VAT Implementation – 3 Phase Process

January 28, 2022 VAT Implementation – 3 Phase Process VAT Phase 1: Impact Assessment Perform detailed analysis of end-to-end business transaction flows Perform walkthrough of the sales/accounts receivable cycle and purchases/accounts payable cycle and identify VAT risk areas. Mapping transaction for VAT enablement (tax mapping) Provide report on VAT compliance needs. Phase 2: VAT Implementation

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Amnesty Scheme- VAT

January 28, 2022 Amnesty Scheme- VAT VAT The UAE launches an important amnesty scheme in which Taxpayers who currently have pending administrative penalties as on 28th June 2021 can reduce such penalties to 30%. As per Cabinet Decision No. 49 of 2021 –If all below conditions are satisfied, the FTA would redetermine the penalties at

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VAT Recoverables

January 28, 2022 VAT Recoverables VAT Normally VAT is not recoverable in respect of entertainment or hospitality of any kind. BUT the FTA considers that certain normal incidental office expenses for general use that should not be treated as incurred for entertainment purpose. Examples of such sundry office expenses on which the FTA accepts a

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