Under the law, it is required that every VAT-registered business in Dubai shall issue a Tax Invoice for any supply of taxable goods or services. According to the UAE Federal Tax Authority (FTA), both electronic invoices (e-invoice) and manual invoices (PDF or paper) should follow the latest updated rules regarding tax invoice compliance, specifically … Read more
With the country’s economic dynamism combined with an environment that is accepting to expatriates, it’s no surprise UAE or the United Arab Emirates plays a massive role in the strategies of many international businesses keen in operating overseas. Over the past two decades, UAE has become one of the leading business hubs in the world … Read more
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
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