The Value Added Tax (“VAT”) guide on Input Tax Apportionment
The Value Added Tax (“VAT”) guide on Input Tax Apportionment issued on 24th March 2023 The UAE Federal Tax Authorities (FTA) have published a new Value Added Tax (VAT) guide on Input Tax Apportionment in March 2023, in line with the UAE Federal Decree-Law No. 8 of 2017 on VAT and its amendments, as well […]
Going Through a Tax Audit by the FTA in the UAE
Going Through a Tax Audit by the FTA in the UAE A tax audit by the FTA in the UAE is an in-depth review of a business’ financial information, accounting records and VAT return filings maintained by the taxpayer, ensuring that the taxpayer has correctly assessed and reported their tax liability, complying with relevant laws […]
Q1 2023 – GCC Tax News & Updates
Q1 2023 – GCC Tax News & Updates To ensure your business’s success, we recognize the importance of tax compliance and savings. That’s why we want to keep you informed about the most recent tax updates in the GCC region through our 2023 Quarterly Tax Newsletter. This newsletter offers a comprehensive overview of the latest […]
VAT Late Payment Penalties in UAE
VAT Late Payment Penalties in UAE The UAE Value Added Tax contributes significantly to the local economy by broadening the country’s revenue sources. In essence, VAT reporting is a critical requirement for enterprises. Noncompliance with VAT filing results in heavy fines from the Federal Tax Authority. As a result, it is critical for businesses to […]
VAT Refunds in UAE
VAT Refunds in UAE When the input VAT on your tax return exceeds the output VAT, you will be able to request a refund as a taxpayer. Input VAT is a tax on goods and services purchased by a business or taxable person in the UAE. The output VAT, on the other hand, is a […]
Tax Credit Note under VAT in UAE
Tax Credit Note under VAT in UAE A Tax Credit Note under VAT is an instrument in the United Arab Emirates that acknowledges the payment of value-added tax on goods or services. It records the sale and can be used to calculate future VAT liabilities. According to UAE VAT Law, a tax registrant must issue […]
Understanding VAT for Freelancers in the UAE: A Practical Guide
Understanding VAT for Freelancers in the UAE: A Practical Guide Businesses in the UAE have adjusted well to the VAT system over the past five years, given their size and experience. However, freelancers and self-employed individuals may face some difficulties as they may not fully understand the requirements. This article examines the impact of UAE […]
Performing the Function of Director on a Board of Directors by a Natural Person
Performing the Function of Director on a Board of Directors by a Natural Person Article 3 of Cabinet Decision No. 52 of 2017 on the Executive Regulation of Federal Decree-Law No. 8 of 2017 on Value Added Tax (“Executive Regulation”) has been modified by the Federal Tax Authority (FTA) by Cabinet Decision No. 99 of […]
New VAT recordkeeping requirements for E-commerce transactions
New VAT recordkeeping requirements for E-commerce transactions The UAE Ministry of State for Financial Affairs has issued Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for Purposes of Keeping Records of Supplies Made, in response to the need for better control and oversight of e-commerce transactions and tax revenues. […]
Amendment to the UAE VAT Executive Regulations
Amendment to the UAE VAT Executive Regulations Criteria and conditions for Electronic Commerce for the purpose of the amendment to Emirates’ reporting of VAT Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for the Purposes of Keeping Records of the Supplies Made was released by the Minister of State […]
