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 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 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[…]
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[…]
VAT Refund for Tourists Federal Tax Authority (FTA) has announced that VAT refund scheme will be implemented in UAE for the tourists from the fourth quarter of 2018. Federal Tax Authority has appointed ‘Planet’ as its exclusive tax refund operator for the Tourist Refund Scheme which will be rolled out in November 2018. VAT Refund Read more about VAT Refund for Tourists in UAE[…]
VAT Fines & Penalties in UAE Federal Tax Authority (FTA) has approved the complete and final list of all the administrative VAT Fines and Penalties in UAE that will be imposed on businesses for violations of the VAT laws. Every VAT fine or penalty will be no less than AED 500. The complete and approved list of Read more about VAT Fines and Penalties in UAE[…]
VAT Returns Filing in Dubai VAT return filing in Dubai is mandatory for all the business in UAE. All the businesses in UAE should file VAT returns with the Federal Tax Authority (FTA) on a quarterly basis or monthly basis. VAT Returns must be filed according to the specified dates and duration mentioned on the VAT Application Read more about Procedure For VAT Returns Filing in UAE[…]
If the annual turnover of a business is more than AED 375,000 then they must apply for VAT Registration in UAE. 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 Read more about New VAT Registration Deadline is April 30, 2018[…]
VAT Return Filing Dubai Federal Tax Authority (FTA) has relieved the time duration of the first VAT return filing Dubai. 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[…]
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 in Dubai Extended[…]