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    • VAT can prompt UAE residential developers to get more generous

    • Come 2018, property buyers can expect UAE developers to turn even more generous with their sales incentives, especially on the post-handover payment plans. This is so because the upcoming VAT regulations on residential sales offers developers a zero rate on…

    • November 28, 2017
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    • VAT on Education

    • Under the VAT regulation, higher education institutes which are more than 50 per cent funded by the government, will not be charged VAT but the rest will be. Khalid Al Bustani, director general of Federal Tax Authority, on Wednesday said…

    • November 20, 2017
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    • All food set to be taxed under VAT in UAE

    • All types of food in the UAE, including staples such as bread and rice, will be taxed from January 1, 2018, the Federal Tax Authority (FTA) told Gulf News on Wednesday morning. The public has long-expected certain food staples to…

    • November 18, 2017
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    •   UAE VAT Law Executive Regulations (Draft) have been issued

    • UAE’s Federal Tax Authority has issued the (Draft) VAT Executive Regulations today. You can download it here https://goo.gl/WRMXA1   What to do next? Companies should now act fast to get themselves VAT compliant and apply for VAT registration.   How BMS AUDITING …

    • November 15, 2017
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    • What are the VAT-related responsibilities of businesses?

    • All businesses in the UAE will need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) will be…

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    • IMPACT OF VAT ON BUSINESS

    • IMPACT OF VAT ON BUSINESS The input VAT will be calculated on the basis of Local Purchases, Imports and the GCC trade. The impact can be determined on the various components of the business including the impact on the cash…

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    • VAT IMPACT ASSESSMENT

    • The impact of VAT on the business can be determined as following Performing the transactional analysis of purchases (to determine the potential input VAT) Performing transactional analysis of the sales (to determine the potential output VAT) Analysing the Cash-cycle of…

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    • VAT on expenses

    • Under which conditions will businesses be allowed to claim VAT incurred on expenses? VAT on expenses that were incurred by a business can be deducted in the following circumstances: The business must be a taxable person (the end consumer cannot…

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    • Some Important rules in VAT

    • Transitional Rules: Will there be transitional rules? Special rules will be provided to deal with various situations that may arise in respect of supplies that span the introduction of VAT. For example: Where a payment is received in respect of…

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    • Partial Exemption..!!!

    • With the continuation in the taxable supplies, if the taxable supplies are made to non-taxable territories then the following rule of Partial exemption will apply. How will partial exemption work? Where a VAT registered person incurs input tax on its…