Indirect Tax Rates Around The World
Indirect taxes are taxes that are added to the final price for goods or services. They are established and implemented by the municipal, county, state or federal government. These government entities decide on a regular basis whether to raise, lower or eliminate these taxes. Indirect taxes are also sometimes referred to as sin or expenditure taxes. […]
Financial Analysis
Financial analysis is like ECG to your business. It tells you how good your company is (Balance sheet), determines the current company’s operational performances (profit and loss statements), and analyzes the durability of the company (cash flow statement). Primarily its use is to figure out the benefit of an asset for trade or investment. It […]
UAE Corporate Tax & Compliance Guide: 2024 Updates You Need to Know
The UAE has introduced several significant changes to its corporate tax and compliance landscape. These changes are crucial for companies offering accounting, auditing, tax, regulatory compliance, AML, and business and finance advisory services. Below, we outline the most critical updates and their implications for businesses operating in the UAE. Corporate Tax Regime The UAE’s new […]
How will UAE Corporate Tax affect Tax Groups?
The UAE government announced in 2022 the implementation of a Federal Corporate Tax Law which will come into effect starting June 1st, 2023. Today, businesses across the UAE are concerned about their ability to survive in a competitive market with the implementation of Corporate Tax. On the other hand, larger corporations and owners of multiple […]
Will UAE Corporate Tax apply to business in the free zone ?
In December 2022, UAE’s Ministry of Finance announced a new Corporate Tax which will take effect starting June 1st, 2023. While, The UAE hosts many free zone areas which have always been a huge incentive for international corporations to set up their business operations. Entities in the free zone benefit from tax exemptions and many other economic […]
Conditions for Accepting a Small Business Exemption Request from Corporate Tax
The introduction of Corporate Tax in the UAE which will take effect starting June 1st, 2023, has many corporations worried about the profitability of their business. Small businesses are especially concerned not just about their profitability but their ability to survive in a competitive market while liable to Corporate Tax. Therefore, the Ministry of Finance has […]
Excise Tax on Tobacco and Electronic Smoking Devices
Excise tax is a flat-rate levy on the sale of particular products, services, and operations. It is an indirect kind of tax that means it is not paid by the customer directly. Instead, the producer/company that includes it in the product price will be charged excise tax. It is your obligation to collect and pay taxes to the […]
Refund Of Value Added Tax (VAT) Paid On Goods And Services Connected To Expo 2020 Dubai
The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has released Cabinet Decision No. (1) of 2019 on the Refund of Value Added Tax Paid on Goods and Services Connected with Expo 2020 Dubai and a User Guide for its implementation. Synopsis: The refund of the VAT can be claimed for the following […]
VAT Reconsideration in UAE
FTA, as the regulatory body for VAT in UAE Laws; takes charge of the managing and collecting federal taxes and fines. And having the knowledge of tax laws has its own perks for business organizations and individuals. Due to the numerous situations where the taxpayers are not satisfied with the decision given by the Authority, […]
Special Refunds – Business Visitor VAT Refund Guide
Ref No: AMA/A/ANZ/2020/01 UAE VAT refund for foreign businesses Reclaim window now open through AM Audit Federal Tax Agency Number: 30000301 The reclaim window is now open for the non-United Arab Emirates (UAE) established businesses to submit Value Added Tax (VAT) refund requests to the Federal Tax Authority (FTA) for the calendar year 2019. Index: The FTA […]
VAT for E-commerce in UAE
Overview E-commerce VAT guide by the Federal Tax Authority notifies the V.A.T. treatment of supplies of goods and services through electronic means, such as over the internet or a similar electronic network. All goods and services that are purchased online are subject to a 5 percent Value Added Tax if their delivery address is in […]
VAT Voluntary Disclosure In UAE
He approaches one of his friends who tells him about the VAT Voluntary Disclosure Form 211 Are you finding yourself in a similar situation? Continue reading to learn more about how you can rectify the error via VAT Voluntary Disclosure Form 211 Paying VAT to FTA in UAE must be done with utmost detailed accuracy and […]
Everything About VAT In UAE
Thresholds for UAE VAT Registration Process List of documents required for UAE VAT Registration Process Other Required Details for UAE VAT Registration Process (Note: Documents as mentioned earlier and details should be kept ready before you start the registration process on the VAT registration portal.) Steps for UAE VAT Registration Process: The sign-up details will be used […]
Latest Amendment of VAT in the Designated Zones
FTA has issued cabinet decision No. 88 of 2021 to update the provisions related to specific Zones stipulated in Article 51 of the executive regulation of Federal Decree-law No. 8 of 2017 on value-added tax by inserting additional sub-clauses to clause five and adding a new clause 7 with an effective date of 30 October 2021. […]
Penalties for violation of TAX
The FTA asserted that the Cabinet Decision would boost the UAE’s global business competitiveness by establishing a tax legislation environment that encourages self-compliance and offers significant support to the national economy. The Decision outlines 16 types of administrative penalties that have either been reduced or had the method of calculation amended. The amendments include administrative […]
Advanced Tax Filing Strategies in the UAE: A Comprehensive Guide
In the dynamic and ever-evolving business landscape of the United Arab Emirates (UAE), staying abreast of tax regulations and adopting effective tax strategies is crucial for businesses and individuals alike. While general tax filing guidelines are widely available, delving into advanced strategies can yield significant benefits, optimizing tax liabilities and ensuring compliance with the UAE’s […]
Tax Implications of Dubai’s Green Economy Drive: What Businesses Need to Know
Dubai’s recent establishment of the Dubai Environment and Climate Change Authority (DECCA) signifies a significant step towards a greener future. This initiative, aligned with Dubai’s 33-year plan (D33), positions the emirate as a global leader in sustainable development. But what does this mean for businesses operating in Dubai? With a focus on circular and green […]
Case Study: The Tax Planning Dilemma at a Technology Company
Tax Planning Dellima: A technology company, which we will call “Company C” was experiencing rapid growth. The company was expanding into new markets and launching new products and services at a rapid pace. However, the company’s management team was not keeping up with the company’s growth, and they were making a number of mistakes, including […]
