VAT Supply of Goods and Services
Understanding Supply of Goods and Services Introduction: In the era of commerce, the exchange of goods and services forms the cornerstone of economic activity. Understanding the challenges of supply, particularly within the context of regulations and frameworks, is essential for businesses and individuals alike. The difference between goods and services, the intricacies of supply in […]
Excise Tax – New Regulations and Analysis
Excise Tax – New Changes and Amendments in Executive Regulation Introduction On 28th November 2023, the Federal Tax Authority (FTA) – the tax governing body of the United Arab Emirates (UAE), published on its official website – Cabinet Decision 108 of 2023 issued by the Cabinet Ministers of UAE to amend certain provision of the […]
Regulations in Stockpiling and Price Advertising of Excise Goods
Regulations in Stockpiling and Price Advertising of Excise Goods Introduction In the complex world of taxation, businesses need to navigate a myriad of rules and regulations to ensure compliance. One critical aspect is the taxation of Excise Goods and the rules governing stockpiling. This article aims to shed light on the intricacies of tax payment, […]
Corporate Tax Related Parties
Corporate Tax – Related Parties and Control in Business Relationships In the world of business, it’s essential to establish clear definitions and guidelines to navigate the complexities of relationships between individuals and entities. The term “Related Parties” plays a crucial role in determining these connections, while the concept of “Control” sheds light on the ability […]
10 Things You Need to Know About VAT
10 Things You Need to Know About VAT Definition of VAT VAT is an indirect tax applied to the supply of most goods and services. Charged at each stage of the supply chain. The end consumer bears the costs. Businesses collect and account for the tax on behalf of the government. Reasons for UAE […]
Understanding the VAT law in the UAE
Understanding VAT – Federal Decree-Law No. (8) of 2017 on Value Added Tax In 2017, the United Arab Emirates introduced Federal Decree-Law No. (8) to establish a framework for Value Added Tax (VAT). This legislation outlines the scope, rates, and responsibilities related to VAT, a consumption tax that is imposed at each stage of the […]
Excise Tax -Understanding Liability to Tax for Excise Tax
Excise Tax – Understanding Liability to Tax Introduction In the realm of taxation, the allocation of responsibility for meeting tax payment requirements is a crucial aspect of governance. Cabinet Decision No. 108 of 2023 and Federal Decree-Law No. 7 of 2017 outline the specific provisions governing the liability to pay tax, delving into the intricacies […]
Transfer Pricing Principles and Fundamentals
Transfer Pricing Principles and Fundamentals Overview This section aims to provide an understanding of Transfer Pricing, emphasizing the application of the Arm’s Length Principle in the UAE and specifying the individuals and transactions falling under its purview. What is Transfer Pricing? Transfer Pricing is primarily a tax concept with broader implications for accounting and […]
Corporate Tax Landscape in the UAE
Overview of the UAE’s Corporate Tax Landscape Introduction The United Arab Emirates (UAE) issued Federal Decree-Law No. (47) of 2022, known as the “Corporate Tax Law,” on 09 December 2022. This legislation establishes the framework for the implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE, applicable for financial years commencing on or […]
Corporate Tax – FS Audited 2023
Corporate Tax Checklist for Audited Financial Statements (Year 2023) It has been nearly two years since UAE announced in Jan 2022 that it will introduce corporate to in its taxations system which was followed by a decree law, and nearly other 50 different regulations, guides, and decisions from the Cabinet, Ministery of Finance, FTA. Since […]
