The modes of transportation that qualify for zero-rating under Article 45 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) are listed in Article 34 of Cabinet Decision No. 52 of 2017. This article explains the definition of “public and private transportation” and its interpretation to identify the buses and … Read more
Input tax, VAT paid by a business for the purchase of supplies and services. VAT in UAE allows all registered businesses in the country to recover tax. That is paid for producing goods and services that are sold to clients and customers. Input tax that is eligible for a business to recover plays a significant … Read more
Qualifying Income is defined as the income that qualifies for the 0% corporate tax rate applicable to entities within the UAE’s Free Zones after satisfying the criteria stipulated in Cabinet Decision No. 100/2023. Qualifying Income is not associated with a business or establishment of the Qualifying Free Zone Person beyond the Free Zone. Also read: … Read more
To enhance clarity and performance for taxpayers, the UAE Federal Tax Authority or FTA issued Decision No. 5/2024 dated on July 19, 2024 on the refund of fees for private clarification requests. This new policy came into effect commencing from August 1, 2024. To Whom Can a Clarification Request Be Submitted? In any case, it … Read more
Outsourcing bookkeeping and accounting operations to premier accounting firms in the UAE helps businesses maintain accounting integrity and effectively ensure compliance with accounting regulations and principles. Thus, this article thoroughly explains the benefits of outsourcing accounting services in the UAE. Here Are the Benefits of Outsourcing Accounting Services Accounting outsourcing offers many advantages as stated … Read more
A bookkeeper is probably one of the most important individuals for your business. He handles all the financial aspects of your company as you focus on growing your business and expanding its potential. Hiring in a rush without giving much thought to what skills and whom exactly you want to hire can be risky as … Read more
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