Being registered under the VAT law means that a business is acknowledged by the government, as a supplier of Goods and Services and is authorized to collect VAT from customers and remit the same to the government. Only VAT registered businesses will be allowed to do the following:
Charge VAT o..
Being a completely new form of indirect taxation there are many questions in the minds of the organizations. One of the most important questions is what is valuation of supply under VAT? What will be included in the value of taxable supply on which VAT is calculated?
If the entire consideration i..
VAT in UAE is a general consumption tax which will be levied on the majority of transactions of goods and services unless specifically exempted by the Law. Under this, VAT is charged at every stage of 'Value Addition' in the supply chain and the mechanism of Input tax deduction ensures that ..
The tax which has been levied and needs to be assessed, will require a specific date to be established for the transaction for taxpayer and tax administration to carry out the quantification. This article provides for the manner of determining the 'Date of Supply'.
The Date of supply shall not be..
GCC i.e. Gulf Cooperation Council is a political and economic alliance of six middle eastern countries- Saudi Arabia, Kuwait, UAE, Qatar, Bahrain and Oman. The GCC was established in Saudi Arabia in May 1981. The objective of the GCC is to achieve unity among members based on their common objectives..
Article-2 of Decree Law
Article-2 of Decree law provides scope of VAT in UAE, which provides VAT shall be levied on:
a) Every Taxable Supply and Deemed Supply made by the Taxable Person.
b) Import of Concerned Goods except as specified in the Executive Regulation of this Decree-Law.
In the application of the provisions of this Decree-Law, the following words and expressions shall have the meanings assigned against each, unless the context otherwise requires:
1. VAT (Value Added Tax)
VAT means a tax which is imposed on the supply of Goods and Services and Imports, at each ..
Arjuna (Fictional Character): Krishna, festival of Gudhi Padwa is coming soon. It is a start of New Year. So this year, will the Gudhi which will increase the prosperity of tax payers build?
Krishna (Fictional Character): Arjuna, Gudhi Padwa means beginning of
Marathi new year. In Maharashtra s..
Forms of Business Enterprise Permitted In UAE
Types of business entities
There are mainly three types of business entities permitted by law in the UAE and they are:
Professional License is issued to professionals, artisans and craftsmen. T..
UAE is one of the Member States of the GCC. All GCC Countries have agreed to implement the VAT latest w.e.f. 01.01.2019 and in that direction, have already passed the Framework for common law which is consumption based model. The Framework would be binding on all Member States who shall design their..