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Ultimate Beneficial Owner(UBO) Declaration

Ultimate Beneficial Owner(UBO) Declaration

Ultimate Beneficial Ownership UAE recently replaced Cabinet Decision No. 34 of 2020 with Cabinet Resolution No. 58 of 2020 on the Regulation of the Procedures Related to Real Beneficiaries (“Decision”). Electronic money institutions are subject to the law on the prevention of money laundering and the financing of terrorism under which they must satisfy client Read more about Ultimate Beneficial Owner(UBO) Declaration[…]

VAT Registration Services in Dubai, UAE | Tax Registration Number (TRN

VAT Registration Services in Dubai, UAE

VAT Registration Services SAB Auditing is offering VAT registration services in Dubai, UAE to get the Tax Registration Number (TRN) for your company in UAE. It is compulsory for all the companies and individuals having annual turnover of DH 375,000 or more to register for VAT in the United Arab Emirates. The UAE government implemented Read more about VAT Registration Services in Dubai, UAE[…]

Economic Substance Regulations in UAE

Economic Substance Regulations (ESR)

Economic Substance Regulations (ESR) Economic Substance Regulations (ESR) in UAE has been recently introduced, and as a result, all UAE businesses that may be subject to these regulations should be prepared to take action and ensure compliance. This legislation (collectively, referred to as the “Economic Substance Regulations“) were issued in response to the UAE’s inclusion Read more about Economic Substance Regulations (ESR)[…]

VAT Refund for Tourists in UAE

Tourists can claim VAT Refunds in Shopping Malls and Hotels in UAE

Tourists can claim VAT Refunds in shopping malls and hotels in UAE. Visitors can reclaim their taxes on shopping from the Self-Service Kiosks which will be set up at major shopping malls and hotels across the UAE. “The Value Added Tax (VAT) Recovery Self-Service Kiosks for Tourists scheme has been expanded to be available at Read more about Tourists can claim VAT Refunds in Shopping Malls and Hotels in UAE[…]

Reverse Charge Mechanism under VAT

Reverse Charge Mechanism under VAT

Reverse Charge Mechanism under VAT What is Reverse Charge Mechanism (RCM)?  Reverse Charge Mechanism (RCM) under VAT eliminates the responsibility for the businesses outside the UAE to register for VAT in UAE. The reverse charge mechanism under VAT is mainly used for transactions from cross the border. In a typical business, the supplier supplies goods to Read more about Reverse Charge Mechanism under VAT[…]

VAT on Discounted price in UAE

How to treat VAT on Discounted price in UAE?

VAT on Discounted price in UAE  Since the implementation of VAT in UAE, businesses are confused about the treatment of VAT on Discounted price in UAE. Strategy of discount is not new for the businesses but how to calculate VAT on discounted invoice in new for them.  Discount is actually a reduction in the original price. Read more about How to treat VAT on Discounted price in UAE?[…]

VAT Deregistration in UAE

VAT Deregistration in UAE VAT Deregistration in UAE is an online process. Businesses and individuals who are registered under Federal Tax Authority (FTA) can de-register from VAT in two situations: If their turnover did not exceed AED 187,500 in the 12 months after registering with the FTA, they must apply for the VAT Deregistration. If Read more about VAT Deregistration in UAE[…]

VAT Voluntary Disclosure UAE

VAT Voluntary Disclosure  A voluntary disclosure is a form provided by Federal Tax Authority (FTA) to allow businesses and taxpayers to notify FTA about the errors/mistakes and omission/changes in a Tax return or Tax Refund. A VAT Voluntary disclosure form 211 in UAE helps a taxable person to make correction in the errors they have Read more about VAT Voluntary Disclosure UAE[…]

VAT for Construction Companies

Tax Errors and Fines for Construction Sector VAT for construction companies is a complicated subject. Construction sector will be included in the VAT regulations and will attract the Standard rate of 5% VAT. Companies in the construction sector needs to plan in advance due to the long term of their projects. There are complications in Read more about VAT for Construction Companies[…]

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