By: Ramy Sameeh
Abu Dhabi-Mubasher: Companies with taxable supplies worth over AED 3.75 million ($1.02 million) will be subject to the value added tax (VAT ) system, according to Younis Haji Al Khoori, undersecretary of the UAE’s Ministry of Finance.
Such companies will be obliged to register under the VAT system, with their statements required to be approved by licensed audit firms, he noted.
Companies will have the right to voluntary registration if their taxable supplies stand at a value between AED 1.87 million ($500,000) and AED 3.75 million ($1.02 million) annually, Al Khoori added.
Translated by: Julian Nabil
