VAT Audit in UAE

How to Prepare for VAT Audit in UAE? VAT Audit in UAE is the review performed by the Federal Tax Authority (FTA) in order to assess the VAT liability and review the records maintained by the taxable person to ensure that they are in compliance with the provisions of the UAE VAT Law. The FTA…

vat registration in the uae

Who Should Opt for VAT registration in UAE? When business conduct trade in the UAE, one important question asked is “Do you have a TRN?”. This looks very common and simple but for new businesses, it creates many confusions. The same becomes a problem when your customer or supplier says, we do not conduct trade…

incoterms in uae

What are Incoterms? The term Incoterms have always been a key phrase associated with International trade. Incoterms became common parlance amongst business groups with the introduction of VAT in UAE. As the readers might already know, imports and its accounting as per the UAE VAT law has always been a point of interest since inception…

input tax recovery in uae

Time Frame for Recovering Input Tax in the UAE As per the public clarification (VPTP017) issued by the Federal Tax Authority (FTA) regarding the time frame for recovering input tax in the UAE, it prescribes the time period within which Input Tax in the UAE should be recovered by a taxable person. As per UAE…

vat fines and penalties in uae

What are the Administrative Penalties For Non-Compliance of the UAE VAT Law?  The violation of the provisions of the UAE VAT Law can lead to certain VAT Fines And Penalties In The UAE. It is important for every taxpayer to know what are the different circumstances that lead to the imposition of these penalties by…

profit margin scheme under vat in uae

Profit Margin Scheme Under VAT in UAE Under UAE VAT law, normally VAT is calculated on the sales value. As an exception to that, the Federal Tax Authority (FTA) in the UAE has given an option to the Taxable person to pay VAT on the profit margin earned on the taxable supplies made which is…

tax consultants in uae

Tax Consultant in UAE   The United Arab Emirates (UAE) has entered into a world of Taxes with Excise Tax being introduced from 1st October 2017 and Value Added Tax (VAT) has been applicable from 1st January 2018. The introduction of taxes in the UAE is part of a GCC-framework to broaden horizons economically and discover other revenue-generating measures…

 VAT Administrative Exceptions You Can Apply In The UAE The Federal Tax Authority (FTA) in the UAE released a recent guide providing the procedures and scope for certain exceptions from VAT procedures. The eligible registrants for VAT in UAE can thus apply for certain exceptions in the requirement for raising Tax Invoice, Tax credit note,…

extend UAE VAT return due date

Extension of VAT Return Due Date By FTA In The UAE Extension of VAT Return due date is the latest update that came from the Federal Tax Authority, on 21st April 2020. Taxpayers in the UAE were eagerly waiting not only for the extension of the VAT Return due date but also an extension of…

tax agent in the UAE

Tax Agent in the UAE – Seamless VAT Assistance?  Hiring a Tax Agent in the UAE will be essential for the businesses to receive proper guidance in relation to VAT in UAE and other VAT-related procedures or matters. A Tax Agent in the UAE is an approved person who will be responsible to provide proper…

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