The recent VAT Updates in UAE and Saudi Arabia | Announcements to date :
UAE VAT Law came In on August 27, 2017 and the Federal Tax Authority (“FTA”) website in UAE went live on August 22, 2017.
- Businesses In the UAE expected to be able to register online for VAT from September 17, 2017 onwards.
- Federal Tax Procedures Law was released In the UAE and will govern the general rules and procedures relating to VAT and other taxes within the UAE.
- Ministry of Finance in the UAE is organizing a number of events discussing the coming VAT regulations, targeted to different audiences and sectors.
- Current target implementation date in UAE and KSA Is 1 January 2018, others to follow.
- The text of the GCC wide framework agreement was released earlier.
KSA has released a final VAT law and final VAT regulations for public consultation.
- The online VAT registration system in KSA expected to go live by the end of August 2017.