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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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Registration

Registration

* The taxable person or the legal representative has to register on the Federal Tax Authority online portal.

* The online process will be simple and take about 15 minutes.

* The FTA portal will open soon on voluntary basis, and Q4 will be a compulsory basis.

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Filing Tax Return

Filing Tax Return

Below are few things to remember while filing tax returns:

  • VAT will be due in the end of each month or quarter. Within 28 days of the due date, the VAT return must be filed, if it is a weekend the deadline will be extended to the 1st following working date.
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Penalty

Penalties

There are two types of penalties which can be imposed for failing to comply with the below conditions respectively :

Administrative penalties:

1.Intended to address noncompliance.

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What is supply?

What is supply?

What is supply?
–If it meets the following requirements it is a supply in UAE:

  • Provides Goods or Service
  • In UAE
  • For Some Consideration – i.e. Money or Kind (inclusive of VAT)
  • By a Person
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