Blogs
VAT Return Filing – Quick Steps to Turn the Process into Success
October 17th, 2022Value Added Tax is a recent initiative step taken by the GCC countries. As a new implementation on the businesses conducted in the UAE, the idea behind launching this was to bring out a new source of revenue to the government. Before elaborating the process of VAT return filing, let’s further explain the basics of VAT.What is a Value Added Tax?The...
Steps to Avoid VAT Penalties in UAE & Comply with New Regulations
October 5th, 2022VAT (Value Added Tax) has been implemented in the UAE in the year 2018. Right after its implementation, it has become crucial for the UAE businesses to prepare themselves towards this new taxation system and be “VAT Ready” to avoid penalties related to VAT.Before knowing the ways to avoid VAT penalties, it is must to know what exactly this term mea...
Costly Errors to Avoid for the Businesses When Filing Their VAT Returns
September 19th, 2022Filing 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...
How To Differentiate Between Excise Tax and VAT in UAE?
September 8th, 2022The 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...
How to Choose a Tax Consultant in Dubai?
August 20th, 2022The 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...
Difference between Commercial Invoice and Tax Invoice
August 8th, 2022The 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...
Important Facts About Tourist VAT Refund In UAE?
July 22nd, 2022Imposing 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...
What are Zero-Rated Supplies in UAE VAT?
July 9th, 2022The 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...
Know How of Input Tax Recovery Process in UAE
June 18th, 2022An 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...
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