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Archives for Tax

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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Understanding Value Added Tax

Understanding VAT

What is VAT?

VAT, or Value Added Tax is an indirect tax. VAT is a tax that is implemented at each step of the supply chain. VAT only affects the final consumer, the business in between simply collect the tax and give it to the government.

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