by Rafaqat Ali Khan | May 4, 2020 | English Topics, Uncategorized
Following are the two easy steps, 1. The buyer will have to create the e-services account on FTA website The account is created by completing the sign-up process which includes the following steps Create a user name and password Verify your eservices account 2....
by Syed Nasr | May 4, 2020 | English Topics, Uncategorized
VAT treatment on supplies of farm lands and farm buildings can differ by taking into consideration of facts and principles of individual case of supply of farm lands and farm buildings. The supply of farm house which is constructed as a residential building and is...
by Syed Nasr | May 4, 2020 | English Topics, Uncategorized
A transfer of business as a going concern is a type of an asset sale which involves a transfer of title in the assets from one person to another person. For VAT purposes, it is important to distinguish between a normal sale of assets and a sale of assets as part of...
by Rafaqat Ali Khan | May 3, 2020 | English Topics, Uncategorized
The standard Tax Period is of three calendar months ending on the date that the FTA decided. The FTA may, at its discretion, may assign a different Tax Period other than the standard one, to a certain group of Taxable Persons. A Tax Return must be filed to the FTA no...
by Noorjahan S. Yargatti | May 3, 2020 | English Topics, Uncategorized
A designated zone is an area where the customs will control the entry and exit of individuals and movement of goods. The designated zones are handled outside the state of the UAE, meaning that VAT is not imposed. Because it is considered as outside the country, not...
by Noorjahan S. Yargatti | May 3, 2020 | English Topics, Uncategorized
Under Article 45(14) of the vat Act of the UAE and Article 41 of the Executive Rule, the provision of healthcare services shall be valued zero. Health facilities provide fees for examinations, laboratory tests, fees for emergency rooms and medicines. Even other health...
by Noorjahan S. Yargatti | May 3, 2020 | English Topics, Uncategorized
UAE’s top imports are gold, diamonds, jewellery and automobiles. Exports and imports therefore are an integral part of UAE traders. Exports are considered supplies which are taxable. They are rated zero, however i.e. export tax is applicable at 0% is applicable....
by Noorjahan S. Yargatti | May 3, 2020 | English Topics, Uncategorized
An individual registered under VAT or rendered by the FTA can apply for VAT de-registration on determining that a person meets the conditions for de-registration. There are two conditions under which a business can apply for VAT de-registration in UAE The company...
by Noorjahan S. Yargatti | May 2, 2020 | English Topics, Uncategorized
The amount of economic benefits is the amount recoverable according to terms IAS 36. An entity is expected to determine at the end of any reporting period if there is any evidence that an asset may be impaired (i.e. its carrying amount may be greater than its...
by Noorjahan S. Yargatti | May 2, 2020 | English Topics, Uncategorized
The buyers would like to quote a lesser value whereas the seller will always quote a higher value of the Company in order to gain the maximum from the deal. Moreover, the claimed Company’s value forms a basis of negotiation between the two parties. Valuation of...
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