What is tax period under UAE VAT ?

31/12/2017

Tax Period is a specific period of time for which the Payable Tax shall be calculated and paid.

There are certain types of tax period under UAE VAT and a vat registrant would come under one of these tax periods.
This information is available for respective vat registrant in their VAT Registration Certificate/TRN Certificate and also on FTA Portal of the respective vat registrant.
Once you receive your VAT Registration Certificate/ TRN Certificate/ or update of tax period on FTA Portal, look for your applicable tax periods. As compliance of the VAT Return and Payment of VAT is based on this Tax Period.
First tax period of the companies registered under under UAE VAT could be for a period ranging from one month to six months and succeeding tax period would be either monthly or quarterly there after.

7 Comments

Is it necessary that supplier of goods and services must issue tax invoice under all circumstance under UAE VAT ?

31/12/2017

2 Comments

Tax Invoice is as A written or electronic document in which the occurrence of a Taxable Supply is recorded with details pertaining to it.

It should be noted under certain conditions the recipient of good and service could issue tax invoice and Where a Recipient agrees to raise a Tax Invoice on behalf of a Registrant Supplier in respect of a supply of Goods or Services, that document shall be treated as if it had been issued by the supplier if the following conditions are to be met with;

The Recipient of the Goods or Services is a Registrant
The supplier and the Recipient agree in writing that the supplier shall not issue a Tax Invoice in respect of any supply to which this Clause applies
The Tax Invoice shall contain the particulars required under law for Tax Invoice.
The words “Tax Invoice raised by buyer” are clearly displayed on the Tax Invoice

When a Tax Invoice is issued as above the any invoice issued by the Supplier in respect of that supply shall be deemed not to be a Tax Invoice.

Issue of Tax Invoice by an Agent: Where an agent who is a Registrant makes a supply of Goods and Services for and on behalf of the principal of that agent, that agent may issue a Tax Invoice in relation to that supply as if that agent had made the supply, and provided that the principal shall not issue a Tax Invoice

2 Comments

Could tax invoices under UAE Vat may be issued in electronic form or it is must to issue physical tax invoices ?

31/12/2017

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Tax Invoice is a written or electronic document in which the occurance of a Taxable Supply is recorded with details pertaining to it.

The Taxable Person may issue a Tax Invoice by electronic means provided that;

The Taxable Person must be capable of securely storing a copy of the electronic Tax Invoice in compliance with the record keeping requirements
The authenticity of origin and integrity of content of the electronic Tax Invoice should be guaranteed

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Is issuance of Tax Invoice under UAE VAT is MUST?

31/12/2017

6 Comments

Tax Invoice is a written or electronic document in which the occurrence of a Taxable Supply is recorded with details pertaining to it.

It should be noted that in certain circumstance where the Federal Tax Authority of UAE considers that there are or will be sufficient records available to establish the particulars of any supply or class of supplies, and that it would be impractical to require that a Tax Invoice be issued by the Taxable Person;
FTA may determine that, subject to any conditions that the FTA may consider necessary

Any of the particulars specified in in relation to Tax Invoice and Simplified Tax Invoice shall not be contained on a Tax Invoice.
A Tax Invoice is not required to be issued in certain cases.

6 Comments

Who could issue simplified VAT invoices ?

31/12/2017

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Tax Invoice is a A written or electronic document in which the occurrence of a Taxable Supply is recorded with details pertaining to it.

A Taxable Person may issue a simplified VAT Tax Invoice in the following case;

Where the Recipient of Goods or Recipient of Services is not a Registrant
Where the Recipient of Goods or Recipient of Services is a Registrant and the Consideration for the supply does not exceed AED 10,000

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How to prepare Simplified VAT invoices in UAE ?

31/12/2017

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Tax Invoice is a written or electronic document in which the occurrence of a Taxable Supply is recorded with details pertaining to it.

A simplified Tax Invoice shall contain all of the following particulars;

The words “Tax Invoice” clearly displayed on the invoice
The name, address, and Tax Registration Number of the Registrant making the supply
The date of issuing the Tax Invoice
A description of the Goods or Services supplied
The total Consideration and the Tax amount charged

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How to prepare VAT Invoices in the Dubai, UAE?

31/12/2017

2 Comments

Tax Invoice is a written or electronic document in which the occurrence of a Taxable Supply is recorded with details pertaining to it.

A Tax Invoice shall contain all of the following particulars:

The words “Tax Invoice” clearly displayed on the invoice
The name, address, and Tax Registration Number of the Registrant making the supply
The name, address, and Tax Registration Number of the Recipient where he is a Registrant
A sequential Tax Invoice number or a unique number which enables identification of the Tax Invoice and the order of the Tax Invoice in any sequence of invoices
The date of issuing the Tax Invoice
The date of supply if different from the date the Tax Invoice was issued
A description of the Goods or Services supplied
For each Good or Service, the unit price, the quantity or volume supplied, the rate of Tax and the amount payable expressed in AED
The amount of any discount offered
The gross amount payable expressed in AED
The Tax amount payable expressed in AED together with the rate of exchange applied where the currency is converted from a currency other than the UAE dirham
Where the invoice relates to a supply under which the Recipient of Goods or Recipient of Services is required to account for Tax, a statement that the Recipient is required to account for Tax, and a reference to the relevant provision of the Decree-Law

2 Comments

What is tax period under UAE VAT ?

Is it necessary that supplier of goods and services must issue tax invoice under all circumstance under UAE VAT ?

Could tax invoices under UAE Vat may be issued in electronic form or it is must to issue physical tax invoices ?

Is issuance of Tax Invoice under UAE VAT is MUST?

Who could issue simplified VAT invoices ?

How to prepare Simplified VAT invoices in UAE ?

How to prepare VAT Invoices in the Dubai, UAE?

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