FTA

Federal tax authority has recently published an update to the taxpayers regarding the suspension of Reverse Charge Mechanism, a facility which previously helped taxpayers to automatically claim back the tax credit on the Imports without the actually payment of the same. According the FTA, the suspension may encourage the taxpayers to pay off any outstanding […]

United Arab of Emirates is known as the most attractive place around the globe in terms of Business, trade, and tourism. People come from different countries and set up their ventures in different structures i.e. Mainland Company, Free zone Company, Offshore Entities depending on their requirements. There are different forms of companies having distinct structures […]

FTA has issued ?VAT Guide? for giving conceptual clarity and calculating the Input Tax Apportionment on VAT, A taxable person incurs various expenses which are subject to VAT while doing its business. This VAT can be taken as a credit by a taxable person where acquired goods and services are used, or intended to be […]

Excise Law widened the scope from 1st December 2019. Sweentened drinks and electronic smoking devices or tools and tools, or liquids used in such devices and tools are covered under excise perview. Excise tax covers producers, importers and stockpilers. Definition of producers & importers is comprehensive but the definition of stockpiler is need to be […]

As per article (7) of the VAT Decree Law, the transfer of whole or an independent part of business from a person to a taxable person for the purpose of continuing the business that was transferred is not considered to be a supply for VAT purposes. In this clarification FTA clarifies the conditions on the basis […]