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VAT Update: Amendments Federal Tax Authority Procedures

VAT Update: Amendments Federal Tax Authority Procedures

VAT Update: Amendments Federal Tax Authority ProceduresThe UAE Cabinet has issued Federal Decree-Law No. 28 of 2021 dated 16 September 2021, specifically amending the Federal Decree-Law on Tax Procedures No. 7 of 2017 issued 11 June 2017 Under this amendment, the new...

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UAE Expo 2020 VAT Refund Scheme

UAE Expo 2020 VAT Refund Scheme

UAE Expo 2020 VAT Refund SchemeThe Federal Tax Authority ("FTA") is encouraging all participants to fully take advantage of the special provisions for procedures for the refund of VAT paid on goods and services connected with Expo 2020 Dubai. Under the issued Cabinet...

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VAT Deregistration in the UAE – What You Should Know

VAT Deregistration in the UAE – What You Should Know

VAT Deregistration in the UAE - What You Should KnowOne of the overlooked aspects of the UAE VAT system is VAT Deregistration. The requirements for deregistering your Tax Registration Number under the VAT Legislation are quite specific and require diligent...

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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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