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 […]
