Posts by VATBOX

VAT Administrative Exceptions 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…

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…

VAT RETURN FILING FOR BUSINESSES IN UAE 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…

BOOKKEEPING SERVICES IN UAE 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…

VAT ON ECOMMERCE BUSINESS IN UAE 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…

Anti-Money Laundering (AML) Compliance in the UAE What Is Anti Money Laundering (AML)? Anti-money laundering (AML) applies to rules, legislation, and practices aimed at preventing suspects from passing off improperly acquired funds as lawful earnings. Anti-money laundering legislation can only apply to a small set of transactions and illegal behavior, but their consequences are far-reaching.…

Get Up To 70% Off On Your Tax Violation: Deadline June 28, 2021 The UAE’s Federal Tax Authority (FTA) declared that any person or group in the country has the right to apply to reduce or seek exemption from the penalty imposed for violating the country’s tax laws. UAE VAT Fines and Penalty Relief UAE…

HOW TO VERIFY TRN IN UAE? WHAT IS A TRN NUMBER? The abbreviation TRN stands for Tax Registration Number. The FTA – Federal Tax Authority – assigns TRN numbers to businesses that register for VAT. When a company’s annual VAT taxable products and services reach AED 375,000/-, it is needed to register for obligatory VAT.…