VAT News

The temporary zero-rating on medical equipment was legally validated by Cabinet Decision No. 9/12 of 2020. Furthermore, the Ministerial Decision No. 380 of 2020 (“Ministerial Decision”) issued by the Minister of Health and Prevention on 6 December 2020 (with effect from 1 September 2020) specifies the medical equipment that are zero-rated in accordance with the Cabinet […]

Value Added Tax(VAT) was introduced by the UAE government on 1st January 2018. VAT is an indirect tax that is levied on the consumption of goods and services. The imposition of vat would greatly have an impact on the functioning of the business and with increased risk, volume and complexity of the transactions it becomes […]

Federal Tax Authority (FTA) recently introduced a new method of paying taxes to facilitate the VAT and Excise payments by persons registered under VAT or Excise tax. This new payment method involves paying through GIBAN. A GIBAN (Generated International Bank Account Number) is a unique IBAN (International Bank Account Number) provided to every taxpayer to […]

The new amendment is applicable to those UAE nationals who owns or obtain a land in the UAE and on which he builds or commission the construction of a new residential building to be solely used by that person or his/her family. This scheme helps those nationals to claim refund on the tax paid on […]

All tax registered businesses or individuals are required to file VAT returns on a monthly or quarterly basis. For this, they can approach any registered VAT services firm in UAE for expert guidance. The total VAT payable depends on whether the Input VAT you incurred can offset the Output VAT. If the Output VAT exceeds […]

VAT was introduced in UAE on January 1, 2018 and is an indirect tax charged on the consumption or use of goods and services at each point of sale. VAT-registered businesses collect the amount on behalf of the government; consumers bear the VAT in the form of a 5 per cent increase in the cost […]