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VAT & Tax Resources

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VAT Profit Margin Scheme

VAT Profit Margin Scheme

VAT Profit Margin Scheme Under the Executive Regulations Title Five – Profit Margin Scheme Article 29, Accounting for Tax on the Margin, specific provisions have been established to enable VAT to be correctly charged where Goods are: Second-hand Goods – that is,...

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VAT News – UAE Tax Penalty Update April 2021

VAT News – UAE Tax Penalty Update April 2021

VAT News - UAE Tax Penalty Update April 2021 The UAE Cabinet of Ministers issued Decision No. 49/2021 amending provisions of Cabinet Decision No. 40/2017 regulating tax penalties (the “new Decision”) dated 28th April 2021. These changes are effective 60 days from the...

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FTA Audits – What Should You Expect?

FTA Audits – What Should You Expect?

FTA Audits – What Should You Expect?    Your VAT returns form a legally binding statement of your tax liabilities as a self-declared assessment, this means the preparation and accuracy is the responsibility of the taxable person. As the VAT system settles in the...

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VAT Refunds – Improving Your Probability Of Success

VAT Refunds – Improving Your Probability Of Success

VAT Refunds - Improving Your Probability Of Success   During the course of submitting your VAT returns, your business may be in a VAT refund position which enables you to claim a refund from the Federal Tax Authority. VAT refunds are not automatically granted,...

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VAT Obligations for Freelancers

VAT Obligations for Freelancers

VAT Obligations for Freelancers  Operating as a freelancer in the UAE has become much easier during the last few years. The UAE has introduced several initiatives to allow individuals to commercially operate with a range of business license options that reduce...

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COUNTRY BASED GOVERNMENTAL TAX MEASURES

COUNTRY BASED GOVERNMENTAL TAX MEASURES

Country Based Government Tax Measures All major economies during the current COVID-19 crisis have taken some form of action to support local economies through fiscal policies and changes to tax rate. The introduced stimulus packages have various components of which...

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Benefits of Using a Certified Tax Agency in the UAE

Benefits of Using a Certified Tax Agency in the UAE

Benefits of Using a Certified Tax Agency in the UAETo support the introduction of VAT in the UAE, the FTA defined the role of Tax Agents to support businesses fully comply with the Legislation. Businesses can appoint qualified parties as Tax Agents to represent them...

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UAE Double Tax Treaty

UAE Double Tax Treaty

UAE Double Tax Treaties   In seeking to establish competitive and dynamic economy, the UAE Government has sought to build an attractive investment environment to offer resident companies and individuals the benefits from its attractive tax environment. The...

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Are you sure you are 100 percent VAT compliant?

Are you sure you are 100 percent VAT compliant?

Are You Sure Your Prices To Consumers Are Displayed Correctly?- VAT Compliant?   Are you in the position of being confident that everything is compliant to the UAE VAT law? Then suddenly fined due to noncompliance; and it turns out that it is something so simple...

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Voluntary Disclosure vs Reconsideration Form

Voluntary Disclosure vs Reconsideration Form

Voluntary Disclosure vs Reconsideration Form   As a Registered FTA Tax Agency, several questions are usually posed from businesses on the appropriate use of specific processes set out by the UAE Federal Tax Authority. In this blog, we discuss the specific...

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VAT 5 tips for businesses on ‘Starting Up’ by Haroon Juma

VAT 5 tips for businesses on ‘Starting Up’ by Haroon Juma

Top 5 VAT tips for businesses on 'Starting Up' by SimplySolved's Managing Director, Haroon Juma Haroon Juma MD of Simply Solved was invited to speak on the Top VAT 5 tips for businesses on 'Starting Up', hosted by Dubai Eye’s Natalie Lindo on fm 103.8. If you are...

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How can you assure Transactional VAT in your IT system?

How can you assure Transactional VAT in your IT system?

How Can You Assure Transactional VAT Accuracy In Your IT System?   In our earlier blog, we discussed the probable approach the FTA may take to undertake an audit. During a desk based audit, the FTA will focus on the transactions in your IT application Best...

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Operating as a Tax Group

Operating as a Tax Group

Would you like to download this whitepaper? Operating as a Tax Group Cost & Risk Management of VAT Compliance and Reporting The Benefits of Tax Grouping Under the UAE Executive Regulations, registering as a Tax Group can provide significant benefits to businesses...

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UAE VAT Resources Survey Results

Recently, we requested input to understand the challenges for businesses in working with available official VAT online resources in the UAE. For any businesses ensuring key personnel are fully equipped is essential to avoid misinterpretations that may come to light under an audit and incur penalties.
Therefore, we asked respondents several pertinent questions to assess how effective these resources are to build effective VAT understanding and implementation approach to their business.

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Health Care -Transforming Finance Into An Asset

In January 2019, a well established Dubai Healthcare Provider was contacted by the Federal Tax Authority to submit their tax returns for 2018. Assuming they did not need to submit returns since they charged 0% for all their services, it came as a surprise to hear they needed to submit regular returns and accumulated late return penalties.

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