by Rafaqat Ali Khan | Apr 22, 2020 | English Topics, Uncategorized
IFRS 16 will affect most companies involved in leasing that report under International Financial reporting Standards (IFRS). It will have a substantial impact on the financial statements of lessees of property and high value equipment – requiring that leases be placed...
by Rafaqat Ali Khan | Apr 20, 2020 | English Topics, Uncategorized
The Vat invoice must contain the following; Word “Tax invoice” The name, address, and VAT Registration Number of the Registrant making the supply and of recipient. A sequential VAT Invoice number or a unique number which clearly identify of the VAT Invoice and the...
by Rafaqat Ali Khan | Apr 20, 2020 | English Topics, Uncategorized
According to the UAE vat law Clause 9 of Article 4 of the Federal Decree-Law No. 13 of 2016 on the Establishment of the Federal Tax Authority; and – Clause 7 of Article 59 of the Cabinet Decision No. 52 of 2017 on the Executive Regulations of the Federal...
by Rafaqat Ali Khan | Apr 19, 2020 | English Topics, Uncategorized
According to the UAE VAT Law Article No. 05 and Cabinet Decision No. 052 of 2017 following must not be considered as deemed supply. When the company cannot recover the input tax on the supply of relevant goods and services When the supply is exempted from VAT Law When...
by Rafaqat Ali Khan | Apr 19, 2020 | English Topics, Uncategorized
Mandatory threshold for UAE Vat registration is 375,000 AED and voluntary threshold is 187,500 AED either revenue or expenses for the previous twelve months. When the person meets the voluntary threshold, he must have to submit vat registration application within 30...
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