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Input tax is the tax paid by a person on purchases or inward supplies. This means that a person can reduce the value of input tax eligible for recovery from the tax payable and only pay the balance amount as tax. A registered business can recover the VAT paid on purchase of goods and services…
Imports are taxable under VAT. When a person registered under VAT in UAE imports goods or services, the importer has to pay VAT on imports on reverse charge basis. This is in addition to customs duty levied on imports. The scenarios of import can be divided as follows: 1. Import by a person registered under…
Cabinet Decision No. (43) of 2019 on Amending the List of Designated Zones Annexed to the Cabinet Decision No. (59) of 2017 on Designated Zones for the purposes of the Federal Decree-Law No. (8) of 2017 on Value Added Tax (effective 4 July 2019). Designated Zones are: 1. Subject to strict control criteria; 2. Required…
The 2019-20 coronavirus pandemic is an ongoing pandemic of coronavirus disease 2019 (COVID-19). The outbreak started in December 2019. The World Health Organization (WHO) declared the outbreak to be a Public Health Emergency of International Concern. Nearly 209 countries with more than 1.5 million confirmed cases recorded so far. The pandemic has led to severe…
UAE Cabinet issued the Cabinet of Ministers Resolution No.31 of 2019 for Economic Substance Regulations issued Subject On 30 April 2019. The Regulations apply to all UAE onshore and free zone companies that carry on a “Relevant Activity”. It is yet to be confirmed whether the Regulations will also apply to sole proprietorship and branches,…
A VAT Administrative Exception is a mechanism which provides registrants with concessions / exceptions allowed by the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“Law”) or Cabinet Decision No 52 of 2017 on the Executive Regulations of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“Executive Regulations”) if difficult…
A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT that the user pays is on the cost of the product, less any of the costs of materials used in the…
The first Value Added Tax (VAT) return provided the Federal Tax Authority (FTA) with a pleasant period for filing to ease reporting and regulatory pressure on businesses. All companies must log on to the website of the FTA and verify under their profile the tax period. The first VAT return period was given to some…
Bookkeeping handles the recording of day-to-day financial transactions and information. Bookkeeping is key component of an accounting system that helps to retain every transaction and information relating to the organization where necessary. There are many ways that accounting and bookkeeping services can help your business; in fact, accounting and bookkeeping is mandatory for every organization…
VAT on e-commerce in the UAE is assessed based on the location of the seller and the receiver. Online sales will be subject to a 5% VAT in UAE. In the field of e-commerce, buying products from an electronic channel, such as a website or a marketplace, is referred to as a supply of goods.…
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