VAT Deregistration – Circumstances In Which Deregistration is Applicable for Businesses
VAT Deregistration – Circumstances In Which Deregistration is Applicable for Businesses If your business has fallen below the threshold or is undergoing significant changes, applying for VAT Deregistration can simplify your tax obligations. Stay compliant and focus on what matters most to your success. VAT Deregistration refers to the process of canceling a business’s registration […]
Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs.
Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs. The Federal Tax Authority (FTA) in the United Arab Emirates (UAE) has launched the Muwafaq Package, announced on 16th March 2023, the program designed to provide customized services, incentives, and privileges to SMEs, in order to encourage doing business and compliance with […]
Risk Exposure if your company receives an FTA Audit notification in the UAE
Risk Exposure if your company receives an FTA Audit notification in the UAE Risk exposure refers to the potential financial or non-financial impact that a particular risk could have on an individual, organization, or project. It is the measure of how much loss or harm an entity may suffer due to a specific risk event. […]
FTA Tax Audit & Know-how of A Tax Audit Procedure
FTA Tax Audit & Know-how of A Tax Audit Procedure Value added tax (VAT) is not a new phenomenon for companies in the UAE. However, the likelihood of a federal tax authority (FTA) tax audit is high. The provisions of the federal law on taxation have mandated the FTA with the legal right to perform […]
Renewal of the Designated Zone’s Registration
Renewal of the Designated Zone’s Registration Designated Zone Registration is a process whereby a business within a designated free zone (DFZ) applies for and obtains registration to operate within that zone. This process is necessary as it serves as evidence of the business’ legal status and compliance with the regulations of the DFZ. Warehouse keepers […]
What happens when companies do not have Exit Certificates?
What happens when companies do not have Exit Certificates? An Exit Certificate for Goods is an official document issued by UAE ports to confirm that all goods being exported have met all the necessary requirements and standards for departure. It is also known as a Customs Exit Certificate or a Shipment Release Certificate, and it […]
What is the Process of Obtaining an Exit Certificate?
What is the Process of Obtaining an Exit Certificate? The Exit Certificate serves as proof that the shipment has fulfilled all the legal and administrative requirements and has complied with all the rules and regulations of the port authorities. It confirms that the goods have been inspected, cleared for export, and that all relevant taxes, […]
FTA Tax Audit – Rights of An Audited Person
FTA Tax Audit – Rights of An Audited Person A tax audit conducted by the FTA in the UAE involves a thorough examination of a company’s financial data, accounting records, and VAT return filings to verify that the taxpayer has accurately assessed and reported their tax liability, complied with relevant laws and regulations, and fulfilled […]
How to use Emara Tax for claiming Direct VAT Refunds?
How to use Emara Tax for claiming Direct VAT Refunds? When the amount of the input tax exceeds the output tax on VAT Return, taxable persons in the UAE can seek a VAT refund. In the UAE, you can request a VAT refund using the VAT 311 form, which is available on the Federal Tax […]
Why is a Tax Audit done by The FTA?
Why is a Tax Audit done by The FTA? FTA audits are performed in the UAE to ensure that firms are following tax rules and regulations, such as VAT (Value Added Tax) and Excise Tax. These audits might be performed at random or when the FTA detects noncompliance or fraudulent activities. The authority will check […]
