Intra-GCC transactions are the transactions (sales and purchases) between member states of GCC. Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and UAE have signed the GCC VAT Agreement. VAT is all set to be implemented in across GCC from January 2018. Exports outside the country under the GCC VAT Law are zero-rated. But what about the transaction […]
VAT Applicability For Traders Under GCC VAT Law
VAT is all set to be rolled out by Jan 2018. VAT applicability for Traders Under GCC VAT Law is different depending on different scenarios. We will discuss in detail about them in this article. Businesses and especially traders are eager to know the impact of VAT on their business. Activities of trading business are different from […]
Step By Step Guide To UAE VAT Registration Process
VAT is all set to be implemented across UAE from 1st January 2018. In this article, we will discuss the UAE VAT Registration Process in detail. FTA has urged businesses to register for VAT before Dec 4, to avoid last-minute hassles. Source: www.thenational.ae You can download the pdf copy of Federal Decree-Law No. (8) of 2017 on Value Added […]
Contents of UAE VAT Tax Invoice As Per the Guidelines of FTA
According to the guidelines issued by Federal Tax Authority (FTA) in relation to the contents of UAE VAT Tax Invoice, there are two types of Tax Invoice: Simple VAT Invoice. Detailed VAT Invoice. Simple VAT Invoice will be for supply less than the specified amount. It is issued in the case when the customers are […]
How To Calculate UAE VAT Payable to FTA?
Article 53 of Federal Decree-Law No. (8) of 2017 on Value Added Tax, describes the method to Calculate UAE VAT Payable to FTA(Federal Tax Authority). The above article means, Your the Output Tax less of Recoverable Input Tax is equal to Tax Payable. Hence, the formula to Calculate UAE VAT payable is as below: Output […]