Input VAT Recovery Time Frame | UAE : FTA has issued a very important clarification on the time-frame for the recovery of Input Tax (VATP017). The clarification recalls the conditions for the Input Tax to be recovered and notably the one related to the intention to make the payment for the supply that should not
Tax Refund Expo 2020 : Refund of Value Added Tax Paid on Goods and Services Connected with Expo 2020 Dubai Tax Refund Expo 2020 : Cabinet Decision No. 1 of 2020 The Cabinet has decided : Having reviewed the Constitution; Federal Law No. 1 of 1972 on the Competencies of the Ministries and Powers of
VAT Deregistration UAE : FTA defines conditions for companies to de-register from VAT in UAE VAT Deregistration UAE : Failing to submit application could lead to the imposition of administrative penalties The Federal Tax Authority, FTA, has defined the conditions for tax de-registration, in accordance with Federal Decree-Law No. 8 of 2017. The Authority clarified
VAT Appeal – FTA VAT / Tax Appeal procedures to FTA – Reconsideration form STEP 1: SUBMIT RECONSIDERATION FORM TO FTA VAT Appeal procedures to FTA : Any person may submit a request to the Authority to reconsider any of its decisions issued within 20 business days from him being notified of the decision. The
Goods exempt from excise tax in UAE : Good news – No excise tax on these products in UAE Goods exempt from excise tax in UAE : The decision goes into effect on December 1 Curbing harmful consumption patterns and enhancing the standard of living are the leading objectives behind the Cabinet decision to expand
FTA Updates on Personal Data Scams: The authority noted that some recipients have been asked to provide personal data, including credit card numbers and PIN codes In response to reports that some bank customers have been receiving emails from unidentified sources impersonating banks and financial institutions requesting personal data with the promise of helping them
VAT Update – Recovery of Cost under VAT UAE FTA publishes VAT Public Clarifications on recovery of expenses : The challenge in determining the VAT liability for recharges are multi-fold. Taxability of ‘recharges’, typically applicability of VAT is a subject matter of debate and interpretation across the VAT jurisdictions. The term ‘recharge’ also commonly known
VAT Updates on Business Transfers: VAT relief on business transfers in the UAE VAT Updates on Business Transfers: This Public Clarification discusses the conditions that have to be met for a transfer to qualify as a transfer of a going concern under Article 7(2) of the Decree-Law. Summary: This VAT public clarification discusses the following
VAT Updates – Excise Goods Registration: FTA launches new electronic system for registration of excise goods Meant to ensure accuracy and transparency, as well as develop tax system as a whole The Federal Tax Authority has launched a new electronic system for registering excise goods as part of its plans to continuously develop the tax
UAE VAT Updates – VAT revenues set to grow: UAE VAT collection set to grow 30% to Dh35 billion in 2019 VAT revenues would easily be Dh35 billion-plus this year: Greater compliance due to new legal aspects such as country-by-country reporting and Base Erosion and Profit Shifting (Beps), increased spending for Expo 2020, and more