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Archives for Tax

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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Categories of VAT

Categories of VAT

Categories of VAT:

It is of utmost importance that the companies are aware which products they offer fall in which categories of VAT.
Once the products are categorized companies should treat each of them differently for example:-

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Reverse Charge Mechanism - MSI AUDITORS

Reverse Charge Mechanism

When goods are imported into the UAE, the place of supply is UAE. By this logic the exporter should pay VAT, however the exporter is not registered in the UAE.
So, in this case the importer must consider it as its own VAT

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VAT special rules

Special VAT Rules

Here are some of the special VAT rules that we need to be aware of:-

Cut off period

When VAT is introduced companies should also take special care to decide whether a product or supply sold fall under which period, post or prior VAT. Special rules will be applied here to decide

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