Filing a VAT return is a complex process. There are numerous intricacies and quirks that catch business owners out. As it is a daunting process, mistakes with VAT filing are all-too-common. It can be a huge headache for the businesses, as they have to fulfill additional payments as penalties/fines.With the complications of the VAT laws, it is quite...
The introduction of Excise Duty & VAT happened almost the same time (i.e. 2017-18) in UAE. Both are a form of indirect taxation levied on selected goods & services for various purposes which leads to additional revenue for the government in UAE.It can be a bit difficult for people to clearly understand the difference between these two terms...
The financial vertical of any business is one of the most complex areas. It involve aspects; Tax payments and deductions which requires a clear understanding to help in running the business smoothly. An experience tax consultant can help you handle the finances wisely.Here are some pro-tips helpful in choosing a tax consultant-Clarity About Type of...
The eminent arrival of VAT has bought a confusion of difference between commercial invoice & tax invoice for some professional tax consultancy services provider which actually is quiet strange. But not to worry, here’s a brief about variations in both commercial & tax invoices:A commercial invoice is a bill of sale provided from selle...
Imposing value-added tax (VAT) at a standard rate of 5% by the UAE government was a landmark decision to diversify the country's economy away from oil.Moreover, tourists visiting emirates are eligible for claiming back 85 percent of applied VAT on goods purchased by them. More than 4,500 companies registered for this scheme during the initial stage...
An input tax is the amount paid by any personal on every purchases made or inward supplies. The major feature of VAT in UAE is recovery of tax paid on inputs where a person can reduce the amount of input tax likely for recovery from tax payable amount & pay the balance amount as tax.It's a kind of guarantee that tax is only paid to value added...
As the countdown for "World’s Greatest Show" begun, Dubai government has initiated several measures for providing the best of facilities to people visiting here from across the globe. In continuation, FTA (Federal Tax Authority) has rolled out notifications about conditions and procedures for grant of VAT refund to business officials in UAE for fac...
The term "Zero-rated supplies" in UAE refers to any taxable supply on which VAT is zero charged. Moreover taxation charged here is based on the nature of supply, despite the goods or services stocked or specified goods or services enlisted under zero rated list.In general, total export of goods and services in UAE is considered as zero rated suppli...
The TRN (Tax Registration Number) is a special number for individuals who are registered for value-added tax (VAT) in the UAE by the Federal Tax Authority. The implementation of VAT was an addition in the UAE taxation law implemented on 1st January 2018. Like explained in our previous posts the law required companies to be registered for charging V...
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