by Noorjahan S. Yargatti | May 16, 2020 | Uncategorized
According this law, if any, business failed to follow the tax law, there will be penalties which is not less than 500 AED and no more than the value of the tax on the transaction in question. Below are some administrative penalties under VAT in UAE. Failure to...
by Noorjahan S. Yargatti | May 16, 2020 | Uncategorized
VAT will be charged on the sales but the gifts with smaller value under 500 AED are VAT exempt. The limit here is 500 AED, and the following conditions apply to this exception. The goods supplied to recipients does not exceed AED 500. The AED 500 threshold is...
by Rafaqat Ali Khan | May 13, 2020 | Uncategorized
Adjusting events are the events providing evidence of conditions existing at the end of reporting period. While Non-Adjusting events provide evidence of conditions existing after the end of reporting period. Moreover, management should not prepare the financial...
by Noorjahan S. Yargatti | May 10, 2020 | Uncategorized
. It describes the company’s financial health and mark how a company is performing over time, while comparing a company to another within the same industry or sector. Financial ratios are often divided up into seven main categories. Liquidity ratio Solvency ratio...
by Noorjahan S. Yargatti | May 10, 2020 | Uncategorized
because of that there is possibilities misuse of information or manipulation of numbers to boost perceptions of businesses or to implement earnings. To protect this accounting ethics is important. Ethical codes are the basic standards that an accounting professional...
by Noorjahan S. Yargatti | May 9, 2020 | Uncategorized
IAS 34 doesn’t clarify that which business entity should prepare an Interim Financial Report. IAS 34 applies when an entity that uses IFRS standards issues an interim financial report in its annual financial statements stating compliance with IFRS requirements. IAS 34...
by Noorjahan S. Yargatti | May 9, 2020 | Uncategorized
VAT Group Registration means where two or more persons conducting a business will applied for Tax Registration as a tax group. For the formation of a tax group only the representative member of a prospective tax group can apply. To do so, the representative member...
by Rafaqat Ali Khan | May 7, 2020 | Uncategorized
VAT Treatment of Director Services There should be 375000 AED taxable in previous 12 months or is expected to be in next 30 days for mandatory registration. The director can also register on voluntary basis if its services amount is exceeding 187500 AED. The director...
by Noorjahan S. Yargatti | May 6, 2020 | Uncategorized
There are many reasons for non-payment like customer may end up his business, not satisfied by what he purchased, etc. in this situation supplier will face difficulties in filing VAT returns because of bad debts. The registered supplier charges VAT to the customer at...
by Rafaqat Ali Khan | May 6, 2020 | Uncategorized
Following are the steps for VAT refund on new buildings. Create a new account of eservices on Federal Tax Authority FTA website; Login into your newly created eservices account; After login click on the new taxable person/special refunds button and then enter the name...
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