Posted inBuilding Wealth in UAE
The Impact of VAT in the UAE: How to Manage and Reduce Your Taxable Expenses
The UAE introduced a 5% Value Added Tax (VAT) on January 1, 2018, generating over Dh 95.4 billion ($26 billion) in revenue by October 2021. Businesses can recover input VAT on taxable activities, while certain expenses like entertainment are non-recoverable. Compliance involves mandatory registration for businesses exceeding AED 375,000 in annual supplies and meticulous record-keeping. Learn more about VAT categories, allowable expenses, and its impact on businesses and consumers. [3][4][5]
