Purchase of Jewelry expected to be charged 5% VAT

As gold doesn't come under the category of basic household goods , Beside VAT an excise duty will also be applicable on Luxury cars, beverages and tobacco which would be expected between 50 to 100 percent of the sale value. This fee may discourage consumer from making non essential purchases. Moreover excise duty is expected to be implemented before VAT JAN 2018.   ...

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2nd edition of the GCC VAT Forum set to place in Meydan hotel Dubai, from 20-21 February 2017

In 2016 GCC VAT forum inaugurated with hundreds of finance heads across the region. This Feb meeting will again host Group finance Managers, CFO's, Compliance managers and Tax directors who want to learn about the new VAT regulations and precisely how it will affect their current company operations, system and process.    Two days events agenda of GCC VAT forum:  DAY One: 08:00 Registration with welcome refreshments 08:45...

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Minster of Economy says VAT will generate DHS 20 billion in Second year

UAE plans to implement VAT in the next year 2018 along with other GCC countries, which could generate Dhs 20 billion in the Second year and Dhs 12 Billion in the first year of implementation As per Ministry of Economy Sultan Al Mansouri. Gulf countries planned to less dependent on oil revenues and able to generate income from non-oil sources such as VAT. This was started back in 2015 when the restriction was removed in the way fuel prices...

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VAT on property

As UAE government is under the process of drafting the complete UAE Tax Law so it still unknown how much the personal transaction will be affected after the implementation of VAT. Currently, there is no guidance of VAT on property transactions but if UAE adopted the model of UK and Europe, it could be expected that new build commercial property will be eligible for VAT. Before the release of VAT implementation, these debates are tentative but however imperative for corporate planning purpose.&nbs...

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VAT Return Payable Period

Once business registered for VAT it has to submit its VAT return on regular basis. The default period for VAT return will be 3 months for most of the companie...

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Responsibilities of VAT Registered business

It's the responsibility of VAT registered companies to keep the financial record up-to-date and free from error. The financial record will be checked as evidence that company fall in the minimum annual turnover needs to register for the VAT. Those companies who doesn’t fall in minimum annual turnover criteria should also keep their record ready for any occasion for government to establish either they fall in VAT registration criteria.  VAT Registered Companies: -    Generally Charge VAT on it sales of goods and services. -   ...

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Who should register for VAT?

If a business or vendor supplies of good and service meet the annual turnover limit set by the government and also trade in those supplies which come under the scope of VAT. -Under the first phase companies whose annual turnover is between the band of 1.87 million   to 3.75 million Dirham have option either to register for VAT or not. -Companies whose annual turnover exceed 3.75 million limit are obliged to register for VAT     online system.  ...

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