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...
by Syed Nasr | Apr 19, 2020 | English Topics, Uncategorized
Progress billings are common in a number of different industries including construction projects. General contractors, painters, electricians, and plumbers use progress billings as part of their businesses. The cost of raw materials, labour, and delays in construction...
by Syed Nasr | Apr 19, 2020 | English Topics, Uncategorized
IFRS 5 sets rules how to treat non-current assets held for sale. Assets held for sale are not depreciated and are measured at the lower of carrying amount and fair value less costs to sell, and are presented separately in the statement of financial position. Specific...
by Noorjahan S. Yargatti | Apr 19, 2020 | English Topics, Uncategorized
These are tangible items which they will use for their production or supply of goods or services for rental to others, or for administrative purposes. And it is expected to be used during more than one period. IAS 16 states that the cost of an item of property,...
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