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Books of accounts maintenance and retaining of supporting / relevant records are highly essential for proper control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions encoded by the company. It is mandatory to maintain the books of accounts under UAE company law and UAE VAT law.  Accounting Records (Article…

As per Article(21) of Federal Decree – Law No. 8 of 2017, taxable person must apply for de registration before 20th of Jan 2019 if his reported taxable supply ( last 12 months ) not meet the conditions stipulated in Clause 2 of article 17of Federal Decree Law or  AED. 10,000 will be imposed according…

Our valued customers, Please be informed that our office will be closed for four days from 30 November 2018, Friday to 03 December 2018, Monday on account of Martyrs / Commemoration day and UAE National day. Office shall be resume as usual on Tuesday, 04th December, 2018. All the queries will be responded immediately as…

VATP005 – VAT Public Clarification Issue   Article 53 of Cabinet Decision No. (52) of 2017 on the Executive Regulation of the Federal Decree-Law No. (8) of 2017 on Value Added Tax (“VAT Executive Regulations”) stipulates input tax which is non recoverable by businesses (which, in most cases, will mean Taxable Persons). There are a…

VATP004 – VAT Public Clarification – Use of Exchange Rates for VAT purposes Issue Article 69 of Federal Decree-Law No. (8) of 2017 (“VAT Decree-Law”) requires that where a supply was made in a currency other than UAE Dirham that the amount stated on the issued tax invoice should be converted into the UAE Dirham according…

VATP003 – VAT Public Clarification – Labour accommodation: residential versus serviced property  Issue Labour camps and labour accommodation are generally areas where labourers are housed by their employers.  They can take many different forms and some may provide residents with additional services on top of the living accommodation.  It is therefore necessary to consider on…

  Issue It is important that businesses properly identify those goods which qualify to be sold under the profit margin scheme, in the context of transitional periods where ‘second hand’ goods may not have been subject to VAT prior to implementation of VAT in the UAE.  Summary Only those goods which have previously been subject…

VAT Public Clarification  – VAT P001  Issue  VAT is a tax on supplies of goods and services. Therefore, no VAT is due if no supply takes place. As part of business arrangements, businesses will often make payments to compensate each other for any loss, omissions or other wrongdoings. A question arises whether VAT is due on…

Dubai: The UAE has issued a decision on its tax refunds for tourists scheme, setting out the implementation dates for phases one and two, the procedures for the verification of tourists’ eligibility, the fees charged for refunds and their application, the maximum cash recovery, and the goods excluded from the refund. The maximum cash amount…

Public Transportation – VAT Clarification P007  Issue  Article 34 of Cabinet Decision No. 52 of 2017 on the Executive Regulations of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Executive Regulations”) states the means of transport which qualify for zero-rating under Clause 4 of Article 45 of the Federal Decree-Law No.…

PDF format is attached. click here VATP006-Tax-Invoices Issue Article 59 of Cabinet Decision No. (52) of 2017 on the Executive Regulations of the Federal Decree Law No.(8) of 2017 on Value Added Tax (“Executive Regulations”) prescribes the requirements of a tax invoice and the circumstances in which one must be issued. There are a number of…

Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. VAT is a form of indirect tax and is used in more than 180 countries around the world. The end-consumer ultimately bears the cost. Businesses collect and account for the tax on…