The Federal Tax Authority (the “FTA”) published a General Clarification in April 2019 in an effort to provide direction in respect of the circumstances where stockpilers may be permitted to deregister for Excise Tax purposes where less than 6 months have elapsed since the date the registration first became effective. Cabinet Decision No. 37 of … Read more
It is true that the UAE Federal Tax Authority (FTA) knows everything. So, when its computer system has not detected an error in tax returns, should something be done? Perhaps there is no need in sending corrections as if the local tax authority finds out, your business can get penalized. The computer systems and tax … Read more
The Unified Gulf Cooperation Council Value Added Tax Framework Agreement was published by the Kingdom of Saudi Arabia (KSA) on 20 April 2017 in the Official Gazette whereby it committed to applying value added tax (VAT) to all applicable goods and services. The Tax Authority in the KSA is the General Authority of Zakat and … 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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