The Cooperation Council for the Arab States of the Gulf, also known as the Gulf Cooperation Council, is a regional, intergovernmental, political, and economic union comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The council’s main headquarters is located in Riyadh, Saudi Arabia.
VAT-Value added tax
Vat means value added tax.it is an indirect tax charged on taxable goods and service.
Elements of VAT
OUTPUT VAT
TAX COLLECTED FROM CUSTOMERS ON SALES
PAYABLE TO GOVT:
INPUT VAT
TAX PAID TO SUPPLIER ON PURCHASE
REFUNDABLE FROM GOVT:
VAT Registration
Vat Registration as per Threshold Limit:
COUNTRY
COMPULSORY
VOLUNTORY
UAE
AED 375000 P. A
AED 187500 P. A
KSA
SAR 375000 P. A
SAR 187500 P. A
BAHRAIN
BD 37500 P. A
BD 18750 P.A
How to Apply for VAT Registration
COUNTRY
WEBSITE/PORTAL
UAE
www.tax.gov.ae/
KSA
https://zatca.gov.sa/
BAHRAIN
https://www.nbr.gov.bh/
VAT Registration Number
COUNTRY
REGISTRATION NUMBER
FORMAT
UAE
TRN (Tax Registration Number
15 digits
SAUDI AREBIA
TIN (Tax Identification Number)
15 digits
BAHRAIN
TIN OR TRN
15 digits
VAT Rate
COUNTRY
STANDARD RATE
UAE
5%
SAUDI AREBIA
15%
BAHRAIN
10%
Purchase Transaction with VAT
Purchased goods from M/s Emirate Group as per bill#254 AED 5000
Particular
Debit
Credit
BY
Purchase@5%
AED 5000
BY
Input Vat@5%
AED 250
TO
M/s Emirate Group
AED 5250
Sales Transaction with VAT
2.Sold goods to M/s Anaras Traders per bill#101 AED 10000
