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SUPPLY OF SERVICES

Article (6) of decree law defines supply of services as any provisions of services including every supply that is not considered a supply of goods i.e every supply of services is supply which doesn’t fall under supply of goods There are certain cases where supply is...

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What is supply for VAT

Supply of services is anything that can be supplied other than goods and supply of goods shall mean physical property that can be supplied including: A transfer of ownership of Goods or the right to use them from one Person to another Person shall include for...

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How to submit input tax apportionment application?

Input tax which is incurred in respect of goods or services which are used partly for making supplies that allow for VAT recovery and partly for making supplies for which VAT is not recoverable is known as “residual input tax”, and it must be apportioned between those...

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What is excise tax?

Excise Tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. These goods are referred to as “excise goods”. When considering whether a product is an...

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Accounting records requirement in UAE

Keeping Accounting Records and Commercial Books 1.Accounting Records and Commercial Books shall include the following: a. Accounting books in relation to that Business, which include records of payments and receipts, purchases and sales, revenues and expenditures, and...

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Documents for Customer Due diligence

Financial Institutions and DNFBPs should identify the Customer’s identity, whether the Customer is permanent or walk-in, and whether the Customer is a natural or legal person or legal arrangement, and verify the Customer’s identity and the identity of the Beneficial...

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Tax audits by FTA (UAE)

Criteria for initiating Tax audit by the FTA Following issues are taken into account when the FTA decides on whether or not to conduct a Tax Audit on a Person: That a Tax Audit is necessary for protecting the integrity of the Tax system. The responsibility of the...

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Verification of customers by financial institutions

Financial Institutions and DNFBPs are required to undertake Customer Due Diligence (CDD) measures to verify the identity of the Customer and the Beneficial Owner before or during the establishment of the business relationship or opening an account, or before executing...

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Assessment of whether Economic Substance Test is met

The Regulatory Authority may make an assessment that a Licensee has not met the Economic Substance Test during any Financial Year of the Licensee. No assessment will be done six (6) years after the end of the Financial Year to which the determination relates. The time...

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