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The UAE FTA has published issue 1 of the Taxable Person Guide for VAT
The UAE tax authorities have published issue 1 of Taxable Person Guide for Value Added Tax (VAT) (also referred to as the VAT Guide 1 or the VATG001). The guide provides more insight on VAT in the UAE and covers the below:
- an overview of the main VAT rules and procedures in the UAE and how to comply with them;
- answers to many of businesses’ most asked questions; and
- references to other publications and where they can be found.
The guide and its contents are not legally binding on the FTA, and are also subject to change, however they do provide a clear indication of the current thinking of the FTA on a number of fundamental issues, and should provide a good degree of additional clarity on a number of issues.
It should however be noted that the Guide cannot address every single instance that business may encounter, and there will always be instances where the situations dealt with do not necessarily apply to every business.