VAT is an indirect tax that is applicable in more than 180 countries of the world today, on all the consumption of goods or services imposed at the time of sale.
It has also been made mandatory in the UAE region and thus, all businesses in the area need to submit their respective application to register for VAT before the impending deadline. The rate of VAT will be levied at 5% with an idea that the VAT will facilitate a new income source for the UAE that will further be utilized and help in providing distinguished public services.