The UAE Federal Tax Authority (FTA) issued Public Clarification VATP029 to guide gold jewelers, suppliers, and registered dealers on how VAT applies to the supply of gold items and making charges. This clarification is mainly applicable to gold items that consist primarily of gold and don’t qualify for zero-rating under Cabinet Decision No. 25 of … Read more
A business opens a second office in a building and signs a rental contract with the landlord. The contract runs for 5 years, but either party can end it at any time by giving 60 days’ notice, with no penalty for doing so. How does this affect the lease term recognized under IFRS 16, and … Read more
What Electronic Services Are Under UAE VAT Electronic services, for UAE VAT purposes, are services delivered automatically via the internet, an electronic network, or a digital marketplace, with minimal or no human intervention. The key characteristic is automation: a service that requires significant human input at the point of delivery is not an electronic service, … Read more
No matter how large or small a Dubai, UAE organization, it must use its technology systems effectively to access data. Technology investment is a must if a company in Dubai and UAE wants to grow and prosper. However, relying on IT may lead to technological risks for the company. This is where an IT Audit comes in handy. IT … Read more
The latest guide on Anti Money Laundering (AML) for the legal industry from regulators reinforces their expectation that UAE businesses assess whether or not they should establish an independent audit and determine if it would benefit them in any given case. Regulation 21 of the 2017 Money Laundering Regulations states that an independent audit firm must … Read more
There are numerous farmhouses and farmlands in the UAE used for commercial and non-commercial purposes. The usage of these properties ranges from agricultural lands to vacation rentals and staycation destinations. Therefore, the owners of such farmlands and farmhouses must understand the impact of VAT while operating a farmhouse or farmland in the UAE. We will … Read more
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