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UAE Vat updates

UAE VAT UPDATES

Key points of clarification provided by FTA on some issues.

 

1. Tax invoices

In case

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VAT UPDATES

  1. VAT FORM 211- Voluntary disclosure form

Federal Tax Authority has introduced VAT FORM 211- Voluntary disclosure form.

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IDENTIFICATION OF A RELATED PARTY- IAS 24

A related party shall be a person or entity that is related to the entity which is preparing its financial statements (referred to as the ‘reporting entity’):

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LIABILITY FOR VAT IN ACTIVE CONTRACTS SIGNED PRIOR TO JAN 1, 2018

On March 3, 2018 FTA has given a clarification that determine whether it is the supplier or end-consumer that bears the cost of the Value Added Tax (VAT)

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VAT ALERT – BUSINESS VISITORS AND GIBAN

1. Federal Tax Authority has confirmed Business visitors refund:

For business visitors, claiming VAT refund is a straightforward process as confirmed by the summary user

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IFRS 15- Revenue from Contracts with Customers

What’s the effective date and transition?

IFRS 15 shall be applied in the IFRS based financial statem

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SOLLUTION TO THE PROBLEM FACED BY VAT IMPORTERS

After the implementation of VAT, all the imports to UAE are affected. For this, Federal Tax Authority and Custom department are work

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VAT ALERT- PAYMENT BY COMMERCIAL PROPERTY BUYERS

Real-estate is one of the sectors which impacts all expatriates and citizens in UAE in the form of house rents and prices. Everybody know that 5% VAT will be charged on sale of Commercial Property<

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VAT Impact on Education Sector

Education is one of the major sectors for any economy. The education of country’s youth decides how the economy of that