Value-Added Taxes (VAT) was introduced in the United Arab Emirates (UAE) on 1st January 2018. VAT will provide the UAE with new source of income which will be continued to be utilized to provide high-quality public services. VAT will also help the government move towards its vision of reducing dependence on oil and other hydrocarbons as a source of revenue.

REQUIRED:

a) Briefly describe VAT.

b) State three (3) responsibilities of VAT-registered business in implementing VAT.

c) A VAT Return summanzed the taxable person's VAT liability. Briefly explain what is VAT Liability.

d) The tax law has laid out certain goods and services that are entitled to zero-rated. Briefly rated principles. Provide two examples of business sectors that may describe the zero- subject to zero-rated supplies.

Answer rating: 100% (QA)

a VAT Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each ... View the full answer