The Federal Tax Authority (FTA) organised a new awareness campaign targeting members of the UAE Fishermen's Cooperative Union, where the Authority familiarised guests with the procedures and goals of executing Worth Added Tax obligation (VAT), signing up with the FTA, submitting tax return, and paying due taxes.

The Federal Tax Authority reaffirmed that any natural or legal individual carrying out business in any type of economic or business field in the UAE have to register for VAT if their taxed products exceeded AED375,000 in worth throughout the previous Twelve Month - or are expected to surpass that amount in the coming 1 Month - keeping in mind that Taxable Products are determined as all materials of products and solutions made by a Person that are not clearly excluded in the regulation, along with imported goods and services.

FTA Director General His Excellency Khalid Ali Al Bustani asserted that the awareness campaign has met with excellent success, adding that it belonged to a bigger series of seminars and workshops targeting all markets, which seek to educate taxpayers concerning the needs and procedures for VAT registration and compliance.

The campaign shed light on the benefits of signing up for VAT, such as allowing organisations to reimburse the taxes they incurred throughout their production, trade or service tasks, H.E. Al Bustani said. Anglers could refund tax obligations they incurred on the acquisitions associated with their occupation such as fishing tools, he pointed out as an example, keeping in mind that all services registered for VAT are called for to accumulate VAT on their products of products and solutions, while being qualified to refund tax obligations incurred on items and services connected to their profession. They have to nevertheless keep business documents that permit the FTA to verify their deals, H.E. reminded.

In a press statement provided today by the Federal Tax Authority, H.E. Al Bustani said that the campaign brought in fishermen and stakeholders from the vital industry. Arranged as a cooperation in between the FTA and the UAE Fishermen's Cooperative Union, the campaign belongs to the Authority's efforts to coordinate with its calculated partners in the public and economic sectors, and guarantee the most effective feasible implementation of tax obligation legislation. During the tour, FTA professionals resolved fishermen's queries concerning tax obligation registration, sending tax returns, and valuing target dates to prevent administrative penalties.

The three-day campaign saw FTA experts talk with representatives of anglers's unions in Abu Dhabi, Al Ain, Dubai, Sharjah, Fujairah, Ajman, Khorfakkan, Dibba, Ras Al Khaimah, and Umm Al Quwain. The specialists presented guests to the VAT implementation procedure, the facilities given by the Authority, the correct treatments to issue invoices and maintain documents, and the right to look for aid from qualified tax agents.

The 5% VAT that went into effect on January 1, 2018, and is used on most of products and solutions, constitutes an indirect usage tax obligation, they explained, noting that the 5% price carried out in the UAE is the most affordable amongst 160 nations around the globe that accumulate VAT.

The specialists went on to describe that Value Added Tax does not influence businesses in any way, considereding as they can recuperate the taxes they paid with their tax returns.