Federal tax authority has relieved businesses by reducing penalties to facilitate them in filing an accurate tax returns by June 27, 2021. Cabinet Resolution No. (49) of 2021 revises administrative penalties imposed for violations of tax laws. Among the changes to the penalty regime are the following: The late-payment penalty has been revised to be...
Read MoreHow to Recover VAT on Business Expenses in UAE: VAT applies to business n the UAE provided that certain conditions are met. All business in the UAE will need to record their financial transaction in order to ensure that their financial records are accurate and up to date. Also, they have required keeping into consideration...
Read MoreVAT return filing law According to the UAE VAT law, every VAT registered company needs file and pay their VAT returns quarterly by the 28th of the subsequent month. In case the due occurs on a Friday or Saturday, it is moved on to the next working day. A little more explanation here. If the...
Read MoreThe refund scheme for the calendar year started from March 2020, for any foreign business. The foreign company must assess whether they fall under the criteria. If they do, they can submit an application to the FTA on a claim form for any foreign business-related UAE VAT incurred in the relevant periods before the set...
Read MoreVAT return by an individual entrepreneur - Is it possible? An individual entrepreneur can be exempted from paying a multitude of taxes by applying special tax regimes. There are certain instances too when individual entrepreneurs too are expected to pay VAT. The article below helps you with details like how to draw up and calculate...
Read MoreConsequences one faces for Late filing or Non-filing of VAT The FTA (Federal Tax Authority) imposes the VAT fines and penalties in the UAE. All businesses in the UAE must comply with the rules and regulations of the FTA to avoid heavy penalties and VAT fines. All the administrative VAT fines and penalties for violating...
Read MoreValue Added Tax (VAT) is a common indirect tax that is levied by many countries. It is a consumption tax. VAT is levied indirectly on the final consumer for consuming the goods or services. It is meant as target control and it increases in percentage depending on the stage of the goods/production. In the UAE,...
Read More
