Be aware of record keeping in VAT and avoid troubles

Be aware of record keeping in VAT and avoid troubles Even though UAE businesses have maintained records and accounts in the past for internal references, after the introduction of VAT record keeping is made mandatory. The law says that, every VAT registrant must maintain accounts and records for a specific period of time so as […]

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Get an idea about taxable supplies in UAE

Get an idea about taxable supplies in UAE The VAT legislation in UAE has defined taxable supplies as “supply of goods or services for a consideration by a person conducting business in the UAE, and does not include an exempt supply”. Thus taxable supplies will be either subjected to the standard rate or zero rate […]

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Want a VAT refund? Read this:

Want a VAT refund? Read this: Who can claim VAT refund As per the federal tax authority it is required that every taxable person must file a VAT return which summarizes the VAT due for the tax period. In cases where the input tax is greater than the output tax on a VAT return, then […]

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What are the penalties related to VAT?

What are the penalties related to VAT? Are you worried about the penalties related to VAT for errors such as late filing of returns and  incorrect collection of taxes from your customers? Such worries are quite natural and the authorities are making all efforts to ease your difficulties in adjusting to the new system. If […]

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Have a single VAT registration by forming a “TAX GROUP”

 Have a single VAT registration by forming a “TAX GROUP” The government of UAE has given provision for businesses to register under a single tax group if each members are related to the other to a sufficient extent. This tax group will be treated as a single taxable person by the FTA. In order to […]

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Are you aware of Reverse Charge Mechanism in UAE VAT?

Are you aware of Reverse Charge Mechanism in UAE VAT? If you import goods or services from outside the GCC countries Reverse Charge Mechanism is applicable in UAE. As a a registered supplier making a taxable supply, you need to charge VAT and pay the same to the government. But, in the case of Reverse […]

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Are you giving VAT exemptions? Be careful, it may pinch your pocket

Are you giving VAT exemptions? Be careful, it may pinch your pocket All registered businesses were reminded to collect VAT on their taxable transactions by FTA. The regulator, said this, while issuing a warning against concessions allowed to individuals or organizations that do not fall under any of the exempted categories specified in the UAE […]

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VAT filing: accuracy a big concern

VAT Filing: Accuracy a Big Concern Around 50% of the UAE SMEs faced challenges in VAT filing. As the deadline just passed for April filing, it emerges that most of them were not sure about the return filing procedures and importance of accuracy while filing the return. This happened as most of them were filing […]

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