What is the UAE Free Trade Agreement? FTA stands for UAE Federal Tax Authority. It is the government agency responsible for administering, collecting and enforcing federal taxes and related penalties, as well as distributing tax revenues and applying tax-related procedures in the UAE. The Federal…
Omani companies can raise finance through debt or company equity. Income taxes are not levied by the government on: Dividends from a sole proprietorshipReceipt of dividends by a company from the shares of another company registered in OmanWithholding tax (WHT) applies (depending on the relevant…
The implementation of the first phase (generation phase) of e-invoicing in Saudi Arabia begins on December 4, 2021 and is subject to the e-invoicing regulation Applies to all taxpayers. This first phase requires all compliant businesses to create and store electronic invoices with specific specifications…
The ZATCA’s system (Fatoora Portal) will be combined with the business’s software, such as accounting software, EPR, etc., during the integration phase, also referred to as phase 2 of e-invoicing. Under this approach, the invoice is generated by the supplier and then electronically posted to…
If you are a business owner, it is time to align your business practices with the VAT (value-added tax) system. As you are aware, the UAE and Saudi Arabia will implement a 5% VAT from January 1, 2018. Business records must now be kept for…
With the execution of VAT in UAE on 1st January, 2018, the businesses found in Free Zone were generally stressed almost the VAT Registration uae suggestion on their commerce. As a to begin with step towards giving the much-needed clarity on free exchange zone, the…
**Compulsory VAT Registration in the UAE** In the United Arab Emirates (UAE), businesses are obligated to undergo VAT registration under specific circumstances: 1. **Resident Businesses:** If a business is based in the UAE and its total supplies in the member states have exceeded AED 375,000…
**Mandatory VAT Registration in the UAE** If a business has its headquarters in the United Arab Emirates and its total supplies in the member states over the previous 12 months have surpassed AED 375,000, it must undergo mandatory VAT registration in the UAE. Additionally, if…
When determining if the value of supplies has exceeded the mandatory or voluntary registration threshold limits in the UAE, several factors must be taken into account: 1. Taxable Supply of Goods and Services: Taxable supplies encompass all goods and services provided in the UAE, subject…
In the United Arab Emirates (UAE), the Federal Tax Authority (FTA) has established specific VAT registration deadlines based on businesses’ turnover. The following outlines the VAT registration deadlines in the UAE: **Compulsory Registration** – Companies generating revenue surpassing AED 375,000: – Companies with a turnover…