VAT APPLICATION IN UAE

Kindly find attached article on VAT as appearing in Gulf News today on Thursday 16th June, 2016 for your reference.

http://gulfnews.com/business/economy/uae-outlines-vat-threshold-for-firms-in-phase-1-1.1847025

It mentions that implementation of VAT in several Phases wherein in Phase 1 shall include companies with turnover above AED 3.75m, whereas companies with turnover of AED 1.87m – 3.75m is given an option to register for VAT under Phase 1. Eventually all companies shall be registering for VAT under Phase 2 even though the timeline for Phase 2 is not yet decided