What is a voluntary disclosure? A voluntary disclosure should be made by a taxable person to notify the FTA of an error or omission in their tax return, tax assessment, or tax refund application. When should a voluntary disclosure be made? As per Article 8 of Cabinet Decision No. 36 of 2017 on the Executive […]
Category: VAT
Reimbursements & Disbursements
Meaning: The term “reimbursement” refers to the recovery of expenses that is incurred as a principal. The term “disbursement”, on the other hand, refers to the recovery of payments made on behalf of another person. Tax Treatment: A reimbursement is considered to be a part of consideration for the supply and follows the same VAT […]
Importation of goods by agents on behalf of owners of goods
In case, where a VAT registered owner of the goods request another VAT registered person (“importing agent”) to import goods on behalf of the former, as the VAT registered importing agent would have provided their TRN at the time of importation of the goods, the VAT amount would be automatically pre-populated in Box 6 of […]
Initiation of Tax Audits by Federal Tax Authorities
FTA has started issuing notices for Tax Audits in United Arab Emirates. As per Article (18) of the Cabinet Decision No. (36) of 2017 on the Executive Regulation of Federal Law No. (7) of 2017 on Tax Procedures, FTA is demanding following details for the VAT return periods January 01, 2018 to January 31, 2019: […]
Procedures for Proving Export of Goods for VAT Purposes
Pursuant to the requirements of the Federal Tax Authority (FTA), and in order to facilitate procedures of proving exportation of goods through Customs exit points for Value-added tax (VAT) purposes, the following procedures are required to prove exportation of the goods outside the country: Issuing a customs declaration in accordance with customs procedures applicable for proving export […]
MAKE YOUR BUSINESS READY FOR FTA TAX AUDIT IN 2019
The FTA has commenced auditing of businesses registered for VAT. It is of utmost important that business gets a Health Check of its accounting record before a formal notification for the Audit is received. It will be a smooth process for business with a perfect accounting record. However, lack of compliance can expose to high […]
New biannual tax return commences from November
The Federal Tax Authority (FTA) will introduce a new biannual tax period next month for certain sectors, said Khalid Ali Al Bustani, director-general, FTA. “Next November, a new biannual tax period will be introduced for some small businesses, commercial real estate owners, and board members, and they will be informed of the procedures for their […]
TOURISTS TO GET REFUND IN UAE FROM NOVEMBER 2018
UAE is taking another major step forward with the introduction of the ground-breaking Tourists Refund Scheme. The FTA has officially announced “PLANET” – a leading global provider of IP based networking products and solutions as the operator of the Tourists Refund Scheme in the UAE. According to its website, tourists will be able to validate […]
VAT Refund for Tourists
VAT refund for UAE tourists to start in November The UAE’s Federal Tax Authority has appointed Planet as its exclusive tax refund operator for the Tourist Refund Scheme which will be rolled out in November 2018. “The FTA has announced that from November 2018, eligible tourists will be able to receive a proportion of the […]
Entertainment Services – Non-Recoverable Input Tax
Article 53 of Executive Regulations defines Entertainment Services as follows: Entertainment services are defined under Article 53(2) of the Executive Regulations as “hospitality of any kind” including the provision of: accommodation; food and drinks which are not provided in a normal course of a meeting; and access to shows or events, or trips provided for […]
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