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New Digital Tax System in the UAE

By Own Business Management
|
September 19, 2018

  The Federal Tax Authority of UAE is preparing to launch a digital tax system for tobacco products from 2019. The aim is to prevent tax evasion and counterfeiting. Digital tax stamp will ensure efficiency and transparency in the collection of tax on tobacco and tobacco products.   The Advantage of Digital Tax Stamp The digital […]

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Posted in digital tax stamp, digital tax system Leave a comment

VAT Return: June Deadline is here, file now

By Own Business Management
|
June 21, 2018

    The deadline for submitting VAT Returns is approaching soon. The FTA has reminded all its VAT registrants about the  28th June deadline for the period ending on 31st May, 2018.   The report says that, FTA has started receiving tax returns from registered businesses through the e-Services portal of the authority’s official website. […]

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Posted in VAT in UAE, VAT Return Filing Tagged Return Filing, UAE VAT Leave a comment

Are you confused about VAT filing? Don’t worry you can use the services of tax agencies and stay relaxed

By Own Business Management
|
June 19, 2018

    The e-Services portal of FTA is including new features that will allow the Taxable persons to link accounts with an accredited Tax Agency. Thus the registration procedures, tax return submission and all other tax transactions will be carried out by the Tax Agencies on behalf of the Taxable Person. In order to ensure […]

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Posted in Tax Agency, VAT filing, VAT in UAE Tagged TAX AGENCY, UAE VAT, VAT filing Leave a comment

Will You Get a VAT Recovery?

By Own Business Management
|
June 14, 2018

  Upon purchasing goods or services there will be a certain amount of VAT incurred on the purchase known as the Input Tax. This input tax can be recovered back on certain items if you are a registered taxable person.   The recovery of input tax will be allowed if the goods and services purchased […]

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Posted in VAT in UAE, VAT recovery Tagged VAT in UAE, VAT recovery Leave a comment

Are you an Importer to UAE? Then You should know this

By Own Business Management
|
June 7, 2018

    If you are a VAT registered importer to UAE, then you are liable to pay tax while: Importing taxable goods into the UAE (through reverse charge mechanism) Importing goods into the UAE and exporting it to another country   There won’t be any tax applicable if: Import of goods is made to a […]

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Posted in Import of Goods, VAT in UAE Tagged import of goods, VAT in UAE Leave a comment

What is a Designated Zone in UAE ? How it affects VAT ?

By Own Business Management
|
June 6, 2018

  A Designated zone in UAE is one among the areas which are treated as outside the state of the UAE for VAT purposes, where VAT is not applicable on supply of goods.   There are certain conditions that must be satisfied as a designated zone, the operator must obey the procedures set by the […]

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Posted in Designated Zones, Value Added Tax, VAT in UAE Tagged Designated zones, VAT in UAE Leave a comment

When, why and how to issue a Tax Invoice in UAE

By Own Business Management
|
May 29, 2018

  Whenever a taxable supply of goods and services are made by a VAT registered person, it is required to issue a tax invoice: a record that contains the details of taxable supplies made. Tax invoice is issued by the supplier in order to dictate the date of supply and therefore determine the tax period […]

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Posted in Tax invoices, VAT in UAE Tagged tax invoice, UAE VAT Leave a comment

Make sure your VAT declarations are correct and be ready for a tax audit

By Own Business Management
|
May 25, 2018

  FTA can examine your VAT  records that are to be preserved by you to verify the tax liability. Tax Audit is done in order to ensure that the claims made by you on the amount of tax payable or claims for refunds on your VAT declarations are correct   For large or complex businesses and […]

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Posted in Tax Audit, Value Added Tax Leave a comment

VAT refunds on new residences for UAE nationals

By Own Business Management
|
May 22, 2018

  According to the latest reports, the FTA has set three requirements and procedures to process VAT refunds on new residences.   Conditions for VAT Refunds on new Residences In order to refund VAT, the conditions that must be satisfied are: The applicants must be UAE nationals The capital must be financed towards the construction of […]

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Posted in VAT on real estate sector, VAT refund Tagged new residence, VAT refund Leave a comment

Keep your VAT records safe, or regret later

By Own Business Management
|
May 18, 2018

All taxable persons are required to retain certain business records for a specific period of time. The maintenance of records will enable businesses to pay the correct amount of tax.   The following records are to be kept by a VAT registered person: All records of supplies and imports of goods and services  All tax […]

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Posted in VAT in UAE Tagged Record Keeping, VAT Leave a comment

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Recent Posts

  • New Digital Tax System in the UAE
  • VAT Return: June Deadline is here, file now
  • Are you confused about VAT filing? Don’t worry you can use the services of tax agencies and stay relaxed
  • Will You Get a VAT Recovery?
  • Are you an Importer to UAE? Then You should know this

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