Sun 29-04-2018 16:43 PM
ABU DHABI, 29th April, 2018 (WAM) -- The Federal Tax Authority, FTA, has reiterated its call for all registered businesses to collect Value Added Tax, VAT, and Excise Tax on all taxable transactions and from all customers, cautioning against excepting any individual or organisation that does not fall under one of the excepted categories specified in the UAE tax laws.
In an official statement issued today, the FTA urged taxable businesses to remain vigilant and precise in their business transactions. Businesses must avoid granting exceptions from VAT, the Authority warned, clarifying that no transaction may be considered as outside the scope of tax, exempt, or zero-rated unless it was stated in the legislation or announced by the Ministry of Finance or the Federal Tax Authority, where any such exception was made, this is considered illegal and the supplier shall be liable for any tax not collected on the supply.
The Federal Tax Authority reassured businesses that it periodically issues updated official notices that clearly specify the categories that are not subject to tax, exempt, or zero-rated, as stipulated in UAE tax laws and formal cabinet decisions.