Over 300,000 Businesses Now Registered For VAT In The UAE

More than 300,000 businesses have now registered for WAT in the UAE, according to the Federal Tax Authority (FTA).

At a meeting chaired Sheikh Hamdan bin Rashid Al Maktoum, also Deputy Ruler of Dubai, it was also revealed that the number of approved tax agents operating in the UAE has increased to 316.

It also confirmed the success of the VAT refund procedures for Emiratis building new homes, with 235 applications approved, enabling citizens to recover a total of AED9.76 million.

Sheikh Hamdan commended the positive results, saying: “The Federal Tax Authority has developed comprehensive plans to encourage tax compliance, raise the registration rate among taxable businesses, and combat tax evasion."

The FTA also announced that the Tax Refunds for Tourists Scheme, which was introduced in November, was recording nearly 6,000 refund transactions per day.

It added that it has completed its preparations to launch the VAT Refunds for Business Visitors Scheme, starting on April 2, whereby foreign businesses can apply for a refund on taxes incurred on the import and export activities of anyone not residing in the UAE but based in countries that implement VAT refund schemes.