Excise Tax
An excise or excise tax is any duty on manufactured goods which is levied at the moment of manufacture, rather than at sale. Excises are often associated with customs duties (which are levied on pre-existing goods when they cross a designated border in a specific direction); customs are levied on goods which come into existence […]
VAT related Penalties & Fines
Que: Failure by the taxable person/business to display prices inclusive of tax. ANS: AED 15,000 Que: Failure by the taxable person/business to notify the Authority of applying tax based on the margin. Ans: AED 2,500 Que: Failure to comply with conditions and procedures related to the transfer of goods in designated zones. Ans: The penalty […]
VAT Registration – Document Requirements
Application Guideline for DMCC
APPLICATION GUIDELINE COMPLIANCE SERVICES – SUBMISSION OF AUDITED FINANCIAL STATEMENTS According to the implementing regulations, a DMCC Member Company has to upload the auditor’s signed and stamped Audited Financial Statements Summary Sheet and the Audited Financial Statements Report via a designated online service request on the member portal within 90 days after the end of […]
Requirement of submitted audited financial statements “Non-Industrial Clients”
Pursuant to UAE laws and RAKEZ Companies Regulations, please be informed that all RAKEZ licensed companies will now be required to submit audited financial statements on an annual basis. The first submission of audited financial statements will be required in 2020. Kindly ensure to submit copy of the audited financial statements for the 2019 financial […]
Step By Step Guide To UAE VAT Registration Process
VAT is implemented across UAE from 1st January 2018. In this article, we will discuss the UAE VAT Registration Process in detail. Thresholds for UAE VAT Registration Process Documents Required for UAE VAT Registration Process List of documents required is as below: Other Required Details for UAE VAT Registration Process UAE VAT Registration Process Please […]
VAT Return Filing
All UAE taxpayers should file VAT returns with the Federal Tax Authority (FTA) on a quarterly basis. Returns must be filed according to the procedures specified in the VAT legislation, within 28 days from the end of the tax period. Taxpayers will file their returns using the e-services portal. It is necessary for all the taxable businesses to keep their books in an organized and standardized form and must […]
Calculation of VAT payable to FTA
Due Tax for a Tax Period Article (53) Calculation of Payable Tax The Payable Tax for any Tax Period shall be calculated as being equal to the total Output Tax payablepursuant to this Decree-Law and which has been done in the Tax Period less the total Recoverable Tax bysaid Taxable Person over the same Tax […]
UAE VAT Rate
With the implementation of VAT in the UAE from 1 January 2018, the supply of goods and services in the State will be subject to the VAT rate at 5 %. It is the responsibility of the companies listed under UAE VAT to levy VAT @ 5 %, raise it and hand it over to the […]