What is Corporate tax? CORPORATE TAX in the UAE: Corporation tax could be a tax obligatory on information superhighway financial gain of the company. An organization has to pay corporation tax on the profits it makes from doing business. What is corporate tax? In short corporate tax is a direct tax levied on the profit […]
What is excise tax in the UAE? Excise Tax in the UAE: In 2017, the United Arab Emirates implemented an excise tax. Excise tax is an indirect tax applied on specified commodities that are damaging to human health or the environment; “Excise goods” are what these items are called. Excise items are allowed to be
List of Charities in the UAE that may recover Input VAT: The UAE tax authorities have specified in Cabinet Decision no 55 of 2017 on charities. The decision says that the following listed charities can recover input tax which has a retrospective effect from 1 January 2018. List of Charities That May Recover Input Tax
VAT on Gold and Diamonds in the UAE: Dubai, in the United Arab Emirates, is often known as the “Golden City.” Annually, sellers and merchants in Dubai buy and sell over 75 billion dollars worth of gold. Dubai is recognized for selling some of the world’s cheapest and purest gold, making it one of the
Designated zone in UAE VAT Designated zone VAT Treatment in the UAE: To know the VAT treatment on the designated zone in the UAE should be clear about what is a designated zone in the UAE? Well a designated zone in the UAE is some specific areas that are considered to be outside UAE territory
Exempt Supplies in the UAE: Exempt Supplies are those supplies of goods and services where no VAT will be charged The input tax paid on these supplies is irrecoverable. If a person is making both taxable and exempt supplies, that person is partially exempt and hence may or may not be able to claim the
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The United Arab Emirates is one of the most popular business destinations in the world. N number of businesses is getting registered in the country day by day. The companies registered in the UAE should get their accounts audited by registered auditors. What is the main purpose of the audit report or audit of a
What is mainland in UAE? The mainland is nothing but the location outside of a Free zone area in the UAE. Companies in the mainland need a local sponsorship to set up the company in some situations where a free zone company doesn’t. The mainland company license is issued by the DED – Department of
What is a Consultancy service? Does VAT apply to consultancy services?: A consultancy service is simply a firm that provides professional services for a fee. For example, A client may ask whether it’s better to buy something or make it in-house, to implement some business plans, marketing, etc.. The consultant will advise the company or