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…
Anti Money Laundering (AML)
An important update on Anti Money Laundering (AML).
Non-recoverable input VAT on entertainment services
The expenses relating entertainment servicesare not claimable for input tax credit. Let us see what constitutes entertainment of staff or business contacts as opposed to expenses incidental to business which…
Covid-19-Related Rent Concessions Amendment to IFRS 16
IFRS 16, Leases, effective for annual periods beginning on or after 1 January 2019, was amended in response to the COVID-19 coronavirus pandemic by International Accounting Standards Board to provide…
UAE Gratuity – Type of Contract – Unlimited Contract
The following blog is part 3 of the UAE Gratuity topic. You can find the links to other topics in UAE Gratuity: Part 1 – Understanding basics of Gratuity(click on…
UAE Gratuity – Type of Contract – Limited Contract
The following blog is part 2 of the UAE Gratuity topic. You can find the links to other topics in UAE Gratuity: Part 1 – Understanding basics of Gratuity Part…
UAE Gratuity Policy – Understanding the basics of Gratuity
Every employee who has spent a considerable amount of time working in a company is provided a benefit from the company in the form of lumpsum amount when he/she moves…
Dubai Health Care City or DHCC
Dubai Health Care City is a free zone launched by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai in…
Business Setup in HFZA or Hamriyah Free Zone Authority
The Hamriyah Free Zone in Sharjah ,United Arab Emirates is established in November, 1995 by an Emiri decree. It is the industrial hub of Sharjah emirate. Types of companies approved by HFZA: HFZA…
Summary on Tax Residency Certificate
Introduction: The Tax Residency Certificate / Tax Domicile Certificate is an official document issued by Federal Tax Authority confirming that an individual or corporate entity resides in the UAE. It…
Don’t miss your ESR filing deadline!
How penalties are calculated on voluntary disclosures by UAE businesses on VAT or excise tax
The Federal Supreme Court has announced the method of calculating late payment penalties on voluntary disclosure.The judgment is significant because the effective date of penalty computation has been confirmed to…