This article provides an overview of the treatment of VAT transactions in the UAE. Business transactions subject to VAT are classified into two primary categories: Sales Transactions: Quotations Sales Orders Delivery Notes Invoices Scheduled Invoices Debit Notes Purchasing Transactions: Expenditure Items Scheduled Expenditure Items Purchase Requisitions Accounts Payable Scheduled Accounts Payable Vendor Credit Memos Self-Invoicing … Read more
The newly introduced articles under Federal Decree-Law No. 16 of 2024 and Federal Decree-Law No. 17 of 2024 have streamlined specific types of tax invoices by implementing requirements for their issuance. These provisions encompass various forms of invoices, including simplified invoices, summary invoices, periodic invoices, and other similar invoice types. What is the new due date … Read more
The Federal Tax Authority (FTA) issued the Tax Procedures Guide TPGTR1 on Tax Residency Certificates (TRC) and tax residency in the UAE. This Guide is designed to assist individuals and businesses to effectively determine taxability and provides a comprehensive explanation of tax residency rules in the UAE. Key Aspects of Tax Residency in the UAE … Read more
Cabinet Decision No. 100/2024, issued by the Federal Tax Authority, introduced amendments to the Value Added Tax (VAT) Executive Regulations under Federal Decree-Law No. 8/2017. This article explains VAT exemptions in line with the latest VAT law amendments. Expansion of Financial Services Exemption The scope of financial services covered under Article 42 of the VAT … Read more
Under Article 40 of the UAE Corporate Tax Law, specific criteria and conditions must be met for the formation of a tax group. These provisions emphasize control, coherence, and consolidation among group members, with capital ownership serving as the structural foundation of the tax group. Key Ownership Characteristics of a Tax Group: A UAE tax … Read more
Leading corporate tax consultants in Dubai-UAE, play an essential role in ensuring compliance with the UAE’s corporate tax regulations. Businesses in UAE are required to ensure compliance with the corporate tax law and avoid potential penalties or fines. This article details the top corporate tax consultants in Dubai, UAE, detailing their range of services, key … Read more
