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Announcements

All-Announcements

UAE Tax Audit: Understanding the Process & Preparing Yourself

Federal Decree-Law no.7, on Tax Procedures Law, defines a Tax Audit as a process undertaken by the Federal Tax Authority (FTA) to inspect commercial records and/or any information/data in relation to a person who is conducting business. Tax audits are conducted to enable the government to examine whether or not a business is complying with [...]

Expo 2020 and its Tax Impact. (VAT Refund)

Expo 2020 will be held in Dubai, UAE from October 20th to April 2021. The Article below will clear all your doubts or questions regarding the Tax impact of Expo 2020. On the 16th of Jan 2019, Sheikh Mohammed Bin Rashid Al Maktoum, issued Cabinet Decision No. (1) of 2019, on VAT refund over the tax paid [...]

Cabinet Decision No.49: Value Added Tax penalties amended in the United Arab Emirates

On 28th April 2021, Cabinet decision No.49 was updated in UAE. The update is in regards to administrative penalties on tax violations within the country. This amendment is applicable after 60 days from the date of issue. Click here to know the Administrative penalties, which will be applicable until the date of new penalties. Changes [...]

Special zones in Oman

Special Economic Zone at Duqm (SEZAD) and the Free Zones in Salalah, Sohar, and Al Mazunah are classified as "Special Zones", as of 27th of April by the public authority for special economic zones and free zones (OPAZ). This is in line with the OMAN VAT Law and executive regulations. The supply of goods and [...]

VAT Update for Automotive Companies

VAT law is as dynamic as the world we live in! You may be an industry leader, but within your industry financial rules and laws can change. At ITC we assist organizations with their financial issues across various industries. We believe knowledge grows as you share it, and so we created pointers of VAT Law [...]

Issuance of a decision to amend the Council’s decision regarding administrative fines imposed for violating tax laws in the country.

Important Update The Council of Ministers approved the issuance of a decision to amend the Council’s decision regarding administrative fines imposed for violating tax laws in the country, to reduce the financial burden on those subject to tax in the business sector and who are unable to pay the fines and facilitate them in these [...]

Penalties for the Violators of VAT In Oman

Minimum Penalties: Imprisonment for not less than 2 months, or a fine not less than OMR 1000 Maximum Penalties: Imprisonment for three years and a fine, not more than OMR 20,000 If the tax payment gets delayed, one percent of the value of the unpaid tax is imposed for each month of delay or part [...]

Oman VAT Tax Law – English Translation

Decision No: 23/2021 announced by the Oman Tax Authority mentions the Implementation of VAT. ITC Accounting & Tax Consultancy gladly has released an English Version for your reference. VAT implementation will occur in Oman in less than 20 days, feel free to call us at +968 97442030, +968 97452030, or email us at info@itc-ae.com for [...]

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