Government of India has approved the introduction of a new credit linked subsidy programme called Prime Minister’s Employment Generation Programme (PMEGP) by merging the two schemes that were in operation till 31.03.2008, namely Prime Minister’s Rojgar Yojana (PMRY) and Rural Employment Generation Programme (REGP) for generation of employment opportunities through establishment of micro enterprises in […]
A benami property is a property bought by the original owner using a proxy. This helps him park his unaccounted money safely while avoiding paying taxes to the government at the same time. Benami transactions are quite prevalent in land purchases, where unaccounted money is used to make the purchase.
VAT Return, also known as ‘Tax return’ is a periodical statement which a registered person needs to submit to the authority. The details and data to be furnished in the VAT return for the purpose of tax are specified in the UAE VAT executive regulations. All the details as required in VAT Return need to be prepared in accordance with the VAT Return format issued by the authority.
Being registered under the VAT law means that a business is acknowledged by the government, as a supplier of Goods and Services and is authorized to collect VAT from customers and remit the same to the government. Only VAT registered businesses will be allowed to do the following: Charge VAT on taxable supply of goods and […]
Valuation of Supplies under UAE VAT Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under VAT? What will be included in the value of taxable supply on which VAT is calculated? If the […]
Understand how VAT works in UAE and the importance of input tax deduction. Learn how businesses act as tax agents and collectors for the government.
The tax which has been levied and needs to be assessed, will require a specific date to be established for the transaction for taxpayer and tax administration to carry out the quantification. This article provides for the manner of determining the Date of Supply. The Date of supply shall not be entirely left at the discretion of the taxable person. Taxable persons first need to look into which clause of this article is applicable for a supply and then ascertain the date so stated under that clause.
GCC i.e. Gulf Cooperation Council is a political and economic alliance of six middle eastern countries- Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman. The GCC was established in Saudi Arabia in May 1981. The objective of the GCC is to achieve unity among members based on their common objectives and their similar political and […]
Article-2 of Decree Law Article-2 of Decree law provides scope of VAT in UAE, which provides VAT shall be levied on: a) Every Taxable Supply andDeemed Supply made by the Taxable Person. b) Import of Concerned Goods except as specified in the Executive Regulation of this Decree-Law. Definition of Taxable supply has been provided in Article-1 of Decree law. […]
In the context of UAE VAT law Goods means physical property that can be supplied including real estate, water, and all forms of energy as specified in the Executive Regulation of this Decree-Law.
