The UAE Federal Tax Authority recently published the Cabinet Decision No. (25) of 2018 on the ‘Mechanism of Applying Value Added Tax on Gold and Diamonds between Registrants in the State’. Per the said decisions, where a business supplies gold or diamonds to a VAT-registered recipient, and the recipient is purchasing the goods in order […]
The UAE’s Federal Tax Authority (“FTA”) has issued an important clarification through the Decision No. (3) of 2018 on Tax Invoices. As per the current VAT law, the VAT registered businesses issuing Tax Invoices/Tax Credit Notes are required to state the name and address of the recipient of the supply. Where such issuance of invoice/credit […]
The UAE Federal Tax Authority recently published a guide on ‘Director’s Services’. The guide throws light on the VAT treatment of director services including the reasons why Directors’ services are subject to VAT, place of supply rules, value of the taxable supply, conditions for recovery of input VAT, VAT implications for special scenarios (director providing […]
Bahrain and UAE have become the 115th and 116th jurisdiction respectively to join the Inclusive Framework on BEPS. By becoming a part of this Framework, the jurisdiction pledges to adopt four minimum standards under the BEPS Action Plan. These minimum standards include countering harmful tax practices, preventing tax treaty abuse, implementing a country-by-country reporting scheme […]
Under Article 69 of the UAE VAT Law, where the currency used on the VAT invoice is a currency other than Arab Emirates Dirham (AED), the amounts are required to be converted into AED at the exchange rates approved by the Central Bank of UAE. Central Bank of UAE issued such exchange rates against AED […]
Every business, whose taxable supplies made in the last 12 months or expected to be made in the next 30 days, is required to register for VAT under UAE VAT law. There are penal implications if such business is not registered by April 30, the extended registration timeline. The present publication will throw a light on certain misconceptions […]
In a step to facilitate payment of your VAT and Excise Tax, the Federal Tax Authority has introduced the new GIBAN payment method to send payments through bank transfer. This payment option is in addition to the e-Dirham facility or credit cards payment option (subject to 2-3% fees). Through GIBAN payment system, VAT registered businesses […]
VAT: Extended registration deadline Good news for businesses in the UAE! Federal Tax Authority (FTA) has decided to exempt administrative penalties for businesses that have missed registration deadline until April 30. This gives a major relief to the businesses/companies that missed the registration deadline of December. The FTA said in the recent press release that this […]
VAT returns must be filed through the online portal of the Federal Tax Authority (FTA). In the VAT return, the taxable person/company needs to provide the details for sales, purchases & expenses, due tax and recoverable tax to assess the tax liability or refund due. Within 28 days from the end of each tax period […]
In order to ensure better compliance with Federal Law No.4 of 2002 Regarding Anti-Money Laundering and Combatting Financing of Terrorism, and its related amendments and executive orders, Dubai Creative Clusters Authority will be requiring from both FZLLCs and branch offices to prepare and submit audited financial accounts for the 2018 financial year, and for subsequent […]
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