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?[…]

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[…]

VAT in UAE

Documents Required for VAT Registration in Dubai

Documents Required for Registration in VAT VAT in Dubai UAE is going to implement Value Added Tax (VAT) from January 01, 2018. Value Added Tax (VAT) is a form of indirect tax which is applied on the consumption of goods or services at the point of sale. VAT Registration Dubai VAT in UAE is going to Read more about Documents Required for VAT Registration in Dubai[…]