Refund on VAT paid on goods and services connected with Expo 2020 Dubai Do you know, how VAT return reporting for registered official participants of Expo 2020 Dubai are different from VAT return reporting of normal…
VAT Guide on Automotive sector in UAE
FTA has issued a guidance on Automotive Sector which about the VAT treatment of supplies made by motor vehicle dealers in the UAE including but not limited to the supply…
How to file information pertaining to Ultimate Beneficial Owner – UBO in UAE
Here, we are presenting you with the process involved in filing information pertaining to the Ultimate Beneficial Owner (UBO) in United Arab Emirates (UAE): What all documents need to…
UAE VAT Update – Amendment in Tax Procedure related to Reconsideration Application
The UAE government has issued Cabinet Resolution No. (51) of 2021 Modifying some provisions of Cabinet Resolution No. (36) of 2017 on the Executive Regulations of Federal Law No. (7)…
FTA inspection in local markets across UAE
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.…
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…
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…