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.
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.
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.
Commercial general liability are legal liability of business firms arising out of business operations other than liability out of automobile and aviation accidents, or employees injuries.
PPT on insurance for students. I have explained main types of insurance in this PPT. Hope you will find it beneficial and Useful. If you like my presentation then do comment. I will make more PPT's for you like this. Thank You.
The presentation focuses on price de-regulation and the resultant change in value chain of the industry & Further Developments. It also includes the effect of insurance cycle on underwriting margin in a free market country like United States.
Additional insured slide s hare may 6, 2021 2Jeanne Abatelli
LEARN:
What you need to look for in a contract.
How to read construction contracts for insurance from the brokers perspective.
The history & evolution of additional insureds.
How additional insured endorsements interact with construction contracts.
Presentation on Insurance in Cambodia. Terminology of Insurance contracts. Roles of Agents and Brokers. Size of insurance industry worldwide and in Cambodia. Insurers in Cambodia and size. Growth of Insurance market in Cambodia.
Commercial general liability are legal liability of business firms arising out of business operations other than liability out of automobile and aviation accidents, or employees injuries.
PPT on insurance for students. I have explained main types of insurance in this PPT. Hope you will find it beneficial and Useful. If you like my presentation then do comment. I will make more PPT's for you like this. Thank You.
The presentation focuses on price de-regulation and the resultant change in value chain of the industry & Further Developments. It also includes the effect of insurance cycle on underwriting margin in a free market country like United States.
Additional insured slide s hare may 6, 2021 2Jeanne Abatelli
LEARN:
What you need to look for in a contract.
How to read construction contracts for insurance from the brokers perspective.
The history & evolution of additional insureds.
How additional insured endorsements interact with construction contracts.
Presentation on Insurance in Cambodia. Terminology of Insurance contracts. Roles of Agents and Brokers. Size of insurance industry worldwide and in Cambodia. Insurers in Cambodia and size. Growth of Insurance market in Cambodia.
This presentation is all about insurance. It will cover some topics.
1-What is Insurance ?
2-Why Insurance ?
3- Type of Insurance
4-What is Risk?
5- Peril and Hazard
6- Transfer of Risk ?
7- Mitigation
8-WHAT IS GENERAL INSURANCE ?
9- Type Of General Insurance
10- Insurance Company Operations
11- Underwriting, Claims Settlement
12- Reinsurance
Basics of Insurance by RapidValue SolutionsRapidValue
This presentation explains the process of Insurance in a very Simplistic and schematic way. It starts with the definition of Insurance and moves onto the types of insurance like life insurance, general insurance, P&C insurance, Auto insurance etc. It explains the insurance industry sales channels and the customer purchase process. The presentation also looks to explain the claims process. It suggests, citing statistics from various sources, that insurance industry will have to go thorough digital transformation as it will benefit both the insurers and the customers.
The outcome of this session is to understand the fundamentals of insurance, the risk management techniques ,Principles of Insurance contracts & Key Insurance terminologies
1-The Basics Parts of an Insurance Contract
Declarations
Definitions
Insuring Agreement
Exclusions
Conditions
Deductibles
Miscellaneous Provisions
Insured
Rider And Endorsement
2-COINSURANCE
A coinsurance formula is used to determine the
amount paid for a covered loss. The coinsurance for-
mula is as follows:
(Amount of insurance carried/Amount of insurance required) * Loss = Amount of recovery
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
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.
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.
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
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
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.
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
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Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
Affordable Stationery Printing Services in Jaipur | Navpack n PrintNavpack & Print
Looking for professional printing services in Jaipur? Navpack n Print offers high-quality and affordable stationery printing for all your business needs. Stand out with custom stationery designs and fast turnaround times. Contact us today for a quote!
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Kseniya Leshchenko: Shared development support service model as the way to ma...
Is VAT on insurance taxable
1. Is VAT on Insurance
Taxable?
HTTPS://VATREGISTRATIONUAE.COM/VAT-INSURANCE-UAE-
TAXABLE/
2. VAT Treatment of Different Types of
Insurance 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.
3. General insurance
General insurance includes motor insurance, fire and theft, real estate insurance, and contents
insurance. Liability of charges will be as follows:
Zero rate – if the recipient of the general insurance is a resident outside any GCC implementing
state, is located outside of the UAE, and performance of insurance service isn’t received by
someone who is in the UAE that won’t be allowed in recovering incurred VAT.
Standard rate – if the recipient of the general insurance is a UAE resident
4. Life insurance
This category includes individual insurance, group insurance, life annuity, term, and investment-
linked policy. In all cases, the following liability of charges apply:
Exempt from VAT – if the recipient of life insurance is a UAE resident
Zero rate – if the recipient of life insurance is a resident that’s outside any GCC implementing
state, is located outside of the UAE, and performance of insurance service isn’t received by a
legal entity in UAE who wouldn’t be able to process VAT recovery for VAT incurred.
5. International transport
This includes insurance for the transportation of passengers and aviation or marine cargo. VAT treatment for such
will be zero-rated with respect to international transportation services with the exemption of travel insurance.
International transportation is defined as:
Transportation of products or passengers which starts from the UAE then ends outside of UAE
Transportation of products or passengers which starts outside UAE and ends in UAE
Transportation of passengers that are from a place in UAE onto another place in UAE either by land, air or sea
of international transport of passengers if final destination place or 1st place of departure is outside UAE
Transportation of goods that are from UAE to another place within UAE if services are supplied for the purpose
or part of international transportation of products either from UAE to any place outside UAE or from any place
outside UAE onto UAE.
Insurance with international transportation includes the act of arranging any form of insurance.
6. Travel insurance
Travel insurance will be liable for a VAT rate of:
Standard rate – if the recipient of the travel insurance is a UAE resident
Zero rate – if the recipient of life insurance is a resident that’s outside any GCC implementing
state, is located outside of the UAE, and performance of insurance service isn’t received by a
legal entity in UAE who wouldn’t be able to process VAT recovery for VAT incurred.
7. Other types of insurance
Medical insurance, accident insurance, public liability, and public indemnity insurance will have
the following VAT treatment in UAE:
Standard rate – if the recipient of the travel insurance is a UAE resident
Zero rate – if the recipient of life insurance is a resident that’s outside any GCC implementing
state, is located outside of the UAE, and performance of insurance service isn’t received by a
legal entity in UAE who wouldn’t be able to process VAT recovery for VAT incurred.
Take note: Reinsurance will have the same general principles mentioned above.
8. What are considered insurance products
and services in UAE?
The products and services that are provided to consumers by persons or businesses which involve any of the following are considered as
insurance:
A contract that provides the insured becoming entitled to something should a specific event occurs;
The event must be something that involves the element of uncertainty;
Insured by an insurance contract must have insurable interest with the contract’s subject matter
In practice, the insurer makes an offer to the potential party to be insured, which it either approves of or rejects. Contracting parties must
all be in agreement with the intention of an insurance contract. There must also be the intention in entering into a legal relationship
under which a party has the obligation in providing insurance. Lastly, there must be a benefit, right, or some payment offered by the party
that’s potentially issued to the insurance contract. Premium forms policyholder or insured’s consideration for the promise of insurer to
pay in accordance to terms of the insurance policy.
Risks that are covered by insurance contracts can be wide. They include loss of profits, life and endowment, general indemnity, motor
vehicles, fire accidents.
For more tailored advice on the applicability of VAT on your business transactions, call us here in VAT Registration UAE to speak with our
regulated tax agents in Dubai! Contact us now.
9. Contact Us
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For Consultation: consultant@farahatco.com
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