Why UAE Payroll Requires More Than a Standard Global Payroll Approach The UAE’s labour and payroll framework has changed substantially since 2021 — the year in which much of the guidance international businesses still rely on was written. A new Labour Law took effect in February 2022. The working week changed. Maternity leave was extended. … Read more
What a Voluntary Disclosure Is A voluntary disclosure is a formal notification made by a taxable person to the Federal Tax Authority (FTA), through the EmaraTax portal, acknowledging that a previously filed VAT return or Corporate Tax return contains an error or omission and providing the corrected information. The key word is “voluntary” , the … Read more
How VAT Works in Saudi Arabia — An Overview Saudi Arabia introduced Value Added Tax on 1 January 2018 at a rate of 5% as part of the GCC Unified VAT Agreement and the Kingdom’s Vision 2030 fiscal reform strategy. In July 2020, the rate was raised to 15% — where it has remained — … Read more
The VAT is an indirect tax that is levied on the consumption on the majority of goods and services supplied. The final cost is borne by the consumer. The VAT applied in more than 180 countries. It was introduced in the United Arab Emirates on 1 January 2018. That has a standard rate of 5% … Read more
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period. Reasons for possible … Read more
Since the introduction of Value Added Tax (VAT), a number of small- to medium-sized enterprises find it difficult to cope with the newly introduced VAT system, thus attracting fines. Most common mistakes made by small & medium companies when vat return filing in UAE: Non-maintenance of records Mistakes in simply calculating and paying value added … Read more
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