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The public clarification sought to relieve and doubts on VAT applicability on some type of payments such as the claim for loss, fines and penalties. Specific transactions are however subject to different treatment based on the facts of the case.
UAE witnessed introduction of VAT for the first time on 1st January 2018 which is imposed on the supply of goods and services at the rate of 5%. With the view to update members with the latest changes coming in the tax regime in UAE, ICAI, marking its global presence, through its Dubai Branch/Chapter, has […]
UAE over the past two decades has become one of the fastest growing business hub of international companies from around the world. By and large, businesses from almost all major countries of the world, had set up their business operations in UAE, due to its strategic location, ease of doing business, flexibility in processes and policies and a completely tax-free business environment.
We all already know that VAT has been implemented in United Arab Emirates. It has been decided to implement VAT in Gulf Cooperation Council (GCC) Countries vide an understanding between them. The GCC works as a Trade and Economic Group. The inter State trade between the GCC Countries is like trading within the States.
UAE Cabinet Decision No 59 of 2017 approves the List of Designated Zone (DZ) for UAE VAT Law. Summarizing the Key impact of VAT on transactions related with DZ. All Free Zones are not being treated as DZ resulting that companies in the Free Zones except those declared as DZ are to be treated as […]
Update on Transactions between UAE & KSA as both the countries have implemented VAT from 01.01.2018.
CA Pritam Mahure has come up with a Book on Value Added Tax (VAT) in UAE which will come into effect from 1st January 2018 with a standard Rate of 5%. The book is a compilation of GST related key legal provisions, reports and articles. Link to Download is provided at the end of the […]
KSA & UAE both have specific conditions of treating each other as implementing state, in view of the specific requirements it’s most likely that all supplies between both the countries to be treated as Export/ Import. Export to be subject to VAT @0% and import to be dealt according as per the applicable law
VAT in UAE – A person who is not registered for Tax in the UAE or who doesn’t hold a Custom Code in his name, imports concern goods in the UAE, has to pay VAT (physically) before the release of goods from customs.
VAT is effective from 1st January 2018 in the UAE though transactions will be in pipeline for the businesses as payment received or supplies done before effective date. Some of the key transitional rules and detailed Article 70 of the Executive Regulations of the UAE VAT Law.
