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 […]
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. […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]