Press Room


Foreign companies can now claim VAT back on UAE business

19th January 2019

“We believe it is a great initiative by the UAE authorities and will provide incentive to foreign businesses visiting UAE to attend and participate in the exhibitions, conferences, trade fairs and business meetings,” said Anju Krishan, a partner at Haynes Path Management Consultancy.

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Federal Tax Authority Calls on Businesses to Benefit from Decision to Waive Late Registration Penalties Until April 30 Federal Tax Authority Calls on Businesses to Benefit from Decision to Waive Late Registration Penalties Until April 30

 

05th MAR 2018

The Federal Tax Authority (FTA) urged businesses to benefit from the FTA decision to waive administrative penalties for businesses until April 30, clarifying that the decision only covers late registration penalties and that taxable businesses are still required to settle all the taxes due from January 1, 2018.

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New era in UAE as VAT takes effect

01st JAN 2018

The introduction of a Value Added Tax (VAT) regime in the UAE marks the beginning of a new era in the history of the UAE economy where the general public will start sharing the burden of budgetary expenditure, starting today (January 1, 2018).

While the VAT is expected to contribute Dh12 billion to the UAE exchequer, studies show the consumption tax across GCC countries is expected to raise additional revenues between 1.2 to 1.6 per cent of GDP in the first year.

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How VAT will impact Freezone Companies

27th DEC 2017

The executive regulations make clear how freezones, designated zones, and mainland areas will be treated under value-added tax (VAT).

Based on the conditions set out in the executive regulations, published recently by the Federal Tax Authority (FTA), only those UAE freezones with fenced areas, security measures and customs controls in place to monitor the entry and exit of individuals and movement of goods, will be treated as a designated zone, according to tax expert Amit Chib, managing partner of Haynes Path, a management consultancy.

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Will board members have to pay tax on their fees?

12th DEC 2017

Board members of large companies will be required to pay a value added tax of five per cent on the fees they are given for their services, according to two taxation lawyers and experts.

“The main criteria for the board member’s fee to be taxable is: Are the services provided in an independent capacity by the director or not. If they are independent, then VAT is charged,” said Amit Chib managing partner at Haynes Path Management Consultancy.

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Ministry of Finance announces VP's signing of VAT Executive Regulation

27th NOV 2017

The Ministry of Finance, MoF, Monday announced that the Vice President, Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, signed the Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT. The Regulation defines VAT as the 5% tax imposed on the import and supply of goods and services at each stage of production and distribution, including what is a deemed supply, with the exception of specific supplies subject to the zero rate and what is exempted as specified in the Decree-Law.

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