Goods and Services Tax : Explore the diverse taxation system of the UAE, including VAT, customs duties, excise taxes, and more. Learn about thresholds, com...
Corporate Law : Navigate corporate tax registration in Dubai with ease! Learn essential steps, required documents, and deadlines to ensure complia...
Corporate Law : Embark on a comprehensive journey into UAE Corporate Tax with our series. Understand essentials, effective dates, entities, intern...
Corporate Law : Navigate the complexities of UAE Corporate Tax with our comprehensive guide. Understand tax rates, residency rules, deductions, gr...
Goods and Services Tax : Explore the evolution of UAE's tax scenario, from tax-free haven to corporate taxes. Discover the reasons behind this shift and it...
Corporate Law : After more than 50 years of inception UAE has decided to implement Corporate Tax in the UAE with effect from 1 June 2023 and as a ...
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. […]
This is an Unofficial English Translation of the Draft Bahrain Value Added Tax Law. Chapter 1 – Preliminary provisions Article 1 – Definitions (1) The Kingdom: The Kingdom of Bahrain including all its lands and its subsoil and territorial waters adjacent to it and the seabed, and all that is vested in sovereign rights in […]
This e-book on Bahrain VAT by CA Pritam Mahure contains the following- Contents Value Added Tax (VAT) in Bahrain About the Author Forewords 1. Basics of indirect taxation. 2. Primer on VAT. 3. VAT in GCC. 4. About Bahrain. 5. Taxes in Bahrain. 6. Things you must know about VAT. 6.1 VAT is payable on […]
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.
Your type of business will determine the kind of license you require. Whether it’s commercial, professional or industrial licenses, these will define the basis of your operations. However, while selecting, remember that certain activities such as food trading, jewellery trade, veterinary activities and legal consultancy require further approvals from other governmental departments. Business Jurisdictions in […]
Jewellery in UAE is known for its purity, variety and competitive pricing compared to various other markets. These factors have been the key drivers of demand for gold jewellery in UAE. With the advent of VAT in UAE there has been a lower side shift in market, consumers in general are yet to understand the nuances of the law and adapt to the evolving VAT introduced in UAE. On the brighter side, the recent applicability RCM for wholesalers has been a welcome change for many.
Legal enactment of VAT in UAE: In line with the said Economic Agreement 2001, based on the decision of Supreme Council of GCC, held in December 2015, and keeping in mind the uniformity in imposition of VAT by the GCC States, the decision to establish a unified legal framework for the introduction of a general tax on consumption in the GCC known as VAT was made.
FTA clarifies the scope of blocked credit for entertainment services. Such clarification has relieved business from certain doubts for the recovery of VAT input, yet many are still unclarified vide this clarification.
