The UAE tax authorities have issued Cabinet Decision No.(55) of 2017 on Charities That May Recover Input Tax. The decision, which has retrospective effect from 1 January 2018, confirms that certain…
VAT – Zero-rating Healthcare Services
VAT – Healthcare services: Any service supplied that is generally accepted in the medical profession as being necessary for the treatment of the recipient of the supply including preventive treatment.…
VAT – Profit Margin Scheme
Profit Margin Scheme: It is a scheme whereby a Taxable Person has an option to calculate Tax on the profit margin earned on a supply, instead of the sale value. The Profit…
VAT – Date of Supply Rules
Date of Supply: Date of supply plays a vital role in VAT legislation, as it gives the date on which goods are sold and services are rendered and subsequently when…
VAT – BAD DEBTS ADJUSTMENT
What are Bad debts? Bad debts mean debts that cannot be recovered. A bad debt is a monetary amount owed to a creditor that is unlikely to be paid because of various…
VAT – EXEMPT SUPPLIES
VAT – EXEMPT SUPPLIES LOCAL PASSENGER TRANSPORT Exempt Supply: A supply of Goods or Services for Consideration while conducting Business in the State, where no Tax is due and no…
VAT – Supply of Education Services
Supply of Education Services – Zero Rated Supplies Educational service is one of the important services and it is relevant for most of the residents in any part of the…
Questions relating to VAT Deregistration
1. What is De-registration? Tax De-registration is the provision for a registered taxable person to cancel his/her VAT registration. It means de-activation of the registration and the VAT number of…
VAT – Donations, Grants and sponsorship
Article 1 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) defines consideration as “all that is received or expected to be received for the…
VAT public clarification – Bank interest and dividend
VAT registered person may earn interest income by depositing money in a bank account or by holding fixed deposits, recurring deposits, or any other similar bank deposit. In addition, a…