Important Guidelines for Correcting Errors or Omission in VAT Returns The UAE FTA issued Decision No.8 of 2024 which outlines the Mechanism for correction of error or omission in the tax return submitted for VAT in UAE (effective from 1…
VAT Update Alert! Amendments On Executive Regulations Effective From 15th November 2024 On 2 October 2024, The UAE Federal Tax Authority released amendments to VAT Executive Regulations of Federal Decree-Law No. 8 of 2017 by publishing Cabinet Decision No. 100…
VAT Public Clarification (VATP038) on Manpower & Visa Facilitation Services in UAE On 31 May 2024, the Federal Tax Authority (FTA) issued VAT Public Clarification VATP038 regarding the VAT treatment of manpower and visa facilitation services concerning employment visas and…
Why are Directors’ Services taxable? The general rule is that directors’ independent service (other than those rendered in the capacity of employee) to their company is considered taxable supply for VAT purposes. The Federal Decree-Law No. (8) of 2017 on …
The United Arab Emirates (UAE) has made the Value-Added Tax (VAT) mandatory for virtually all enterprises today. In light of this, the Federal Tax Authority (FTA) has established guidelines that allow businesses to register for value-added tax (VAT) at no…
Real Estate: Real Estate is generally considered to be property consisting of Land or Buildings and includes: Any area of land over which rights or interests or services can be created; Any Building, Structure or Engineering work permanently attached to…
What is VAT? The UAE Government implemented VAT in the Country from 1st January 2018 at a Standard Rate of 5%. Value added Tax is a tax on consumption levied at each stage of the Supply Chain and ultimately borne…
A sharp drop in the price of oil around the world has hit energy-exporting nations, including several countries in the Middle East. Hence, these countries now have to look for alternate forms of revenue generation. In a bid to remove…
The introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE) in 2018 has significantly impacted businesses operating in the region. While VAT offers several benefits for the economy, ensuring proper compliance can present challenges for companies. Mastering…
Value Added Tax is a popular form of indirect taxation used by over 180 countries around the world. Due to its implementation in the UAE, the country now has access to an alternate source of funds for the development of…