Designated Zones in the UAE
The New Excise Tax Public Clarification Announced by FTA on Designated Zones effective from 1st April 2023 In the United Arab Emirates, all designated areas must have a Warehouse Keeper who is responsible for supervising the Designated Zone’s activities and ensuring that it adheres to the necessary safety and security standards. To be eligible for […]
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 […]
Exit Certificates – Importance in UAE Ports
Exit Certificates – Importance in UAE Ports What is an Exit Certificate? 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 […]
FTA Introduces the New Excise Tax Public Clarification EXTP010 replaces EXP005, effective from 1 April 2023
The New Excise Tax Public Clarification Announced by FTA on Designated Zones effective from 1st April 2023 In the United Arab Emirates, all designated areas must have a Warehouse Keeper who is responsible for supervising the Designated Zone’s activities and ensuring that it adheres to the necessary safety and security standards. To be eligible for […]
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 […]
What is Transfer Pricing?
What is Transfer Pricing? Transfer Pricing represents the price agreed upon for transactions between related parties. Companies carrying out transactions with related parties should charge similar prices for these transactions as compared to transactions with independent parties, thus observing the arm´s length principle. WHICH SUBJECTS ARE OBLIGED TO KEEP DOCUMENTATION? UAE taxpayers that carry out […]
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 […]
