Due to a rise in queries related to contents of UAE VAT Tax Invoice by the business owners, UAE Federal Tax Authority recently issued VAT Public Clarification – Tax Invoices to clarify the contents as well as guidelines for issuing a simplified or full tax invoice. Businesses must comply with the rules of tax invoice […]
VAT Treatment Of Compensation-Type Payments
Due to many queries arising related to the collection of VAT on Compensation-type Payments under UAE VAT Law, UAE Federal Tax Authority has published a clarification the VAT treatment of Compensation-Type Payments. As we all know that what is applicable whenever the supply of goods or services takes place. But what if in any case, […]
Eligible Goods Under UAE VAT Profit Margin Scheme
Due to many queries and misunderstandings related to eligible goods under the Profit Margin Scheme, UAE Federal Tax Authority has published a clarification defining the eligibility of the good and the VAT applicability on goods under Profit Margin Scheme. It is really important for every business to identify the goods which qualify to be sold under […]
AED 20,000 Fine On Companies Who Registered For VAT After 30th April 2018
Federal Tax Authority announced earlier on 5th March 2018, regarding waiver of registration penalties of AED 20, 000. The deadline given for this AED 20,000 Fine waiver was till 30th April 2018. FTA already made clear in the press release that it takes about 20 days for the registration process and hence businesses were given a […]
Understanding UAE VAT Return Format
UAE VAT Return Format has been published to FTA site. You can find it in the menu under partners, below Tax Accounting Software Vendors in Requirements. UAE VAT Return Format is on page 48 under Appendix 8 – VAT Return Format. The VAT Return Format start from page 48 and ends at page 57. To simplify the […]