Over 300,000 businesses now registered for VAT in the UAE
Following a meeting between the Deputy Ruler of Dubai and the Federal Tax Authority (FTA), it was announced more than 300,000 businesses have now registered for VAT in the UAE. To support this number of registrations, 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 AED 9.76 million to date.
Deputy Ruler, Sheikh Hamdan, praised the positive results, stating: “The Federal Tax Authority has developed comprehensive plans to encourage tax compliance, raise the registration rate among taxable businesses, and also combat tax evasion."
The FTA also announced that the 'Tax Refunds for Tourists Scheme', which was introduced in November 2018, was recording nearly 6,000 refund transactions per day already.
Looking ahead to the future, the FTA added that it has completed its preparations to launch the VAT Refunds for Business Visitors Scheme on April 2nd, 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 who are based in countries that have existing VAT refund schemes.