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Profit Margin Scheme
Profit Margin Scheme

Profit Margin Scheme

19.10.2017 / by msi1 / 0 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 / 0 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 / 0 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 / 0 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 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…

Business Loans in UAE
Business Loans in UAE

Business Loans in UAE

25.07.2017 / by msi1 / 0 comments

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
US GAAP

US GAAP

20.07.2017 / by msi1 / 0 comments

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.

IFRS
IFRS

IFRS

4.07.2017 / by msi1 / 0 comments

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

Expo 2020 Dubai

Expo 2020 Dubai

28.05.2017 / by msi1 / 0 comments

Expo 2020 Dubai: An Expo is a large international exhibition designed to showcase achievements of nations. This may occur once in five years and last up to 6 months. These exhibitions vary in character and are held in different parts of…

Anti-Money Laundering in UAE

Anti-Money Laundering in UAE

24.05.2017 / by msi1 / 0 comments

Anti-Money Laundering in UAE: The UAE is a country of free economy there are no taxes or any other restrictions on fund flows. With such economic freedom, many investments have been attracted to the country since many years…