by Rafaqat Ali Khan | May 7, 2020 | English Topics, 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 | English Topics, 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 | English Topics, 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...
by Noorjahan S. Yargatti | May 6, 2020 | English Topics, Uncategorized
As an audit is an effort to check an entity’s statement of accounts, the audit report is outlined in the audit opinion. The checking of the books of accounts and other related information aids the auditor in forming an opinion which is the basis of the decision....
by Rafaqat Ali Khan | May 5, 2020 | English Topics, Uncategorized
A disbursement of expenses falls outside scope of vat and while reimbursement of expenses is within the scope of vat and it is subject to standard rated. For disbursement or reimbursed to differentiate we have to see the company has acted as agent or principal. If the...
by Noorjahan S. Yargatti | May 5, 2020 | English Topics, Uncategorized
As per UAE VAT LAW there are certain conditions for claiming VAT on expenses. You cannot claim VAT for all your expenses. As you know, the UAE VAT LAW clearly sets out the conditions for business to recover input VAT on expenses and lists the expenses that are blocked...
by Rafaqat Ali Khan | May 5, 2020 | English Topics, Uncategorized
In some situations, the taxable person may appoint another company agent to imports the goods on its behalf. So, the vat registered importing agent will provide the TRN at the time of importation of goods the vat amount in box 6 of vat return of importing agent will...
by Syed Nasr | May 5, 2020 | English Topics, Uncategorized
Data analytics can help businesses to uncover valuable insights within their financials, identify process improvements that can increase efficiency, and better risk management. Data analytics can add value to the business decision making within the organization. The...
by Noorjahan S. Yargatti | May 4, 2020 | English Topics, Uncategorized
The entity will provide employee benefits in exchange of services rendered by the employee or the termination of an employee. IAS 19 requires an entity to recognize: a liability when an employee has provided service in exchange for employee benefits to be paid in the...
by Rafaqat Ali Khan | May 4, 2020 | English Topics, Uncategorized
If these both conditions are met then applicant can recover input VAT. Invoice is received and there is intention to make payment within six months after the agreed date of payment. if the applicant has intention to make payment in next period then he has to recover...
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