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[…]

VAT Return Filing

How to file VAT Return in UAE

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[…]

VAT Registration in Dubai Extended

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[…]

VAT in Dubai | VAT Return UAE

VAT Bookkeeping – VAT Accounting Services in Dubai

VAT Accounting in Dubai Since the VAT in UAE 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, Read more about VAT Bookkeeping – VAT Accounting Services in Dubai[…]

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. At the end of each tax period, VAT registered businesses must submit a VAT return 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. The invoice will be known as ‘TAX INVOICE’ as per the VAT law in UAE. A tax invoice must include the name and address Read more about No TRN, No VAT[…]

VAT in UAE

VAT in UAE

VAT in Dubai From 2018, businesses must start collecting VAT in Dubai UAE. Value Added Tax in UAE or VAT is a form of tax on the consumption or use of goods and services levied at each point of sale. VAT is a form of indirect tax and is used in more than 180 countries around the Read more about VAT in UAE[…]

VAT

VAT Rates in UAE

There are three types of VAT Rates in UAE. The standard VAT rate in UAE is 5 percent. The other two VAT Rates in UAE are 0 percent and exempted VAT.  There are currently three major VAT rate brackets. Depending on the supply carried out by the businesses, these will be VAT-able differently. Accordingly, filing and Read more about VAT Rates in UAE[…]

How to prepare VAT invoice in UAE – UAE VAT invoice format

FTA has defined a VAT invoice format in UAE. How to prepare VAT invoice in UAE is a very important question and task for all the business.  A VAT invoice must have Tax Registration Number (TRN). All the businesses must follow the format of VAT invoice issued by FTA otherwise they will get the VAT fines and penalties. According Read more about How to prepare VAT invoice in UAE – UAE VAT invoice format[…]

VAT in UAE

How to apply for online VAT Registration in UAE?

Steps for UAE VAT Registration There is a criteria for online UAE VAT Registration. All the taxable businesses must complete VAT Registration and get the TRN to collect VAT in UAE.  Once the registration is open, the steps to be taken to complete the VAT registration are outlined below: 1. Create a new account to login a. Provide name and Read more about How to apply for online VAT Registration in UAE?[…]