Insights

Value-Added Tax or VAT (at the rate of 0% or 5%) was first introduced in the UAE in January 2018 on all goods and services supplied within the UAE region. However, a few of those supplies were distinctively categorized as exempted supplies. Since tax compliance is paramount for UAE businesses as well as businesses led […]

VAT or Value-Added Tax is a tax paid by the consumer at the end of the supply chain. As the name states itself, it is a tax that is enforced incrementally on the price of the product or service at every stage of the supply chain when the value is added to each input to […]

The World Expo is coming this year to the UAE. The already buzzing sound of Expo 2020 Dubai chants are creating a wave of excitement for the people as well as the businesses that are soon to present their groundbreaking ideas and technological innovation in this one-of-a-kind business expo that provides an opportunity for international […]

Since the year 2018, VAT in UAE has been collected from businesses at the rate of 5%. The businesses pay the output VAT on the sales that have been made but as the investment on the business leads to several expenses, input VAT is also paid in this regard. What is a VAT refund? If […]

For ages, the UAE’s economy has depended on its vast hydrocarbon reserves with oil exports making up 30 percent of the UAE’s total GDP. However, the global pandemic that brought a technological revolution worldwide along with the expected decline in the reserves of oil and natural gas has brought to light new ways of generating […]

All the companies based in the UAE have to abide by the VAT rules put forward by the Federal Tax Authority. However, in order to be fully compliant companies have to ensure correct implementation of VAT in all business functions. With the pressure of growth, changes in economy, plummeting sales and rising expenses, it is […]

With the recent rules and regulations of the Federal Tax Authority in place, it has become mandatory for businesses in UAE to get their Tax Registration Certificate (TRC) and become taxpayers as soon as possible. It should be noted, however, that the tax system in UAE requires businesses to be extremely mindful of their actions, […]

Value-Added Tax (VAT) was introduced in the UAE on 1st January 2018, since then it has been one of the major concerns for all companies established in the country. Registering for VAT, getting the registration number and a tax certificate is only the first step of VAT compliance. Registration is a one-time activity, therefore, it […]

Since the past three to four years, UAE has focused considerably on smooth collection of VAT from businesses. So much so that the Federal Tax Authority has now started auditing businesses to make sure that they have complied with the VAT regulations. In a case where enterprises fail to comply, FTA makes sure that they […]

According to the new rules, UAE Cabinet has proposed a reduction in penalties for the taxpayer to make business easier in the region. However, the penalties for non-compliance are still harsh and may eat up a large chunk of a company’s business income, therefore, they must be avoided at all costs. In an event of [...]