A Quick Guide to VAT in UAE
Overview of Value Added Tax (VAT) in the UAE Value Added Tax (VAT) was introduced in UAE on 1st January 2018. The Federal Tax Authority (FTA) is chargeable for all administrative and collection of taxes in the UAE. UAE imposes VAT on tax registered businesses on a taxable supply of goods or
NRI Taxation
Liable to tax,” as defined in Section 2(29A), refers to an individual’s legal obligation to pay income tax under the laws currently in force in a specific country. In the context of NRI taxation in the UAE, this definition is crucial in determining a person’s tax liability, taking into account
Temporary Zero Rating of Certain Medical Equipment
The Federal Tax Authority has published VATP025, replacing Public Clarification VATP023, to address the “Temporary Zero-Rating of Zero-Rated Medical Equipment UAE VAT. Date extended till 31st December-2021 for VAT at the rate of 0% on certain supplies and import of medical equipment. After 31st December-2021, if there is any supply
100% Foreign Ownership In UAE
UAE To Implement 100% Foreign Ownership Of Companies From June 1 UAE Ministry of Economy has made a very important announcement stating that the new Commercial Company Law with regards to 100% Foreign Ownership will be effective from 1st of June, 2021. Foreign-owned firms no longer need a UAE national as an
Why is it necessary and suggestable to maintain books of Partnership Business
According to UAE’s Federal Law No. 2 of 2015 bookkeeping is certainly one of the most vital things to be considered and maintained. In the UAE, Partnership Firms (Joint Liability Company) are required to keep accounting records showing transactions to accurately reveal at any time, the financial position of the
When it is Mandatory to prepare consolidated financial statements as per IFRS
The UAE Commercial Companies Law No. 2 of 2015, effective from July 1, 2015, mandates all companies to adhere to international accounting standards and practices, including the preparation of consolidated financial statements as per IFRS. This ensures compliance with global financial reporting standards when preparing their accounts. However, this law
