FTA’s clarification on Importation of goods by agent
A VAT registered owner of the goods may request another VAT registered person (“importing agent”) to import goods on behalf of the former. This will happen when the person importing the goods is, for example, an agent of the owner of the goods,….
Clarification issued by FTA on Entertainment Services
Entertainment Services here means those expenses which are incurred for activities which are meant to entertain personnel. One of the examples to understand this is free staff parties, food on office, free gifts given away etc. The FTA is of the….
FTA issued clarification on time period for Input Tax Recovery
The Federal Tax Authority of the UAE issued a public clarification with respect to article 55 of the Federal Decree-Law No. 8 of 2017 on VAT Law that prescribes the time-period within which input tax should be recovered by a taxable person. It also clarifies the alternatives available if the input tax is not recovered within the…
FTA’s Clarification on VAT invoices
Article 59 of Cabinet Decision No. (52) of 2017 on the Executive Regulations of the Federal Decree-Law No. (8) of 2017 on Value Added Tax (“Executive Regulations”) prescribes the requirements of a tax invoice and the circumstances in which one must be issued….
Why VAT is good for MNCs
The introduction of a five per cent value added tax in the UAE from next year is not only a righ step in right direction to diversify revenue generation sources, but the move will also help multinational and foreign companies operating in the emirate to skip higher rate in their home country…..
UAE resident alert: 5% VAT is officially coming by Jan 1, 2018
Policy makers in the six-nation Gulf Cooperation Council are aiming to introduce a 5 percent value-added tax at the start of next year, despite administrative and technical obstacles, a senior United Arab Emirates finance official said on…..
All systems go for 5% VAT in UAE
With just less than a year to go to the planned date of the implementation of the five per cent value added tax (VAT) in the UAE, authorities are seeking to register all companies with an annual revenues exceeding $100,000 (Dh367,300) for the game-changing tax reform for the entire GCC….