VAT Return Filing

How to file VAT Return in UAE

VAT Return in 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 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 in UAE

VAT in UAE

VAT in UAE 2018 “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 AED 20 and now see it priced at AED 21, it is unlikely that consumers will think Read more about VAT in UAE[…]

VAT

VAT Rates in UAE

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 compliance issues will arise. Lets visit how some of the major sectors are impacted :- A simple formula for standard rate is – if its not Zero or Exempt, its Read more about VAT Rates in UAE[…]

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

VAT Registration in the UAE awaits let us get clarity on how VAT Invoices should be maintained for every businesses in the UAE as per the latest information by the Federal Tax Authority (FTA). According to the  FTA, there will be two kinds of invoices for VAT in UAE, Supply for less than the specified amount will be considered to maintain Read more about How to prepare VAT invoice in UAE – UAE VAT invoice format[…]

VAT in UAE

How to register for VAT in UAE?

Steps for VAT Registration in the UAE VAT Registration should be done through FTA Online Portal. 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 other basic details and set new passwordb. Verify the email 2. Once login, Read more about How to register for VAT in UAE?[…]

VAT Registration in UAE

Online VAT Registration in UAE

Online VAT Registration in UAE is now open! As we are well aware that in the UAE, VAT will be implemented from 1st January 2018. As per the latest information available from the Federal Tax Authority, VAT registration is now open. We remind you to be prepared for VAT registration in time to avoid any legal penalty. If Read more about Online VAT Registration in UAE[…]