Learn about taxable supplies: ‘Supply of goods or services for a consideration by a person conducting business in the UAE, and does not include an exempt supply,’ is defined as taxable supply by the VAT legislation. Taxable supplies will either fall under standard rated or zero rated. If it is an exempt supply then the […]
When can you claim for a VAT refund? VAT refund can be made when the input tax is greater than the output tax on a VAT return. VAT refund request can be given after the submission of VAT return (VAT return summarizes the VAT due to the FTA for the tax period). The FTA will […]
In order to ensure proper tax compliance, VAT in UAE follows certain penalty rules on various conditions. VAT penalty laws are released by the UAE Council of Ministers to deal with tax violations. According to FTA, the penalty must be no less than AED 500 and no more than triple the value of the tax […]
If two or more business groups or persons share the same kind of businesses, then they can form a single tax group and it will be treated as single taxable person by the FTA. Norms for forming Tax Groups Every member in the group must be a legal person. There must be a fixed […]
When importing to UAE, the Reverse Charge Mechanism is applicable if the goods or services are imported from outside the GCC countries. Normally, if a registered supplier makes a taxable supply then he needs to charge VAT and pay the same to the government. But, in case of reverse charge mechanism the responsibility of paying […]
Do your businesses grant VAT exemptions ? If your businesses are exempting any individual or organization, be cautious! – warns FTA. The authority reminded that all registered businesses have to collect value added tax (VAT) on all taxable transactions from customers. So, be careful while allowing VAT exemptions. You have to be careful that not […]
Wrong VAT filing would put you in trouble Even if you have filed your tax return, there is a high chance that there will be glitches in the filing, according to tax experts in the Kingdom. Wrong VAT filing troubles are soon going to haunt UAE businesses. One in every two companies don’t have adequate […]
VAT filing deadline on April 29th, 90,000 businesses to submit return 90,000 businesses registered for VAT are required to submit their tax return and pay taxes within April 29th, 2018, according to media reports quoting the Federal Tax authority (FTA). The first quarterly tax period for 85,000 businesses was by the end of […]
A step-by-step guide for filing VAT By following the below steps one can easily file VAT return: Login to the federal tax authority’s online portal using the registered username and password Go to VAT tab and then ‘VAT201-VAT returns tab’ To complete the form the following details are required: Details of the taxable person […]
VAT defaulters to be in trouble: The government has asked all businesses to file their VAT returns by April 29th. According to the Federal Decree-Law No. (8) for 2017, it’s compulsory to file VAT return before the 28th of every month. Khalid Ali Al Bustani, the Director General of FTA, encouraged all businesses to file their […]