Please allow me to refer you to the article below, providing an update on the UAE VAT Executive Regulation. This is a big development for the UAE. The UAE has no corporate or personal income tax (except for taxes on foreign banks and oil companies) and, as a result, there were generally no financial reporting requirements.
The introduction of VAT has necessitated the formation of a Federal Tax Authority and filing of financial information for the first time for most businesses.
To Read The Full Analysis on the UAE VAT Executive Regulation Click Here: http://www.worldservicesgroup.com/publications.asp?action=article&artid=8911