January 28, 2022 “Zero Rating of Export Services”- Explanation Tax,VAT The Explanation The Clarification provides some relaxation to foreign companies as No VAT to them by UAE suppliers just because they have a branch in UAE which are not related with the supplies HO by UAE suppliers. It is also clarified that in determining the […]
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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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January 28, 2022 VAT Refund for New Residences VAT WHO IS ELIGIBLE ? The Claim can be made only by a natural person who is a UAE national. WHAT IS REFUNDABLE ? Expense must relate to a new building which is used as a residence of the applicant and his or her family. DOCUMENTS REQUIRED
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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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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