Federal tax authority in the view of effective application of the law, recently conducted some Inspection campaigns in the local markets across the UAE and here are some highlights from…
Administrative Penalties Imposed for Violating the States Tax Laws
The following is a full text released by the UAE Cabinet on Administrative Penalties Imposed for Violating the State’s Tax Laws. We have published an article on UAE tax penalties…
VAT registration of Sole Establishment
Following is an extract from Public Clarification VATP026, which replaces Public Clarification VATP021. What is the Issue with respect to VAT registration of Sole Establishments? A natural or legal person…
UAE tax penalties reduction and discounts
Looking for an opportunity to reduce or avoid VAT penalties which have been accumulating over a period of time? This information will give you a useful insight for the same.…
Business setup in Ajman Free Zone
Objective of Ajman Free Zone Ajman Free Zone (AFZ) was launched in 1988,it was formed with an objective to provide the businesses and investors a sustainable environment to help them…
Whether used cars are subject to VAT?
This is an updated article of the same subject line “Whether used cars were subject to VAT?” which appears in the blog section at (https://www.spectrumaccounts.com/whether-used-cars-were-subject-to-vat/). The below article is a…
Is outsourcing the accounts beneficial to your business in Dubai?
Yes, outsourcing the accounts is beneficial to your business in Dubai and UAE. Generally any business owner who is willing to outsource the accounting and bookkeeping works to an outside…
Profit Margin Scheme v2
{This blog is an updated version of our old blog on ‘Profit Margin Scheme’ present here at: https://www.spectrumaccounts.com/profit-margin-scheme/ and currently the blog is shared in a more useful question &…
Adjustment on account of bad debt relief
Adjustment on account of bad debt relief Summary of the FTA clarification: A public clarification has been issued by Federal Tax Authority (FTA) in relation to VAT adjustment on account…
Anti Money Laundering (AML)
An important update on Anti Money Laundering (AML).
Non-recoverable input VAT on entertainment services
The expenses relating entertainment services are not claimable for input tax credit. Let us see what constitutes entertainment of staff or business contacts as opposed to expenses incidental to business…
IFRS 15 REVENUE FROM CONTRACTS
The core principle of IFRS 15 is that an entity shall recognise revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration…
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