% of the organizations are registered for VAT which comprises 70% of SMEs.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mymoneysouq.com\/financial-blog\/latest-updates-vat-what-will-be-taxed-uae\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Latest updates on VAT - What will be taxed in UAE? 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