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100% Foreign ownership Law
100% Foreign ownership Law

100% Foreign ownership Law

8.11.2018 / by msi1 / 0 comments

We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal sources, the “Negative List” has been issued where it contains 14 industries which cannot be…

Accounts Payable
Accounts Payable

Accounts Payable

3.10.2018 / by msi1 / 0 comments

Accounts Payable also Known as “Trade payable” is a liability to a creditor usually for purchases of goods and services.

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.

What is supply?
What is supply?

What is supply?

29.08.2017 / by msi1 / 2 comments

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

Time of supply – UAE VAT
Time of supply – Basic rules

Time of supply – UAE VAT

27.08.2017 / by msi1 / 2 comments

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: –

Categories of VAT
Categories of VAT

Categories of VAT

20.08.2017 / by msi1 / 0 comments

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:-

Reverse Charge Mechanism
Reverse Charge Mechanism - MSI AUDITORS

Reverse Charge Mechanism

13.08.2017 / by msi1 / 0 comments

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…

Special VAT Rules
VAT special rules

Special VAT Rules

9.08.2017 / by msi1 / 1 comments

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,…

Understanding VAT
Understanding Value Added Tax

Understanding VAT

2.08.2017 / by msi1 / 0 comments

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…