Large companies in the UAE must start registering for VAT from the middle of next month, according to a new directive from the Federal Tax Authority.
His Excellency Khalid Ali Al Bustani, Director General of the Authority, told reporters that a new online registration system will be launched in the coming days.
He said there will be consequences for those who fail to register.
Al Bustani added that Tax and Excise laws will be passed by the end of September, as the UAE ramps up to the launch of VAT on the 1st on January next year.
Earlier this year, it was announced that excise duty will be applied on tobacco and soft drinks, with more details to be announced before the end of this year.
Here's what we know about it so far.