275,000 register for VAT; compliance ratio at 98.8%

Dubai - 2,160 applications are pending with the tax authority.

Nearly 275,000 companies and individuals have registered for the value-added tax (VAT) with the Federal Tax Authority upon the completion of 100 days since the implementation of new taxation from January 1, 2018, the authority said on Wednesday.
The FTA said VAT compliance ratio was 98.8 per cent, which was one of the highest in the world.
While 14,402 companies were asked to resubmit and another 2,160 applications are pending with the tax authority, said Khalid Ali Al Bustani, director general, FTA, in an update.
So far, 77 tax agents have successfully passed the exam while 21 tax agents are currently registered. The remaining 56 are currently complementing registration requirements.
Approximately 100,000 telephone calls were answered during the first 100 days, averaging 1,123 calls per day. And 70,000 email queries were answered during the 100 days, averaging 787 emails per day.
In order to make tax filing easier for companies and individuals, the FTA said the companies and individuals can now pay tax through direct debit and GIBAN transfer from any exchange or banks in addition to e-dirham system.
The FTA had announced in late January that 260,000 firms had registered with VAT.
waheedabbas@khaleejtimes.com