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VAT – Accounting & Bookkeeping

New Residence VAT Refund Scheme for UAE Nationals
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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 his/her or for his/her family. This is applicable when the person owns or acquires land in UAE on which he builds or commissions the construction […]

Blockchain Technology In Accounting
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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 stay ahead of its competitors. This is also evident from the fact that consumer demands has been rising in digital world which led to a […]

Everything About VAT Refund
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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 the following below mentioned situation VAT Payable: This happens when the Output VAT ( VAT on taxable supplies ) is more than Input VAT ( […]

Under What Condition You Can Apply For VAT Amendment?
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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 applying for VAT registration. Any change that is different from what’s there in the tax records kept by the FTA, registrant must inform the FTA […]

Import VAT Payment For Registered And Non Registered Suppliers
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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 Duty (if applicable). In case of VAT Registered Business ,they can defer the payment of VAT to next return filling date and can claim the […]

Understanding the Conditions of VAT De-Registration
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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 article will help you in avoiding penalty of AED 10,000 and getting yourself de-registered from VAT. Tax De-Registration means cancellation of your VAT Registration which […]

Economic Substance Regulation: What Is It and Are You Eligible?
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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 and Profit Shifting (“BEPS”), and in response to a review of the UAE tax reporting framework by the European Union (EU). The purpose of the […]

VAT On Transfer of a Business in UAE: TOGC
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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 to a taxable person for the purposes of continuing the business that was transferred is NOT considered as supply for VAT purposes. As its not […]

UAE Assures No VAT Increase Post Saudi’s Increment Announcement
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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 what this means for the UAE VAT system and if it the UAE government may take a similar initiative. However, the UAE’s Ministry of Finance […]

Can We Claim VAT Paid on Expenses Prior to VAT Registration?
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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 AED 375,000 in previous 12 months or anticipated to exceed in next 30 days during the current financial year Voluntary Registration: For those businesses with […]

VAT Refund For Providing Exhibition & Conference Service
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Article 75(5) of the UAE Federal Decree Law No (8) of 2017 on Value Added Tax (“Law”) and Cabinet Decision No. (26) of 2018 on the Refund of Value Added Tax Paid on Services Provided in Exhibitions and Conferences provide the legal basis for the refund scheme for Exhibition and Conference Services. This Scheme of […]

United Arab Emirates Introduces Country By Country Reporting Requirements
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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 & Profit Shifting (BEPS) & Country by Country Reporting Country by Country Reporting (CbCR) is a part of the Base Erosion and Profit Shifting that […]