The second Business Bulletin for the region’s taxpayers has been released by the FTA this week. Each publication of these Bulletins is expected to explain the tax treatment in a specific sector, with practical scenarios and examples. As the Bulletins are issued as an infographic and written in a summarized format, thus reaching a larger […]
The Federal Tax Authority (FTA) has released the latest version of the Guide on Refund for UAE Nationals Building New Residences. How does the New Residences Refund Request work? The UAE VAT Law allows UAE Nationals to request a special refund from the FTA for the VAT incurred on certain expenses related to the construction […]
In the light of COVID 19 circumstances, businesses have embraced the opportunity of supplying through online websites and applications. With this sudden increase, it is pivotal for the businesses to understand the impact of UAE VAT on their business activities. In addressing the general questions one would have, the FTA released a detailed guide explaining […]
Adding Value with Effective Financial Reporting Introduction For any business to be successful the management team needs access to accurate insights into the business. The management and the business owner will need to spot problems when they first emerge, recognise threats, see what is working and look for emerging opportunities. When a business owner understands […]
Following Cabinet Decision No. 46 of 2020 to replace the words “or” by “and” in Article 31(2) of Executive Regulations to the VAT Law (“Regulations”), the UAE Federal Tax Authority (“FTA”) published a VAT Public Clarification on the zero-rating of export of services (“Public Clarification”). According to the Regulations, the export of services would be […]
The deadline for UAE Licensees to file the ESR Notification is now passed. Missing the deadline will trigger fines unless Authorities make use of their discretion to apply a grace period. So far, no grace period for any of the Authorities has been published. ESR took effect on 30 April 2019. There are a number […]
The UK’s big four accounting firms; PwC, Deloitte, KPMG and EY have until 2024 to separate their audit practices from their other provided business services. This move by the accounting regulator will be the biggest shakeup in the history of the accounting industry for decades. The Financial Reporting Council (FRC) has issued a 22-point plan […]
Introduction His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai announced the new ministerial structure, appointment of new ministers and merging of departments. The aim for such a change was to ensure the government is quicker in its decision-making, seizing opportunities and up to date with changes. The […]
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