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What are some of the Non-Deductible Expenses & Loss offsetting rules | 9% UAE CT| Public Consultation Document

Here we will discuss the aspects of the CT (corporate tax) consultation document, released by the MOF that discusses, non-deductible expenses, offsetting losses, and the interest capping rules. The objective of these restrictions in reducing the tax liability is to make sure…

China-UAE Trade Agreements
China-UAE Trade Agreements

China-UAE Trade Agreements

18.09.2018 / by msi1 / 0 comments

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…

Warranties – VAT
Warranties - VAT

Warranties – VAT

24.10.2017 / by msi1 / 0 comments

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.

Profit Margin Scheme
Profit Margin Scheme

Profit Margin Scheme

19.10.2017 / by msi1 / 4 comments

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.

VAT Grouping
VAT Grouping

VAT Grouping

1.10.2017 / by msi1 / 0 comments

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

Tax Audit
Tax Audit

Tax Audit

26.09.2017 / by msi1 / 0 comments

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…

Registration
Registration

Registration

19.09.2017 / by msi1 / 0 comments

* 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…

Filing Tax Return
Filing Tax Return

Filing Tax Return

14.09.2017 / by msi1 / 0 comments

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…

Challenge The FTA decision
Challenge The FTA decision

Challenge The FTA decision

10.09.2017 / by msi1 / 0 comments

Sometimes FTA might conduct tax audits, and ask you to pay more tax. In such cases if you feel you were unfairly charged more tax, you can challenge the Federal Tax Authorities decision.

Penalties
Penalty

Penalties

6.09.2017 / by msi1 / 2 comments

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.