For the purpose of filing for VAT, sales will have to be classified on the basis of each emirate.
All the construction related input VAT can be reclaimed if : The individual is a UAE national.
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.
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.
When goods are exported out of UAE they are Zero-rated. However, the following services related to international transport are also zero-rated.
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
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…
* 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…
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…
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.
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.
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
In this blog we are discussing what is the time of supply, its importance and some of its special rules with respect to UAE VAT. The time of supply is normally the earliest of the following: –
Federal Tax Authority or the FTA is a body formed by the government to administer all the taxes in UAE (starting with VAT & excise duties). Some of the responsibilities of the FTA will include :-
The UAE government has put a lot of focus on innovation accelerators, in order to provide large scope for start-ups and offshore tech companies with employment gap especially
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:-
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…
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,…
Register for VAT The taxable person or the legal representative has to register at the Federal Tax Authority. The FTA will issue a Tax Registration Number (TRN) for each taxable person
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…
UAE’s dependence in the oil sector leads to instability in its economy. To counter this instability, AED is pegged to the US dollar to avoid stark fluctuations in the exchange rate, which directly affects UAE’s economy.
US GAAP: Generally Accepted Accounting Principles, also called GAAP or US GAAP, are the set of accounting standards or principles adopted by the U.S. Securities and Exchange Commission.
As much as the history of Dubai’s economy has been engrossed in its dependence on oil, Dubai currently is less dependent on oil than many may think. Oil, a fossil fuel, has been an integral part of UAE’s economy.
International Financial Reporting Standards(IFRS) are a set of accounting standards developed by the International Accounting Standards Board(IASB). IFRS were established in order to have a common accounting language