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Procedure for VAT Returns Filing in UAE

Procedure For VAT Returns Filing in UAE

VAT Returns Filing in UAE All the businesses in UAE should file VAT returns with the Federal Tax Authority (FTA) on a quarterly basis. VAT Returns must be filed according to the specified dates and duration mentioned on the VAT Application or VAT Certificate, within 28 days from the end of the tax period. All Read more about Procedure For VAT Returns Filing in UAE[…]

VAT in UAE

New VAT Registration Deadline is April 30, 2018

The Federal Tax Authority (FTA) exempted businesses and individuals from administrative penalty for non registration of VAT, and now Federal Tax Authority (FTA) has extended the deadline by April 30, 2018. All the businesses in UAE who did not register till December 2017 has given a relief as FTA issued new VAT Registration deadline which Read more about New VAT Registration Deadline is April 30, 2018[…]

VAT Return Filing

How to file VAT Return in UAE

VAT Return¬† UAE Federal Tax Authority (FTA) has relieved the time duration of the first VAT Return filing in UAE. FTA has given a relaxation to the business with regards to the first VAT Return filing as the first VAT Return period is from January 1, 2018 to May 31, 2018 and then quarterly afterwards. Read more about How to file VAT Return in UAE[…]

VAT Registration Extended – FTA urge businesses to complete VAT Registration to avoid fines

The Federal Tax Authority (FTA) has urged all businesses sectors to complete their registration for Value Added Tax (VAT) purposes as soon as possible in order to avoid fines and penalties. The FTA confirmed that the registration process is continuing, and that other businesses who did not register to date should register immediately to avoid Read more about VAT Registration Extended – FTA urge businesses to complete VAT Registration to avoid fines[…]

VAT Record Keeping – VAT Accounting – VAT in UAE

VAT Accounting Since the VAT came into effect from this year, it is mandatory for every taxable person to maintain books of accounts under the VAT law. In addition to that the Federal Tax Authority (FTA) can ask for additional documents such as, Annual accounts details, General ledgers, Purchase day books, Invoices issued, Invoices received, Read more about VAT Record Keeping – VAT Accounting – VAT in UAE[…]

VAT’s Up – Any Questions?

Value Added Tax (VAT) came into effect from January 01, 2018 and VAT is very new for the people of UAE.¬† The sharp drop in the oil prices left no option for the GCC countries other than to look at the taxation model. After VAT implementation, there are a lot of questions popping up in Read more about VAT’s Up – Any Questions?[…]

TRN

No TRN, No VAT

Federal Tax Authority (FTA) wants the following elements to be essentially mentioned on the bill/invoice/receipt, that is the amount paid as Value Added Tax (VAT) and also the Tax Registration Number (TRN) of the company. A tax invoice must include the name and address of the company. An invoice must have a tax invoice number Read more about No TRN, No VAT[…]

VAT Fines & Penalties

Directory of Federal Tax Authority’s Service Fees # Description of Service Fee (Dirhams) 1 Issuing of an attested paper tax registration certificate. (500) for each certificate 2 Listing of a Tax Agent in the Tax Agent Register. (3,000) for three years 3 Renew Listing of a Tax Agent in the Tax Agent Register. (3,000) for Read more about VAT Fines & Penalties[…]

VAT in UAE

VAT in UAE

“Most food staples have a price elasticity of demand ranging from 0.20 to 0.80 in demand. This means that staple food items are generally price inelastic. So when you regularly purchase an item for Dh20 and now see it priced at Dh21, it is unlikely that consumers will think twice about buying it especially considering Read more about VAT in UAE[…]