Under UAE VAT legislation, detailed tax invoices are to be issued by VAT-registrants for assessable goods or services supplied to other VAT-registered businesses. This is provided that the provisions surpass Dhs10,000. A detailed VAT invoice is often for merchants and wholesalers managing higher amounts of taxable supplies.
A VAT invoice in the UAE must contain this information in English/Arabic:
A unique invoice number (sequential, for identification purposes)
The date on which a tax invoice was issued, plus the date of supply (if they’re different)
Legal name, tax registration number, and address of the taxable person
Legal name, tax identification number, and address of the customer
Description, quantity, and type of sold goods or description of provided services
To unite price for goods/services goods, excluding the VAT charge
Rebates or discounts provided (not added in good/service’s unit price)
Total VAT amount payable (must be in AED)
Method for calculating the profit margin
Method for calculating VAT (standard, exemption, or zero rates)
The label “Tax Invoice” presented visibly on the tax document
Under UAE VAT legislation, detailed tax invoices are to be issued by VAT-registrants for assessable goods or services supplied to other VAT-registered businesses. This is provided that the provisions surpass Dhs10,000. A detailed VAT invoice is often for merchants and wholesalers managing higher amounts of taxable supplies.
A VAT invoice in the UAE must contain this information in English/Arabic:
A unique invoice number (sequential, for identification purposes)
The date on which a tax invoice was issued, plus the date of supply (if they’re different)
Legal name, tax registration number, and address of the taxable person
Legal name, tax identification number, and address of the customer
Description, quantity, and type of sold goods or description of provided services
To unite price for goods/services goods, excluding the VAT charge
Rebates or discounts provided (not added in good/service’s unit price)
Total VAT amount payable (must be in AED)
Method for calculating the profit margin
Method for calculating VAT (standard, exemption, or zero rates)
The label “Tax Invoice” presented visibly on the tax document
Accounting and Book-keeping Requirements - UAEJayesh Rawal
Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Businesses must Familiarize with the Tax Procedure and VAT Regulation and identify the key action point for their steps towards making business accounting and documentation fully compliant and ready for any inquiry and Tax Audit from Federal Tax Authority (FTA).
A major challenge for the countries implementing VAT is to have the necessary adequate training, technical systems, financial and tax governance and compliance, and other areas in order to meet all requirements.
Karnataka Value Added Tax is one of the fields we excel at. B C Shetty & Co. are specialized in this field.
This Presentation describes all the requirements that one needs to get themselves registered.
Under UAE VAT legislation, detailed tax invoices are to be issued by VAT-registrants for assessable goods or services supplied to other VAT-registered businesses. This is provided that the provisions surpass Dhs10,000. A detailed VAT invoice is often for merchants and wholesalers managing higher amounts of taxable supplies.
A VAT invoice in the UAE must contain this information in English/Arabic:
A unique invoice number (sequential, for identification purposes)
The date on which a tax invoice was issued, plus the date of supply (if they’re different)
Legal name, tax registration number, and address of the taxable person
Legal name, tax identification number, and address of the customer
Description, quantity, and type of sold goods or description of provided services
To unite price for goods/services goods, excluding the VAT charge
Rebates or discounts provided (not added in good/service’s unit price)
Total VAT amount payable (must be in AED)
Method for calculating the profit margin
Method for calculating VAT (standard, exemption, or zero rates)
The label “Tax Invoice” presented visibly on the tax document
Accounting and Book-keeping Requirements - UAEJayesh Rawal
Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).
Businesses must Familiarize with the Tax Procedure and VAT Regulation and identify the key action point for their steps towards making business accounting and documentation fully compliant and ready for any inquiry and Tax Audit from Federal Tax Authority (FTA).
A major challenge for the countries implementing VAT is to have the necessary adequate training, technical systems, financial and tax governance and compliance, and other areas in order to meet all requirements.
Karnataka Value Added Tax is one of the fields we excel at. B C Shetty & Co. are specialized in this field.
This Presentation describes all the requirements that one needs to get themselves registered.
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
The Federal High Court, Lagos ("FHC") has revoked the decision of the Tax Appeal Tribunal ("TAT") in Gazprom Oil and Gas Nigeria Limited (Gazprom) v. Federal Inland Revenue Service (FIRS) relating to services which Gazprom received from a non-resident company. In Nigeria, the interpretation of destination and source principles of international taxation keeps swinging. Will there ever be an end?
Income payees sworn declaration of gross receipts salesJULIE ANN SORIANO
Individual payees whose gross receipts/sales in a taxable year shall not exceed ₱3M,
are required to submit a sworn declaration of his/her gross receipts/sales (Annex “B1”),
together with a copy of Certificate of Registration (COR), to all the income
payor/withholding agents not later than April 06, 2018 of each year or at least prior to the
initial payment of the professional fees/commissions/talent fees, etc in order for them
to be subject to five percent (5%). The ten percent (10%) withholding tax rate shall be
applied in the following cases: (1) the payee failed to provide the income
payor/withholding agent of such declaration; or (2) the income payment exceeds ₱3M,
despite receiving the sworn declaration from the income payee. In the case of
individual payees with only one payor, the sworn declaration to be accomplished shall
be Annex “B-2” and submitted, together with a copy of their COR,
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
How to check vat registration number (trn) in uaeEddy Mathew
The Tax Registration Number (TRN) is a unique 15-digit number obtained after the VAT registration of a company to differentiate one entity from the other. VAT is an indirect tax imposed on the purchase of goods and services. The implementation of VAT has increased government revenues to improve public welfare in the UAE.
The TRN is a unique 15-digit number that is issued to businesses on VAT registration.
A TRN can enable easy communication between the supplier and purchaser of goods and services while preparing a tax invoice or any other tax-related documents.
Obtaining a TRN can be beneficial for an organization seeking to claim back the tax paid on the purchase of goods and services made by the business while processing the final goods.
A tax registered individual can recover the VAT paid in situations such as:
If VAT is paid for services such as water and electricity for a commercial property, the tax can be refunded.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
In this PPT, we discuss about the new Section 194Q proposed to be applicable from 01st July 2021 whereby TDS is to be deducted on Purchases made.
This presentation is aimed to explain the concept in lay man terms to the businessmen, without the use of flowcharts or figures, so that they can understand and internalise the concept in a common sense way.
We discuss how other TDS/ TCS provisions are affected, and what will apply when there is a clash between different sections.
We also discuss the new Section 206AB for higher rate of deduction of TDS in case the payee is non-filer of return.
Queries, Suggestions and topic ideas are welcome in the comments !
The Federal High Court, Lagos ("FHC") has revoked the decision of the Tax Appeal Tribunal ("TAT") in Gazprom Oil and Gas Nigeria Limited (Gazprom) v. Federal Inland Revenue Service (FIRS) relating to services which Gazprom received from a non-resident company. In Nigeria, the interpretation of destination and source principles of international taxation keeps swinging. Will there ever be an end?
Income payees sworn declaration of gross receipts salesJULIE ANN SORIANO
Individual payees whose gross receipts/sales in a taxable year shall not exceed ₱3M,
are required to submit a sworn declaration of his/her gross receipts/sales (Annex “B1”),
together with a copy of Certificate of Registration (COR), to all the income
payor/withholding agents not later than April 06, 2018 of each year or at least prior to the
initial payment of the professional fees/commissions/talent fees, etc in order for them
to be subject to five percent (5%). The ten percent (10%) withholding tax rate shall be
applied in the following cases: (1) the payee failed to provide the income
payor/withholding agent of such declaration; or (2) the income payment exceeds ₱3M,
despite receiving the sworn declaration from the income payee. In the case of
individual payees with only one payor, the sworn declaration to be accomplished shall
be Annex “B-2” and submitted, together with a copy of their COR,
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
How to check vat registration number (trn) in uaeEddy Mathew
The Tax Registration Number (TRN) is a unique 15-digit number obtained after the VAT registration of a company to differentiate one entity from the other. VAT is an indirect tax imposed on the purchase of goods and services. The implementation of VAT has increased government revenues to improve public welfare in the UAE.
The TRN is a unique 15-digit number that is issued to businesses on VAT registration.
A TRN can enable easy communication between the supplier and purchaser of goods and services while preparing a tax invoice or any other tax-related documents.
Obtaining a TRN can be beneficial for an organization seeking to claim back the tax paid on the purchase of goods and services made by the business while processing the final goods.
A tax registered individual can recover the VAT paid in situations such as:
If VAT is paid for services such as water and electricity for a commercial property, the tax can be refunded.
Presentation on updates of VAT in UAE is in line with the various advisories issued by Ministry of Finance along with the expert views. VAT is being implemented in the UAE wef 1st January 2018. Presentation has impact of VAT/ Steps to follow to become VAT compliant/ thresholds for VAT registration with process to be followed.
Presentation provides an overview of India’s GST registration process.
To learn more about how Avalara can help you with GST
automation, contact us through https://www.avalara.com/in/products/gst-calculation/
Tax can be confusing. At the basic, there is Percentage Tax or Value Added Tax; VAT registered and a Non-VAT registered tax payer. In the Philippines, managing tax matters can be really complicated. Several individuals and companies even hire Consultants/Accounting Firms to manage compliance reporting.
The method and procedure for VAT registration in UAE is rather straightforward, and to register for VAT, our VAT Experts will guide you along with the complete procedure.
The purpose of this chapter is to outline the guidance surrounding the requirement to issue a tax invoice. A tax invoice is a written paper or electronic document which records the details of a taxable supply which has been made. The issue of a valid tax invoice is important for suppliers as it may be used to dictate the date of supply, and therefore determines the tax period in which the output tax should be accounted for.
The receipt of a valid tax invoice is important for recipients of supplies as it is the primary documentary evidence used to support the recovery of VAT incurred as input tax.
The UAE government constantly implements frameworks and mechanisms across several different government departments as part of their key initiatives in boosting economic health. Among them is VAT implementation in UAE, which was declared by the Federal Tax Authority. For the public, Value Added Tax implementation meant higher prices for food, entertainment, and other consumer goods and services. For businesses in the country, it meant levying the current VAT rate of five percent on goods and/or services that are taxable.
The UAE government also introduced a decreased VAT rate and exemptions for specific goods and services. As not all products and services are taxable, it is best to consult with regulated tax agents in Dubai regarding VAT implementation in UAE.
Vat return review and refund application in uaeRishalHalid1
HLB HAMT has experienced tax consultants who do the review of periodical returns of corporate tax payers across different industry verticals and ranging from mid-size corporate clients to large conglomerates having presence locally as well internationally.
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
https://viralsocialtrends.com/vat-registration-outlined-in-uae/
Documents required for the registration of vatAhmedTalaat127
Businesses in UAE have to register under the UAE VAT regime as per the country’s Federal Tax Authority or FTA criteria. It’s mandatory for local businesses to undergo the whole process of VAT registration in UAE when the annual turnover reaches AED375,000. If you believe your annual taxable turnover will exceed the mandatory VAT registration threshold in the next thirty days, you can proceed with the registration process. Voluntary VAT registration is possible for businesses with an annual turnover of at least AED187,500.
As per UAE VAT Executive Regulations, non-compliance can invite penalties. There will also be the risk of losing legal status and consumer confidence given the incompliance of a business to regulatory policies.
How the businessmen should be prepared for vatAhmedTalaat127
Value added tax (VAT) is a form of indirect tax that is to be paid by the residents. It is the tax that is charged on every stage of the production till the final stage. The VAT is already implemented in UAE from January 2018 and all businesses that fulfill the specified criteria must register for VAT. The amount of VAT will be collected by the government with the help of the documents that will be maintained by the companies. However, not every business needs to be registered with VAT.
It is mandatory for a person to register for VAT if the taxable supplies made or to be made is, in excess of R1 million in any consecutive twelve-month period.
Vat return review and refund application in uaeRishalHalid1
We provide VAT return review services in UAE as a part of Tax Agent services or consultants services where filing of accurate return on timely basis will be ensured.
HLB HAMT has a dedicated desk comprising of experienced tax consultants, for assisting new and existing registrants to fulfil UAE VAT administrative formalities related to VAT Registration, Deregistration and Group Amendments in UAE.
Value Added Tax’s (VAT) fundamental nature is that it’s not taxation imposed on businesses. Instead, it’s a type of tax that’s collected by business entities operating in the UAE that is rather imposed on end consumers by the local tax authorities.
Generally, supplies of goods and services that take place within UAE for VAT purposes are subject to VAT with five percent as the standard rate or zero percent if considered zero-rated, unless they fall within the UAE scope of VAT section.
Is your business in UAE registered for VAT? Make sure you’re fully aware of the different VAT rates which are applicable to the transactions of your business, particularly for sales of services.
Regulations for Value Added Tax in UAE differ depending on what you are selling, who you are selling to, and where your business is located.
Value Added Tax’s (VAT) fundamental nature is that it’s not taxation imposed on businesses. Instead, it’s a type of tax that’s collected by business entities operating in the UAE that is rather imposed on end consumers by the local tax authorities.
Most commonly asked questions relating to copyrightAhmedTalaat127
The word “copyright” (or “author’s right”) refers to the legal rights that artists hold over their literary and creative works. Books, music, art, sculpture, and films are among the works covered by Copyright, as are computer programmers, databases, advertising, maps, and technical drawings.
A civil marriage contract for a non muslim coupleAhmedTalaat127
The Abu Dhabi Non-Muslim Personal Status Court has issued the first civil marriage contract to spouses of Canadian citizenship, according to the provisions of Law No. 14 of 2021 on non-Muslim Personal Status in the Emirate of Abu Dhabi. It aims to establish the Emirate as a leader in regulating family matters for non-Muslims following international best practices. A non-Muslim Personal Status Court in Abu Dhabi granted a Canadian couple the first civil marriage contract.
The newlyweds appreciated everyone who helped make the civil marriage contract service go well, as well as those who worked hard to ensure that the application process was quick and straightforward.
Oman has become the 4th GCC or Gulf Cooperation Council member state that introduced VAT or Value Added Tax regulations. The date of VAT implementation in Oman is the 16th of April, 2021. This is a significant move in relation to VAT in the GCC member states since Saudi Arabia significantly increased the rate for VAT in the country to fifteen percent from five percent back in May 2020.
The move of Saudi Arabia, as reported by the BBC, shores up state finances at the start of the COVID-19 pandemic. Saudi Arabia’s move was also to diversify the economy in order to reduce the country’s reliance on income from oil and gas.
العقار هو ذلك الشيء المستقر بحيزه ثابتاً فيه، بحيث لا يمكن نقله أو تحريكه دون تلف أو تغيير في هيئته. أما الوسيط العقاري (الدلّال) يعرف بأنه الشخص الذي يقوم بممارسة أعمال الوساطة العقارية في دبي، كما تعرف الوساطة العقارية بأنها العقد الذي يتعهد بمقتضاه الوسيط العقاري لشخص ما، بالبحث عن طرف ثانٍ وذلك بغرض إبرام عقد معين، وبالوساطة في المفاوضات من أجل التعاقد، مقابل أجر معين يتقاضاه ذلك الوسيط.
وقد أنشأت اللائحة رقم (85) لسنة 2006 بشأن تنظيم سجل الوسطاء العقاريين في إمارة دبي، سجلاً خاصاً لقيد الوسطاء العقاريين يرخص لهم من خلاله مزاولة نشاط الوساطة في داخل الإمارة، وتسجل فيه كل البيانات الخاصة بالوسيط، وما يطرأ عليها من تعديلات أو تحديثات لاحقة في تلك البيانات.
كما ألزمت اللائحة كل من أراد أن يمتهن نشاط الوساطة العقارية بحتمية الترخيص والتقييد في سجل قيد الوسطاء، ولا يجوز ممارسة أي نشاط للوساطة دون هذا الإجراء بالإضافة إلى الالتزام بأخـلاقيات المهنة وفــق ميثاق الشــرف الذي تعـده اللجنــة.
Can an employer take disciplinary actions against employeesAhmedTalaat127
According to UAE legislation, being indiscipline at work or violating the conditions of your employment contract might result in your employer taking extreme action. Federal Decree-Law No. 33 of 2021 on the Regulation of Labour Relations, which will take effect on February 2, 2022, will lay out precisely how businesses should deal with employee misconduct in an organized and equitable way.
Articles 39, 40, and 41 of the new legislation examine different facets of what a firm may do to an employee. While Article 39 discusses the systematic approach in which businesses might take actions ranging from mild to severe, Article 40 lays out the requirements for temporary employment suspension. Article 41 examines what the law says when an employee is accused of misconduct outside of the job.
New rules on retrospective tax penalty waivers, installments, tax litigation,...AhmedTalaat127
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.
This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
There may arise so many times for the people to attest to their certificates. When it is needed, it is needed no matter what you do.
When someone has to go to some foreign country, the need for the attestation is even more.
New rules on retrospective tax penalty waiversAhmedTalaat127
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
*Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.
This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
Bounced cheque no longer punishable by law in UAEAhmedTalaat127
Commercial Transactions Law revisions that decriminalize issuing cheques without adequate cash (bounced cheque) have been implemented by Dubai courts. Cheque beneficiaries or bearers do not have to initiate criminal or civil charges for non-payment of the cheque following Federal Law No. 14 of 2020, revised in October 2020. Alternatively, they may approach the court’s execution judge directly to get an order directing payment of the cheque’s total amount or any leftover balance.
Cheque bearers are entitled to receive partial payments from banks if they have enough money in their account to do so unless they object.
Accounting services overview of insurance contract under ifrsAhmedTalaat127
The majority of accounting services in Dubai and UAE ignore insurance accounting because they are not in the insurance business. Now that there will be a new accounting standard related to insurance contracts, chartered accountants should check to make sure they aren’t erroneously issuing them.
العقار هو كل ملك ثابت في مكانه له أصل بحيث يصعب نقله دون إتلافه، وبالتالي فإن العقار يشمل الأرض وكل ما اتصل بها اتصال قرار مثل البنايات، الأشجار، فالعقار قد يكون ارضا سكنية، زراعية، فلل أو قصور او شقق … الخ
و عندما نتحدث عن التداولات العقارية في دبي فلا يخلو الامر من ثمة منازعات بين المشترين المستثمرين و بين المطورين العقاريين، و ذلك نظرا لضخامة و كثرة التعاملات العقارية في دبي .
وفي حال واجه الشخص أي من أشكال المنازعات العقارية، فإنه من الأفضل التواصل مع محامي عقاري في دبي – متخصص في قانون العقارات في دبي – لديه الخبرة الكافية التي تؤهله للعمل في مثل هذه القضايا، من أجل التعرف على ما تضمنته القوانين بشأن معالجة هذه المنازعات وكيفية الحصول على الحقوق وغيرها من الأمور التي لا غنى عنها في ذلك المجال
تعد الخسائر من أعتي واشد الأسباب قوة التي معها تضطر الشركة إلي طلب حلها وتصفيتها، والتصفية نوعان رضائية أي باختيار أصحاب الشركة او حملة الأسهم او قضائية وهي هنا تكون جبرا حيث تحكم المحكمة في حل وتصفية الشركة و تعين مصف لتصفيتها، والمسألة وان كانت – مما تقدم ذكره – تبدو بسيطة فهي ليست كذلك خاصة في حال ما إذا كانت الشركة المراد تصفيتها و حلها كبيرة متعددة الأفرع و الأنشطة و عليها من الديون و الالتزامات الكثير كما و قيمة مما معه تكون التصفية تدريجية، و في مثل تلك الحالات قد تستغرق عملية التصفية سنوات
How is gratuity computed under the new UAEAhmedTalaat127
When the United Arab Emirates changed its labour law in November, they made them for the private sector. These changes will make it easier for employers and employees to work together in the private sector. In 2022, a law will affect many parts of work-life in the United Arab Emirates. By February 2022, the Employment Law will be repealed and entirely replaced by the new Federal Decree-Law No. 47 of 2021 on the Standard General Rules of Work in the United Arab Emirates (the New Employment Law).
Dr Abdul Rahman Al Awar, the Minister of Human Resources and Emiratization, stated that the new law gives employees many options for end-of-service benefits, like saving projects. He said that there would be another media briefing to talk about the other options available to employees.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
What you must know about NFTs and intelltual propertyAhmedTalaat127
Non-fungible tokens (NFTs) are blockchain-based units of value or “tokens,” each connected to an underlying asset with a unique ID number. The Etherium blockchain is the most typical place to store an NFT. However, other blockchains are utilized as well. NFTs are made up of “smart contracts” written in software code. In the smart contract, the NFT is linked to the underlying digital or physical asset and the laws and rights that apply to the NFT itself.
Many NFTs have used other people’s intellectual property (IP) without their consent. There have been instances when NFTs have contained third-party intellectual property (IP) in their content. In other circumstances, the material has been provided solely by third-party intellectual property (IP). IP owners, whose material is being exploited in NFTs without their permission, are taking notice and increasing their attempts to protect their intellectual property.
For Instances, DC Comics, a well-known IP owner, has issued a harsh warning to DC’s creative teams and freelancers after one artist gained $1.85 million by selling NFTs, including characters he used to create for DC (e.g. Wonder Woman and others).
How to Obtain Permanent Residency in the NetherlandsBridgeWest.eu
You can rely on our assistance if you are ready to apply for permanent residency. Find out more at: https://immigration-netherlands.com/obtain-a-permanent-residence-permit-in-the-netherlands/.
In 2020, the Ministry of Home Affairs established a committee led by Prof. (Dr.) Ranbir Singh, former Vice Chancellor of National Law University (NLU), Delhi. This committee was tasked with reviewing the three codes of criminal law. The primary objective of the committee was to propose comprehensive reforms to the country’s criminal laws in a manner that is both principled and effective.
The committee’s focus was on ensuring the safety and security of individuals, communities, and the nation as a whole. Throughout its deliberations, the committee aimed to uphold constitutional values such as justice, dignity, and the intrinsic value of each individual. Their goal was to recommend amendments to the criminal laws that align with these values and priorities.
Subsequently, in February, the committee successfully submitted its recommendations regarding amendments to the criminal law. These recommendations are intended to serve as a foundation for enhancing the current legal framework, promoting safety and security, and upholding the constitutional principles of justice, dignity, and the inherent worth of every individual.
ALL EYES ON RAFAH BUT WHY Explain more.pdf46adnanshahzad
All eyes on Rafah: But why?. The Rafah border crossing, a crucial point between Egypt and the Gaza Strip, often finds itself at the center of global attention. As we explore the significance of Rafah, we’ll uncover why all eyes are on Rafah and the complexities surrounding this pivotal region.
INTRODUCTION
What makes Rafah so significant that it captures global attention? The phrase ‘All eyes are on Rafah’ resonates not just with those in the region but with people worldwide who recognize its strategic, humanitarian, and political importance. In this guide, we will delve into the factors that make Rafah a focal point for international interest, examining its historical context, humanitarian challenges, and political dimensions.
NATURE, ORIGIN AND DEVELOPMENT OF INTERNATIONAL LAW.pptxanvithaav
These slides helps the student of international law to understand what is the nature of international law? and how international law was originated and developed?.
The slides was well structured along with the highlighted points for better understanding .
Military Commissions details LtCol Thomas Jasper as Detailed Defense CounselThomas (Tom) Jasper
Military Commissions Trial Judiciary, Guantanamo Bay, Cuba. Notice of the Chief Defense Counsel's detailing of LtCol Thomas F. Jasper, Jr. USMC, as Detailed Defense Counsel for Abd Al Hadi Al-Iraqi on 6 August 2014 in the case of United States v. Hadi al Iraqi (10026)
1. Guideline on Creating VAT Invoices in UAE
https://vatregistrationuae.com/vat-invoice-in-uae/
2. For detailed tax invoices
Under UAE VAT legislation, detailed tax invoices are to be issued by VAT-registrants for assessable goods or services supplied to
other VAT-registered businesses. This is provided that the provisions surpass Dhs10,000. A detailed VAT invoice is often for
merchants and wholesalers managing higher amounts of taxable supplies.
A VAT invoice in the UAE must contain this information in English/Arabic:
A unique invoice number (sequential, for identification purposes)
The date on which a tax invoice was issued, plus the date of supply (if they’re different)
Legal name, tax registration number, and address of the taxable person
Legal name, tax identification number, and address of the customer
Description, quantity, and type of sold goods or description of provided services
To unite price for goods/services goods, excluding the VAT charge
Rebates or discounts provided (not added in good/service’s unit price)
Total VAT amount payable (must be in AED)
Method for calculating the profit margin
Method for calculating VAT (standard, exemption, or zero rates)
The label “Tax Invoice” presented visibly on the tax document
3. For simplified tax invoices
Simplified tax invoices are for supplies that are less than the Federal Tax Authority’s predetermined amount of AED 10,000. They are issued when clients or customers are retail buyers without any Tax
Registration Number (TRN). A simplified VAT invoice in the UAE is for the retail industry, including supermarkets.
Simplified VAT invoices have to contain the following information:
The label “Tax Invoice” presented visibly on the tax document
The tax registration number, name, and address of the tax-registered business supplying goods/services
The date wherein goods/services are supplied by the taxable person as per VAT Regulations Article 25
Description of products/services supplied as per UAE VAT Law Article 27
Total VAT amount charged
VAT Regulations Article 59 provides a guide on the complete format for UAE VAT invoices. A supplier can plan the tax invoice, as well as organize it in accordance with the prerequisite. However, there have to be
systems in place that can guarantee tax invoices contain all the information listed above. FTA Public Clarification (VATP006) Re: VAT Invoices
The Federal Tax Authority of the UAE issued Public Clarification VAT P006. It addresses the requirements for the issuance of tax invoices. This includes the following points:
It’s not acceptable for taxable persons to offer only the option of giving an invoice. A tax invoice has to be given in any circumstance wherein a supply is made.
Simplified tax invoices don’t need to show net value or value before tax for every line item.
Rounding on VAT invoices should be in the nearest Files (for line-item basis).
When tax invoices are issued in foreign currencies, they must show tax amounts in AED.
Full or detailed tax invoices have to show tax value, including net value, for every line item.
4. What should be the currency used in tax
invoices in the UAE?
The base currency for all invoices needs to be in AED or UAE Dirhams. If a
transaction took place in another currency, a VAT-registered business has to
convert the amount in UAE Dirhams using the conversion date of the day
provided by the local tax authorities.
5. Should VAT invoices be issued for
goods/services supplied to an unregistered
person?
Yes, detailed VAT invoices are to be issued to unregistered persons for supplies
where the supply value exceeds AED 10,000. For supplies under AED 10,000
purchased by an unregistered person, a simplified VAT invoice has to be given up
to fourteen days from the date and time of supply. For instance, if a supply took
place on the 30th of April 2021, a VAT invoice for this particular supply has to be
issued before the 14th of May 2021.
6. Can unregister businesses issue VAT
invoices?
Non-registered businesses or persons for the purpose of VAT in the UAE are not
allowed to create and issue VAT invoices. Unregistered persons are liable to pay a
fine for issuing tax invoices.
Do you need further information or clarification regarding VAT in the UAE? Call
us here in VAT Registration UAE today to talk to seasoned tax professionals!
7. For more info:
WhatsApp (Messaging Only): +971 52 6922588
WhatsApp & Phone: +971 55 4828368
Landline: +971 4 2500251 (9AM - 7PM GMT+4 - Sunday to Thursday)
For Consultation: consultant@farahatco.com
For Sales Enquiries: sales@vatregistrationuae.com