Tax Errors & Fines for Construction Sector

VAT for Construction Companies 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. All the businesses in the construction industry of UAE are now demanding for the invoices Read more about Tax Errors & Fines for Construction Sector[…]

audit services in dubai

Approved Audit Firms in Dubai

Audit Firms in Dubai Businesses in UAE can get a lot of benefits from an audit report prepared from the best audit firms in Dubai with regulated auditors who are able of handling this matter for your business/company. It is also mandatory by government of UAE for a company or a business to hire a licensed and approved Read more about Approved Audit Firms in Dubai[…]

Registered FTA Tax Agent

Why should you choose to have a Tax Agent?

VAT in UAE is unquestionably recent to everyone and it has been implemented in UAE since the beginning of year 2018. The concept about certified tax agent UAE has been introduced to the businesses and organizations before the tax system was implemented. Federal Tax Authority (FTA) has explained the possible issues and difficulties that might arise and Read more about Why should you choose to have a Tax Agent?[…]

VAT Fines and 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 the administrative VAT fines and penalties Read more about VAT Fines and Penalties in UAE[…]

Procedure for VAT Returns Filing in UAE

Procedure For VAT Returns Filing in UAE

VAT Returns Filing in UAE All the businesses in UAE should file VAT returns with the Federal Tax Authority (FTA) on a quarterly basis. VAT Returns must be filed according to the specified dates and duration mentioned on the VAT Application or VAT Certificate, within 28 days from the end of the tax period. All Read more about Procedure For VAT Returns Filing 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 in Dubai | VAT Return UAE

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[…]