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Tax Period is a specific period of time for which the Payable Tax shall be calculated and paid.
 Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING
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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;
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 Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 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;
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 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
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 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;
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 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;
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE. VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING 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:
Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the Value Added Tax in UAE.
VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING  Why should free zone company register under UAE VAT From what we understand, in normal course of businesses in United Arab Emirates, till the introduction of VAT there were two popular basis of classifications of the companies in UAE. 1. Non free zone companies (having license issued from Economic Department or municipality of any other mainland based authority with requirement of local sponsorship) 2. Free zone companies (having license issued from one of the various free zones in Dubai, Sharjah and other emirates without requirement of local sponsorship) In our opinion UAE VAT Law does not classify companies on aforesaid categorization. UAE VAT Law No. 8 of 2017 speaks about "Person" (A natural or legal person.) And "Taxable Person" (Any Person registered or obligated to register for Tax purposes under UAE VAT LAW. Any person whose taxable supply exceeds AED 375,000 then their registration is mandatory and for person's whose taxable supply is less then AED 375,000 but is in excess of AED 187,5000 could register voluntarily. Why registration under UAE VAT is in favor of companies based in free zone ? Export of goods and services has been considered at zero rates other then exempted items. Taxable supply is currently subject to either 5% standard rate or zero rate of VAT. Vat would be payable by the companies at 5% on goods and services imported for resale in UAE other than exempted items + 5% standard rate on purchase of goods and services from other companies in UAE . In case of a free zone based company, where all the sales of goods and service are exported then there would be no liability of vat being export zero rated. Such free zone companies could claim refund/ credit in future of the entire vat paid on import of goods and services + purchase of goods and services other uae companies subject to vat refund/credit rules and regulations in UAE VAT. If part of the total sales and services are made to other uae based companies then on that much sales of goods and services vat at standard rate of 5% could be charged and paid under VAT returns. Such free zone companies could set off the 5% VAT liability collected from uae companies and customers from the VAT paid on import or local purchase of goods and services and if balances could recover as refund/credit subject to vat refund/credit rules and regulations in UAE VAT. If a company does not register then the vat paid on local purchase of goods and service would not be recoverable. To claim the vat refund/credit it’s necessary to be a VAT registered business. Thus by registering under vat the company could recover as refund/credit of the VAT paid which otherwise would be a cost to company and hitting the profit margin/ bottom line, subject to the fact how much VAT refund/credit is lost. In case you need any assistance and support on VAT in UAE, please contact us info@guptaaccountants.com . Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the VAT in UAE . VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING
Gupta Accountants as Vat Advisor, as Vat Consultants in Dubai and Dubai Free Zones, Vat Consultants in Abudhabi and Abudhabi Free Zones, Vat consultants in Sharjah and Sharjah free Zone, Vat consultants in Ajman and Ajman free Zones, Vat Consultants in Fujairah and Fujairah free zones, Vat Consultants in Ras Al Khaimah and Ras Al Khaimah free zones, Vat Consultants in Umm al Quwain and Umm Al Quwain free zones provides Vat consultancy and Vat Advisory. What is taxable supply in UAE VAT and how to calculate value of taxable supply for VAT Registration25/10/2017 Meaning of Supply (ie. Turnover, Sales, Revenues, Income etc) in UAE VAT and how to calculate the value of taxable supply. Supply is divided in 3 parts as per Article 1 UAE VAT Decree-Law No. (8) of 2017, which deals with the definitions of the terms used under the UAE VAT Law. 1. Exempt Supply: A supply of Goods or Services for Consideration while conducting Business in the State, where no Tax is due and no Input Tax may be recovered, except according to the provisions of this Decree-Law. 2. Taxable Supply: Taxable Supply: A supply of Goods or Services for a Consideration by a Person conducting Business in the State, and does not include Exempt Supply. 3. Deemed Supply: Anything considered as a supply and treated as a Taxable Supply according to the instances stipulated in this Decree-Law. It should be noted that the import of the goods and services which if supplied in UAE would not be exempt are defined as Concerned Goods and Concerned Services.  Calculation of the amount of taxable supply and other relevant considerations. In the aforesaid diagram we have tried to simplify the understanding to calculate the amount of taxable supply. While calculating the threshold amount for the vat registration it should be noted that even the value of import of the concerned goods and services along with value of taxable supplies made in UAE be considered. In case you need any assistance and support on VAT in UAE, please contact us info@guptaaccountants.com . Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the VAT in UAE . VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING Gupta Accountants as Vat Advisor, as Vat Consultants in Dubai and Dubai Free Zones, Vat Consultants in Abudhabi and Abudhabi Free Zones, Vat consultants in Sharjah and Sharjah free Zone, Vat consultants in Ajman and Ajman free Zones, Vat Consultants in Fujairah and Fujairah free zones, Vat Consultants in Ras Al Khaimah and Ras Al Khaimah free zones, Vat Consultants in Umm al Quwain and Umm Al Quwain free zones provides Vat consultancy and Vat Advisory.  Federal Tax Authority has updated its website for VAT registration and is open to qualified companies for registration under the GCC wide VAT Tax effective from January 1, 2018. Any business which exceeds mandatory or voluntary registration taxable turnover thresholds is required to register for VAT. Mandatory Registration The total value of their taxable supplies made within the UAE exceeds the mandatory registration threshold over the previous 12 month period, or They anticipate making taxable supplies with a value exceeding the mandatory registration threshold in the next 30 days. The mandatory registration taxable turnover threshold is AED 375,000. Voluntary Registration A business should apply to register if they do now fulfill the requirements of the mandatory registration but their total value of their taxable supplies or taxable expenditure in the previous 12 months exceeds the voluntary registration threshold, or they anticipate that the total value of their taxable supplies or taxable expenditure will exceed the voluntary registration threshold in the next 30 days. The voluntary registration taxable turnover threshold will be AED 187,500. For online registration please visit to Federal Tax Authority's Web Site. In case you need any assistance and support on Vat Registration in UAE, while doing the registration please contact us info@guptaaccountants.com . Gupta Accountants competent team as Vat Consultants in Dubai, provides supports at all the stages of the VAT in UAE . VAT | REGISTRATION | COMPLIANCE | AUDIT | REFUND | CONSULTING
Gupta Accountants as Vat Advisor, as Vat Consultants in Dubai and Dubai Free Zones, Vat Consultants in Abudhabi and Abudhabi Free Zones, Vat consultants in Sharjah and Sharjah free Zone, Vat consultants in Ajman and Ajman free Zones, Vat Consultants in Fujairah and Fujairah free zones, Vat Consultants in Ras Al Khaimah and Ras Al Khaimah free zones, Vat Consultants in Umm al Quwain and Umm Al Quwain free zones provides Vat consultancy and Vat Advisory.
Internal auditing is a catalyst for improving an organization's governance, risk management and management controls by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.  Internal control, often referred to as management controls, in the broadest sense includes the plan of organization, methods and procedures adopted by management to meet its missions, goals and objectives. Internal controls also serve as the first line of defense in fraud and violations of laws, regulations and provisions of contracts and agreements. Benefits of having a good system of internal controls are:
In summary to understand Internal Audit is the reviewing of the Internal Controls set in the business operational activities at all levels. And where ever its found and observed that the relevant internal controls are either missing or are weak then subsequent implementation of an internal control or strengthening the existing internal controls in the company. Gupta Accountants as an internal audit firm are best suited for your internal Audit & Risk Advisory services in UAE. Why Gupta Accountants?
For more information on how Gupta Accountants could assist you in getting your accounts audited in compliance with requirement in free zones in Dubai, contact us today.
For more information on how Gupta Accountants could assist you in getting your accounts audited for compliance, contact us today.
For more information on how Gupta Accountants could assist you for compliance audit for the free zone companies in Dubai, contact us today.
What is basis of VAT ? Value-added taxation is based on a taxpayer's consumption of goods rather than his income. More than 160 countries around the world use value-added taxation. Its directly linked to the consumption of products on which VAT is applicable in the respective country.
What is implementation date of VAT in UAE ? VAT is likely to be introduced across the UAE on January 1 2018. What does a business need to do to prepare for VAT? Concerned businesses will have time to prepare before VAT will come into effect. Businesses will need to meet requirements to fulfill their tax obligations. Businesses could start preparing themselves now so that they will be ready later. To fully comply with VAT, businesses might need to make changes to their core operations, their financial management and book-keeping, their technology, and also if needed even their human resource mix (e.g., accountants and tax advisers). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. Please note that UAE VAT law is currently being finalized and would be be published once approved. by the authorities in UAE. Currently the primary source of information regarding the UAE VAT Law is the Ministry of Finance website. For more information on how Gupta Accountants could assist your business in making changes to the bookkeeping and accounting in compliance with expected VAT tax in UAE contact us today.
Free-trade zones in the United Arab Emirates are areas that have a special tax, customs and imports regime and are governed by their own framework of regulations (with the exception of UAE criminal law). The UAE has several free zones across Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Um Al Qwain. Free zones may be broadly categorized as sea port free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are:
Investors can either register a new company in the form of a Free Zone Establishment (FZE) or simply establish a branch or representative office of their existing or parent company based within the UAE or abroad. An FZE is a limited liability company governed by the rules and regulations of the Free Zone in which it is established. Except for acquiring nationality in the UAE, the provisions of the Commercial Companies Law (CCL) do not apply to FZEs, provided that the Free Zones have special provisions regulating such companies. |
AuthorRamesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE |
"WE AT GUPTA ACCOUNTANTS, ASSIST IN THE TIMELY AND CORRECT OBLIGATORY COMPLIANCES BY YOUR BUSINESS BASED IN UAE AND ADD VALUE BY REDUCING THE COST OF NON- COMPLIANCE"
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