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FTA extends tax period for Excise Tax

The World Health Organization (WHO) declared the Coronavirus (COVID-19) a pandemic on 11th March 2020. The UAE Government announced advisories and restrictions to limit the spread of the Coronavirus after which most companies are adapting to the process of work from home. In order to support the Companies, an announcement followed that FTA extends the tax period for Excise Tax.

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Update on De-Registration From VAT in UAE

Update on De-Registration From VAT in UAE

The FTA (Federal Tax Authority) has recently cleared concerns about the conditions and procedures regarding de-registration from VAT, since it’s implementation in 2018. This is especially important for smaller businesses that are nearer to the tax threshold, as an administrative fine is liable to the firm is this law is not complied with.

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impact of vat in uae

First year Impact of VAT in UAE

At the end of one fruitful year of implementation of  VAT, let’s go back and see how VAT affected the people in UAE. VAT or Value Added Tax is the tax levied on the consumption of goods and services at each point of production. The end users finally bear the charge and businesses gather the same on behalf of the government.

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VAT Grouping

VAT Grouping

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

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