VAT registration to begin mid-September
Saudi Arabia and the UAE will introduce VAT in January 2018
From mid-September onwards, UAE organisations will be able to register for value-added tax (VAT) in time for January 2018.
Khalid Ali Al Bustani, director-general of the Federal Tax Authority made the announcement in Abu Dhabi where he explained registrations can be made via the Federal Tax Authority website.
Al Bustani also said that roughly 300,000 - 350,000 companies in the UAE will be affected when VAT is set in place from January 2018, with no grace period.
Furthermore, companies will also be expected to file quarterly VAT returns, but will have the option to pay in monthly instalments.
The first phase of registration will target larger organisations first for both VAT and excise tax.
Al Bustani added: "We at the GCC agreed that we all will implement the VAT. We are starting with Saudi Arabia and the UAE in January and the rest could implement until the end of 2018.
"The introduction of VAT is expected to result in inflation increasing by 1.4%."
VAT will initially be introduced in the UAE and Saudi Arabia, with other GCC states set to follow throughout the course of 2018.