A taxable person under VAT in UAE should maintain the following accounts and bookkeeping records: Records of all supplies and imports of goods and services All tax invoices and alternative…
TAX invoices
The Tax Invoice is the essential document to be issued in original by a registrant to the recipient when a taxable supply of goods or services is made including a…
VAT penalties
The UAE cabinet has approved the list of administrative penalties that will be imposed on businesses for violations of the tax laws. Each fine or penalty will be no less than 500 AED and no more…
VAT De-registration
Tax De-registration means de-activation of the registration and the Value Added Tax (VAT) number of the taxable person. Tax de-registration can be applied for by a person registered under VAT…
FTA TAX audit 2019
Make Your Business ready for FTA TAX Audit in 2019 It is of utmost important that business gets a Health Check of its accounting record before a formal notification for…
VAT – TAX group
VAT – TAX Groups Who is eligible to form a Tax group? To be eligible to form a Tax Group, each member constituent has to fulfill the following criteria: Business…
How to file VAT return in UAE
Under UAE VAT, the first VAT return is due on 28th Feb, 2018, which will be filed by those businesses for whom the monthly VAT return is applicable. The businesses…
FTA board discusses VAT refund scheme for foreign businesses
The Board of Directors of Federal Tax Authority, FTA, on Monday discussed Value Added Tax, VAT, refund scheme for foreign businesses at its 7th meeting, headed by H.H. Sheikh Hamdan…
VAT clarifications – Farms and farm houses
Issue Article 44 of Cabinet Decision No. 52 of 2017 on the Executive Regulations of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“Executive Regulations”) describes the …
Greater internal audit efficiency with RPA
The best way to determine where RPA can deliver maximum return on investment (ROI) is to take a structured approach to identify, evaluate, categorize and prioritize automation candidates. For example,…
Changing email id used in VAT registration
Changing email id used in VAT registration An Online user can change their account email address, where necessary. The process is divided into the below steps: Verifying the new email…
Whether used cars were subject to VAT?
The Federal Tax Authority (FTA) has called on retailers to verify that used cars were subject to the value added tax (VAT) before applying the Profit Margin Scheme, during an…