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...
read moreDocuments 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...
read moreVerification 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...
read moreAssessment 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...
read moreReporting under Economic Substance Regulation
Report under economic substance Test to the Ministry of Finance shall include the following information with respect to the Licensee – the type of Relevant Activity conducted by it. the amount and type of relevant income in respect of the Relevant Activity. the amount...
read moreBusinesses under the ambit of Economic substance Regulation
Businesses under the ambit of Economic substance test regulation and the Core Income-Generating Activities include: 1. Banking Businesses as licensed in the State, including Banking Businesses licensed in a Free Zone or a Financial Free Zone. (a) raising funds,...
read moreImpact of Economic Substance Regulations on Intellectual Property Business
What is an Intellectual Property business? Intellectual Property Business: a business which holds, exploits, or receives income from the Intellectual Property Asset(s). Intellectual Property Asset: any intellectual property right in intangible assets, including but...
read moreDate of supply for Directors
The date of supply for Director’s service would be the earliest of:
• Date of issuance of a tax invoice;
• The date on which the provision of services was completed;
• Date of receipt of payment.
Tourist Refund Scheme
Retailers participating in the Tax Refunds for Tourists Scheme will initiate providing refund claims to tourists as of 18 November 2018.
The Overseas Tourist may reclaim VAT at Abu Dhabi International Airport, Dubai International Airport, and Sharjah International Airport, as of 18 November 2018.
