According to the Federal Tax Authority (FTA), close to 300,000 business have recently registered for VAT in the UAE region.
At one of the meetings headed by Sheikh Hamdan bin Rashid Al Maktoum, also serving as the Deputy Ruler of Dubai, it was announced that the number of registered tax agents operating in the UAE has increased to 316.
This has also highlighted the success of the recent VAT refund procedures made in UAE for the Emiratis building new homes. Approximately, 235 applications have been approved by the government enabling citizens to recover a total of AED 9.65 million.
Praising the positive results at the meeting, Sheikh Hamdan stated: “The Federal Tax Authority has developed comprehensive plans to encourage tax compliance, raise the registration rate among taxable businesses, and combat tax evasion.”
Meanwhile, FTA has also disclosed that the Tax Refunds for Tourists Scheme that was started last year in November has also recorded close to 6,000 refund transactions per day.
FTA has also announced that they have completed the early preparations and activities that are required for the launch of VAT Refunds under the Business Visitors scheme starting from April 2, 2019.
The preceding scheme would also allow foreign businesses to apply for a refund on taxes that are levied on the import/export activities to anyone, who is residing outside UAE, but is a part of country that mandate VAT refund schemes.