What are Bad debts? Bad debts mean debts that cannot be recovered. A bad debt is a monetary amount owed to a creditor that is unlikely to be paid because of various…
VAT – Exempted supplies
VAT – EXEMPT SUPPLIES LOCAL PASSENGER TRANSPORT Exempt Supply: A supply of Goods or Services for Consideration while conducting Business in the State, where no Tax is due and no…
VAT – Supply of education services
Supply of Education Services – Zero Rated Supplies Educational service is one of the important services and it is relevant for most of the residents in any part of the…
Questions relating to VAT Deregistration
1. What is De-registration? Tax De-registration is the provision for a registered taxable person to cancel his/her VAT registration. It means de-activation of the registration and the VAT number of…
VAT – Donations, grants and sponsorship
Article 1 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) defines consideration as “all that is received or expected to be received for the…
VAT public clarification – Bank interest and dividend
VAT registered person may earn interest income by depositing money in a bank account or by holding fixed deposits, recurring deposits, or any other similar bank deposit. In addition, a…
TAX records
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…
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