VAT – Accounting & Bookkeeping

New Residence VAT Refund Scheme for UAE Nationals

The New Residence VAT Refund Scheme is a Special Refund Scheme available in UAE VAT Law. This scheme is applicable only to UAE Nationals who construct a Residential Building for […]

Blockchain Technology In Accounting

The 21st century has accelerated the technological advancement in various functions of business. The automation of any business activities has always helped businesses to focus on its core function and […]

Everything About VAT Refund

Any VAT registered business shall submit the summary of its taxable supplies on a quarterly basis to Federal Tax Authority. The submission of VAT Return will lead to one of […]

Under What Condition You Can Apply For VAT Amendment?

Are you registered for VAT? Does your filed record with FTA need to be updated? The registrant is responsible to notify the changes in business details that are provided while […]

Import VAT Payment For Registered And Non Registered Suppliers

Any Business intending to import goods to UAE will have to pay custom charges along with VAT. The VAT is computed on total value of CIF+ Customs Duty + Excise […]

Understanding the Conditions of VAT De-Registration

Did you stop making taxable supplies or started making supplies less than AED 187,500 or AED 375,000? If your answer is affirmative to any of the above question then this […]

Economic Substance Regulation: What Is It and Are You Eligible?

The UAE introduced the Economic Substance Regulations, applicable in offshores, freezones, as well as on-shore, to honor its commitment as a member of the OECD Inclusive Framework on Base Erosion […]

VAT On Transfer of a Business in UAE: TOGC

As per Article 7(2) of the Federal Decree-Law No. (8) of 2017 on Value Added Tax, the transfer of whole or an independent part of a business from a person […]

UAE Assures No VAT Increase Post Saudi’s Increment Announcement

After the surprising move of Kingdom of Saudi Arabia (KSA) of increasing the VAT by three fold i.e from 5% to 15%, the citizens of the UAE were anxious about […]

Can We Claim VAT Paid on Expenses Prior to VAT Registration?

Before answering let’s see what the registration limit for VAT is. There are two types of Registrations under VAT Law: Mandatory Registration: For those businesses whose value of supplies exceeds […]

VAT Refund For Providing Exhibition & Conference Service

United Arab Emirates Introduces Country By Country Reporting Requirements

On 13th April,2019 the cabinet resolution no. 32 of 2019 was issued introducing the regulations on Country by Country Reporting (CbCR) in the United Arab Emirates. Purpose of Base Erosion […]