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  • Tax Groups - Cost & Risk Management of VAT Compliance and Reporting

        Under the UAE Executive Regulations, registering as a Tax Group can provide significant benefits to businesses reducing the complexities and compliance costs for VAT reporting.  Although the term ‘Group’ implies this provision applies to solely large companies, the UAE economy hosts many bu

  • VATP011 Public Clarification on donations, grants and sponsorships

        VATP011 describes the VAT treatment of donations, grants or sponsorships received by taxable persons from third parties, and whether these are to be treated as consideration for a taxable supply. The document states that the VAT treatment of such payments depends on whether the party making

  • VATP010 Public Clarification on bank interest and dividends

          VATP010 addresses the VAT implications of bank deposit generated interest income and dividend income earned by VAT-registered persons. The Public Clarification states that passively earned income from bank deposits and dividend income received by holding shares in a company do not consti

  • Financial Reporting & Compliance- why this can give your business a competitive edge

          For many companies operating in the UAE, maintaining a set of commercial books and financial reports has often been overlooked as a management reporting tool particularly for SMEs. Unless your business has mandatory requirements imposed by your special trade license obligations or you hav

  • Dubai Eye Interviewed Haroon Juma, MD of Simply Solved

          The Agenda with Tom Urquhart - Dubai Eye 103.8 interviewed Haroon Juma, MD and Managing Partner of Simply Solved to discuss his perspective on how SMEs have adapted to the introduction of VAT in 2018.  Haroon explained prior to 2018 many businesses had little controls and understanding o

  • FTA Decision No. (4) of 2018 on Tax Invoices

        Decision No. (4) of 2018 on Tax Invoices details that a registrant making a supply of goods or services through a vending machine is not required to issue a tax invoice for the supply, subject to certain conditions. If the registrant does not issue a tax invoice, they must keep sufficient r

  • FTA VAT refunds for business visitors user guide

        The FTA has published the full version of the VAT refunds for business visitors user guide. Foreign businesses will be eligible to apply for a refund if they meet the following conditions:They have no place of establishment or fixed establishment in the UAE or a recognized implementing state

  • FTA VAT Public Clarification VATP009 on date of supply for independent directors

        VAT Public Clarification VATP009 on date of supply for independent directors addresses the issue of determining the date of supply for the Board fees paid to independent directors. The new document sets out the following: Where the Board fees for independent directors are not known at the o

  • FTA- Special Input tax Apportionment Methods Guide

        The FTA has published a new guide on special input tax apportionment methods to provide clarity to businesses when submitting the Input Tax Apportionment Request Form to the FTA. The guide states that any taxable person making a mixture of taxable and exempt supplies is required to apportio

  •  Are You Assessing the appointment of a Tax Agent?

        In implementing VAT into the UAE economy, the Federal Tax Authority investigated a number of global VAT systems to learn best practice models and optimize the management of VAT for both businesses and the FTA. One of the key concepts was the definition and legal provisions for Tax Agents. Ta

  • Healthcare Sector VAT Considerations

        UAE Healthcare sector is one of the fastest-growing sectors in the world and is a key contributor to the UAE economy expecting to reach Dh71.5 billion in 2020 at an average annual growth rate of 12.7 per cent from 2015. The UAE is also world's fastest growing medical tourism hub, with total

  • FTA updates warehouse keeper Designated Zone guide

        The UAE FTA has released a new version of the warehouse keeper and Designated Zone user guide. The new version of the guide contains significant additions, with practical screen shots to assist with actioning the requirements.. The FTA has mandated that Designated Zone registration must be

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