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China-UAE Trade Agreements

China-UAE Trade Agreements

The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and cultural centers, advancing energy cooperation, e-commerce ties, numerous investments, and the infamous Belt and Road Initiative all of which the UAE government strongly supports, and would bring an inflow of income into the UAE.

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Warranties - VAT

Warranties – VAT

What is a warranty?

A guarantee issued by the retailer or manufacturer to the consumer, promising a repair if necessary within a specified period time. This blog is briefly about how warranties are effected by VAT implementation.

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Profit Margin Scheme

Profit Margin Scheme

When second-hand goods are purchased from a non VAT registered user by a VAT registered user, purely for the purpose of resale, the VAT registered user can include the VAT on the profit margin.

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VAT Grouping

VAT Grouping

Businesses that satisfy certain requirements provided by the legislation (such as being under the same ownership and located within the same GCC country) will be able to register

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Tax Audit

Tax Audit

The provisions of the newly issued federal law on taxation has authorized the Federal Tax Authority (FTA) with the legal right to perform a tax audit on any business to determine their compliance with the provisions of the relevant laws.

  • It is the procedure undertaken by the Tax auditor from FTA to inspect the commercial records of the taxable business, to ascertain the compliance to the tax laws.
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