Corporate Tax Registration is mandatory
In the evolving landscape of global business, free zones in the UAE have emerged as attractive hubs for international trade and foreign investment. Known for their regulatory advantages, including tax exemptions and simplified business setup, UAE free zones are often seen as a strategic gateway for companies expanding into new markets. However, recent updates to […]
Key Insights: UAE VAT Executive Regulation amendments
The UAE introduced VAT as part of its initiative to diversify its revenue streams, aiming to reduce reliance on oil. The Federal Decree-Law No. 8 of 2017 established the VAT framework, which has undergone several amendments since its implementation. This guide to the VAT Executive Regulation, offering insights for businesses, tax professionals, and individuals from […]
VAT Penalties – A Story of Errors, Penalty Mitigation, and Strategic Actions
As an expert accountant working for a prominent accounting firm in the UAE, we were approached by Company Y with significant exposure to VAT penalties due to errors made by their previous accountant. When reviewing their VAT filings and financial records, we discovered multiple violations that could potentially lead to heavy penalties, jeopardizing the company’s financial […]
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 […]
Different Types of Taxes Worldwide
When doing business globally it is important to be aware of factors that can affect smooth activity. One of the biggest factors in that regard is taxation on those activities. Taxation is, broadly speaking, a levy or cost imposed by a government on private entities (such as people or businesses) in exchange for permission to conduct business. It […]
Top 15 VAT FAQs
Value Added Tax is an indirect, transaction-based tax that is levied at every stage of the supply chain. The end consumer generally bears the cost of the tax while the registered business calculates and collects the tax, as a tax collector on behalf of the Federal Tax Authority. What is the value-added tax rate? How […]
VAT Guide for E-Commerce in UAE
VAT taxes are one of the biggest challenges that e-Commerce businesses in the UAE face. They collect the tax from their customers and then deposit it with the government. However, this is one of the most complex tax laws. Doing it wrong can cause fines, penalties, and even jail time. Before considering doing business in […]
VAT refund facility at self-service kiosks
VAT refund facility at self-service kiosks The Federal Tax Authority (FTA) has organized field tours to the ‘Self-Service Kiosks’ in Dubai International Airport-part of the Value Added Tax (VAT) Refund Scheme for tourists – to ensure The steadiness with the FTA’s strategy to provide services that meet taxpayers’ aspirations, and its commitment to abiding by […]
How-to-Find-a-TRN-Number-of-a-Company-in-UAE
The world is moving toward innovation, and the majority of entrepreneurs have already established enterprises in the UAE. As a business person doing business in the United Arab Emirates, you must comply with the state’s tax rules and regulations by obtaining a tax registration number. From this article, you’ll learn the meaning of a TRN […]
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 […]
5 COMMON VAT ERRORS AND HOW TO RECTIFY THEM
Value Added Tax in the United Arab Emirates can be complicated. And understanding VAT, while you are busy running your business, can be difficult. Such a situation makes you more prone to making VAT errors and not complying with VAT rules correctly. There are many complexities involved in the operation of VAT, and they can […]
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 […]
Tax Treatment for Educational Sectors in UAE
VAT is chargeable on most goods and services with a constrained number of precisely zero-rated or exempt supplies. In light of the flexibility provided via the GCC VAT framework settlement, the Value Added tax Treatment for Educational Sectors have been distinctive in various countries. The education-associated supplies are traditionally exempt from VAT in foreign VAT […]
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 […]
VAT Fines & Penalties in UAE
Federal Tax Authority (FTA) had approved and disclosed the complete and final list of all the administrative VAT Fines and Penalties in UAE that were imposed on businesses for violations of the VAT laws. Despite VAT being imposed on UAE in the last two years, there are various firms that still fail to work with the FTA […]
All you need to know about VAT De-Registration in the UAE
The withdrawal of VAT registration is called VAT De-registration. However, in the UAE, the VAT deregistration is when a business cancels its VAT registration with the Federal Tax Authority (FTA). There could be assorted reasons why a business would apply for VAT deregistration in UAE. However, such reasons are needed to fall under the conditions defined […]
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. […]
VAT Public Clarification on Mobile Phones
FTA recently Issued VAT Public Clarification on Mobile Phones, Airtime, and Data Packages Made Available to Employees for Business Use: A business is entitled to recover input tax in respect of Phones, Airtime, and Packages acquired if these costs are incurred to make taxable supplies and the following requirements are met: Important Note: Note that […]
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 […]
Managing VAT Compliance with Rising Input Costs and Increased Demand
The Value Added Tax (VAT) system in the UAE was introduced on January 1, 2018, with a standard rate of 5%. This tax applies to the majority of goods and services, making it a significant component of the country’s fiscal policy. The Federal Tax Authority (FTA) oversees VAT implementation, ensuring compliance and efficient tax collection. […]
UAE Taxes: Prepare and Stay Compliant in 2023
Introduction to Taxes in the UAE The United Arab Emirates (UAE) has implemented various taxes in recent years, including Value Added Tax (VAT), excise tax, and corporate tax. These taxes play a crucial role in the country’s economic development and diversification. In this blog post, we will provide an overview of these taxes and give […]
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 […]
Hidden Aspects of the Corporate Tax and VAT Intersection in the UAE
Move over, surface-level understanding – it’s time to delve into the hidden intricacies of how Corporate Tax and VAT intertwine in the UAE. In this intricate landscape, knowledge is your most valuable asset, so fasten your seatbelts for an insightful exploration! Hidden Deduction Gems: Beyond the 5% VAT Veil: Proactive Strategies for Minimizing Risks: Stay […]
Case Study: Business Restructuring of a Trading LLC in Dubai, UAE
Company Overview Industry: Wholesale and Retail TradeLocation: Dubai, UAEEstablished: 2005Revenue (2023): AED 300 millionEmployees: 200Challenges: Declining profitability, high operational costs, regulatory compliance issues, inefficient tax planning, and lack of internal control mechanisms. Pre-Restructuring Analysis Financial Health Assessment An in-depth financial analysis revealed several issues: Operational and Strategic Assessment Compliance and Regulatory Issues Restructuring Strategy The restructuring strategy focused on financial, operational, […]
