UAE implementation VAT raised a lot of questions in the mind of the business community and the companies. However, what would be the treatment of VAT on the Financial Services? remained a big question. Under the new VAT Guideline, let us review the treatment of VAT on different financial services. Exempted Below mentioned are…
Tax Agent in UAE
On the 11th of June 2017, the landmark Federal Law Number 7 of 2017 was released to the whole nation of the UAE by the President himself, His Highness Sheikh Khalifa bin Zayed Al Nahyan. This law was all about the value-added tax (VAT) procedures that are now being implemented in the country. This is considered to have laid the foundations of the said tax system that is now bringing good effects to the country. In addition, the Federal Tax Authority (FTA)’s role in this whole new era is explained in a detailed manner for people to know the new government department that handles the tax system in the UAE.
The tax system has brought with it new things that people in the business industry need to learn for them to keep up with the system. In knowing these things, it is easier for them to deal with and handle the things that need to be understood in this new era although it has been months since the VAT implementation in UAE. There are more to know other than VAT procedures and VAT registration in UAE that business people need to be aware of to continually survive. One of them is knowing the existence of Tax Agents. These people are defined in the law itself, and the information is laid down by the government themselves.