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How to issue VAT invoice in foreign currency

While making the supply of goods or services by a taxable person located in the state (Dubai) to a person outside the state or while providing goods or services to MNCs, the invoice is usually issued in foreign currency (preferably $ USD). Exchange rate adopted for...

Option to recover VAT paid before registration

Decree-law in UAE provides newly registered dealer to recover VAT paid on supply or goods or services and on the import of goods. Even if VAT is paid before registration. This gives the dealer the advantage of claiming VAT paid on purchase and import during the...

why accounting is important for VAT

From registration perspective: If a person has made taxable supplies with a value exceeding the Mandatory Registration Threshold over the previous 12 months, Application for registration to be made within 30 days The primary condition for registration is exceeding the...
Which services are taxable under VAT?

Which services are taxable under VAT?

Supply of service is a residual category. Any supply which is not a supply of goods falls under the supply of service. Some supply may appear to be a service but are specifically covered under supply of goods in executive regulation like: Granting, assignment,...
VAT on residential building

VAT on residential building

VAT is levied on the supply of all goods and services at each stage of production and distribution. Before analyzing, let us first understand whether the supply of property falls under VAT or not?For the purpose of supply of goods under VAT, Decree-law defines goods...

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