Current Talkings
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.…
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. AML laws, for example, force banks and…
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 Government on April 28, 2021 issued Cabinet Decision No. 49 of 2021 significantly…
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. The TRN Number is a 15-digit…
- « Previous
- 1
- 2
- 3