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…
Best Audit firms in dubai
As per the topaccountingdegrees.org the 5 characteristics of best audit firms are as below and Spectrum auditing satisfy all the qualities. Our qualities are: Experienced Work force Ability to understand different…
Supply Demand and economy
Is demand or supply more important to the economy? Supply and demand are both key to economic activity. The two influence each other and impact prices of consumer goods and…
Biannual TAX return will start next month
The Federal Tax Authority (FTA) will introduce a new biannual tax period next month for certain sectors, said Khalid Ali Al Bustani, director-general, FTA. “Next November, a new biannual tax…
VAT on insurance
Insurance and VAT The VAT treatment of insurance and related services in the UAE General principle The general principle applicable in the Law and Executive Regulations is that all insurance…
VAT refund system for tourists
Upon leaving the UAE, tourists will be able to reclaim taxes paid on their purchases in a fully electronic system, characterised by its simplicity, accuracy and speed, without any human…
VAT in Designated Zone
Introduction Overview VAT has been introduced with effect from 1 January 2018 in the UAE. As a general consumption tax on the supply of goods and services, it applies to those…
DAFZA slashes business set-up cost
DAFZA slashes business set-up cost by up to 65% Dubai Airport Freezone Authority (DAFZA) has reduced business set-up cost by up to 65 per cent, as part of its aim…
VAT- Public clarifications
Article 53 of Cabinet Decision No. (52) of 2017 on the Executive Regulation of the Federal Decree-Law No. (8) of 2017 on Value Added Tax (“VAT Executive Regulations”) stipulates input…
VAT refund user guide
Brief overview of this user guide This guide will help you navigate the e-Service portal, and is designed to be read in conjunction with the Taxable Person Guide for VAT…
UAE clarifies rules on payment of VAT on commercial real estate
The 5 per cent VAT on commercial real estate must be paid prior to the completion of an asset sale, not afterwards, the UAE’s Federal Tax Authority (FTA) said on…
VAT on goods & services supplied from Designated Zone in UAE
A Designated Zone is a specific region in the UAE that is treated as outside the implementing States for the VAT purpose. Since these zones are out of the purview…