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 […]
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 […]