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)[…]
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 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 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 Return Filing Services in Dubai SAB is providing VAT return filing services in Dubai on quarterly and monthly basis, based on the dates mentioned on the company’s VAT certificate. VAT return filing in Dubai is mandatory for all the businesses in UAE. All the businesses in UAE should file VAT returns with the Federal Read more about Procedure of VAT Return Filing in Dubai[…]
