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Learn about taxable supplies:

By Own Business Management
|
May 16, 2018

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 […]

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Posted in VAT in UAE Tagged taxable supplies Leave a comment

Want to get a VAT refund? Check out these steps

By Own Business Management
|
May 14, 2018

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 […]

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Posted in VAT refund Tagged VAT refund Leave a comment

How much you have to pay as VAT Penalties?

By Own Business Management
|
May 11, 2018

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 […]

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Learn about VAT Tax Groups

By Own Business Management
|
May 8, 2018

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 […]

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Posted in Register for VAT, VAT in UAE Tagged VAT Leave a comment

Are you an importer? Learn about Reverse Charge Mechanism

By Own Business Management
|
May 4, 2018

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 […]

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Posted in VAT consultants in UAE, VAT experts in UAE, VAT filing, VAT in UAE, VAT Procedures Law Tagged Importer, Reverse Charge, UAE VAT, VAT Leave a comment

Do your businesses grant VAT exemptions?

By Own Business Management
|
May 3, 2018

  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 […]

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Posted in Value Added Tax, VAT consultants in UAE, VAT experts in UAE, VAT filing, VAT in UAE, VAT service providers in UAE Tagged file VAT, filing errors, FTA, penalties, UAE VAT, VAT Leave a comment

Wrong VAT filing would put you in trouble

By Own Business Management
|
April 27, 2018

  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 […]

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Posted in Value Added Tax, VAT consultants in UAE, VAT experts in UAE, VAT filing, VAT in UAE, VAT service providers in UAE Tagged file VAT, filing, filing errors Leave a comment

VAT filing deadline on April 29th, 90,000 businesses to submit return

By Own Business Management
|
April 24, 2018

  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 […]

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Posted in Register for VAT, Value Added Tax, VAT consultants in UAE, VAT experts in UAE, VAT filing, VAT in UAE, VAT service providers in UAE Tagged Value Added Tax Deadline, VAT deadline, VAT filing Leave a comment

A step-by-step guide for filing VAT

By Own Business Management
|
April 20, 2018

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 […]

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VAT defaulters to be in trouble

By Own Business Management
|
April 20, 2018

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 […]

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Posted in Value Added Tax, VAT consultants in UAE, VAT experts in UAE, VAT filing, VAT service providers in UAE Leave a comment

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