Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of June 2016.
This issue contains diversity of case rulings ranging from issues on royalty / FTS to management service fees and TDS rates on payments made to a non-resident.
CBDT has been on a notification spree where in last 2 days, it has notified the foreign tax credit rules and the much awaited 'indirect transfer' rules which will be taken up extensively in the next bulletin along with the recent amendment on General anti-avoidance rules (GAAR).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading and a very happy CA day (1 July 2016)!!!
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
Dear Readers,
We are pleased to present TransPrice Times for the second fortnight of June 2016.
This issue contains diversity of case rulings ranging from issues on royalty / FTS to management service fees and TDS rates on payments made to a non-resident.
CBDT has been on a notification spree where in last 2 days, it has notified the foreign tax credit rules and the much awaited 'indirect transfer' rules which will be taken up extensively in the next bulletin along with the recent amendment on General anti-avoidance rules (GAAR).
We hope you find this newsletter both timely and useful, and we look forward to your feedback and suggestions to improve it further. You can write to us at akshaykenkre@transprice.in
Happy Reading and a very happy CA day (1 July 2016)!!!
What is VAT, how does it work and who pays it? When is VAT registration compulsory and what are the advantages and disadvantages of voluntary registration?
User Guide for Registration, Amendments & De-Registration for UAE VATManoj Agarwal
Federal Tax Authority has released User Guide for Registration, Amendments & De-Registration. As most of the businesses have already registered with FTA, guide is useful for Amendments in the information and De-Registration process.
Back to Basics: VAT invoicing & the reverse chargeAlex Baulf
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Our guide to PAYE Modernisation, Setting up myAccount on www.Revenue.ie.
PAYE Modernisation involves the most significant reform of the PAYE system since its introduction in 1960. From 1 January 2019 employers are required to report their employees’ pay and deductions to Revenue as they are being paid.
Visit www.icejobs.ie for the latest jobs and career advice.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
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.
What you should do to get your trn (Tax No) in UAE?AhmedTalaat127
First Off, What is VAT in UAE?
Get to Know VAT
Who are the Eligible Businesses to Register for VAT in UAE?
What Documents Do You Need to Prepare for VAT Registration in UAE?
Documents required for VAT registration in UAE
How to Register and Obtain TRN?
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.
User Guide for Registration, Amendments & De-Registration for UAE VATManoj Agarwal
Federal Tax Authority has released User Guide for Registration, Amendments & De-Registration. As most of the businesses have already registered with FTA, guide is useful for Amendments in the information and De-Registration process.
Back to Basics: VAT invoicing & the reverse chargeAlex Baulf
In this VAT Club "Back to Basics" presentation, Grant Thornton UK LLP's Hugh Doherty & Arsalan Aslam present on valid VAT invoicing, self-billing and the reverse charge.
Our guide to PAYE Modernisation, Setting up myAccount on www.Revenue.ie.
PAYE Modernisation involves the most significant reform of the PAYE system since its introduction in 1960. From 1 January 2019 employers are required to report their employees’ pay and deductions to Revenue as they are being paid.
Visit www.icejobs.ie for the latest jobs and career advice.
Malaysian Personal Income Tax Guide 2016. This series of guides will provide you an explanation of the basics and set you up on the journey of filing your taxes.
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.
What you should do to get your trn (Tax No) in UAE?AhmedTalaat127
First Off, What is VAT in UAE?
Get to Know VAT
Who are the Eligible Businesses to Register for VAT in UAE?
What Documents Do You Need to Prepare for VAT Registration in UAE?
Documents required for VAT registration in UAE
How to Register and Obtain TRN?
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.
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
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.
VAT Errors and ways to rectify them.pdfFiyona Nourin
When a person fails to charge and account for the correct amount of output VAT or does not recover the correct amount of input tax, it is considered as an error.
Understanding VAT returns in the UAE can be challenging for businesses new to its tax landscape, mainly since VAT was introduced in January 2018.
https://www.ebs.ae/vat-and-excise-returns-filing/
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.
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/
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
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.
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Trn verification in uae steps to check trn validity
1.
2. TRN Verification in UAE
Steps to Check TRN Validity
TRN Verification or VAT Verification has become very important,
considering the potential frauds involved with Value Added Tax
(VAT).
Miscreants can charge VAT using a fake TRN and pocket the
money causing loss of revenue to the Government.
3. What is TRN?
As per UAE VAT Laws, the word TRN stands
for Tax Registration Number. TRN is a unique
number issued by the Federal Tax Authority
to a VAT registered business.
In layman’s term, it is also known as VAT
Number or VAT Registration Number.
4. The Significance of TRN
As per UAE VAT Laws, businesses registered for Value Added Tax and having a valid Tax Registration Number must
mention their TRN on all the invoices that they issue.
The TRN is a 15-digit number that differentiates one registered business from the other. Further, the taxable person
having TRN can only charge VAT on invoices.
5. TRN Verification : Why is it necessary?
TRN Verification or Tax Verification is essential to make sure that the person charging the Value Added Tax is a registered
business and has a valid TRN.
The process of TRN Verification helps one to be sure of one’s TRN before making a transaction with him or issuing an
invoice to him.
If one pays VAT to someone without VAT verification then, the VAT so paid will not be available to him as the input tax
credit. One can be sure of the genuineness of the person claiming to be a VAT registered business if he performs a FTA
TRN Check.
6. TRN Verification Steps
Step 01
Step 02
Step 05
Step 03
Step 04
3. Enter the Security Code as displayed on the screen in the space provided
1. One needs to visit https://eservices.tax.gov.ae/en-us/trn-verify
2. Enter the TRN of the supplier in the space provided
4. Hit ‘Validate’ button
5. The portal displays Legal Name of the Entity in English as well as
Arabic if it’s a validTRN
7. Frequently Asked Questions
What is TRN Number?
The word TRN stands for Tax Registration Number. The Federal Tax
Authority issues TRN to a VAT registered business
What is the procedure to register for TRN in UAE?
The Federal Tax Authority(FTA)
maintains https://eservices.tax.gov.ae/ portal.
The portal facilitates VAT Registration in UAE. One needs to create an
e-service account and complete the registration form.
Upon successful completion of the registration process, the user
receives a TRN as per the UAE VAT Laws. Please check VAT
Registration in UAE for a detailed explanation of Tax Registration and
obtaining a TRN.
8. Frequently Asked Questions
The FTA issues a 15-digit unique TRN / VAT Registration Number to its
registrants.
If your supplier has quoted a 16-digit TRN, then there is some mistake.
You should ask your supplier to make changes in the invoice and
mention the correct TRN.
You may perform TRN Verification on https://eservices.tax.gov.ae/en-
us/trn-verify and satisfy yourself as to its validity
My supplier has quoted a 16-digit TRN on his
invoice, and my accountant says it is wrong. How do
I do TRN Verification?
9. Frequently Asked Questions
Is it possible to link Tax Registration Number / TRN
with Dubai customs?
Yes, linking the TRN with Dubai customs allows a taxable person to
clear the imported goods without paying VAT at the customs. He can
pay for VAT at the time of filing his VAT Return.
There are three options available to a taxable person to link the TRN
with customs : One can update Customs Registration Number on the
FTA portal
a) One can update Customs Registration Number on the FTA
portal
b) One can file the Import Declaration Form
c) One can update TRN through the customs department
10. Frequently Asked Questions
Do I have to mention the VAT Registration Number in
VAT returns that I file with FTA?
Yes, as per the UAE VAT Laws, a taxable person must mention Tax
Registration Number in the VAT returns that he files with the FTA.
What could be the consequences of forgetting to
verify the TAN number while paying for an Invoice?
If TAN Verification is not performed while paying for an invoice, then
the input tax paid can go to the wrong hands, and you may not get
Input Tax Credit for the purchases made.
11. Frequently Asked Questions
How do I get a Tax Clearance Certificate in UAE, and
how can a business with valid TRN Number use it?
The Federal Tax Authority has now started a new service for issuing a
Tax Clearance Certificate. It issues Tax Clearance Certificate to Tax
Registrants holding valid TRN Number.
One needs to login to the FTA Portal to apply for the same. Businesses
with a valid TRN number can use the Tax Clearance Certificate for the
following purposes
a) Change in Ownership
b) Business Closing
c) Below Voluntary Threshold
d) Below Mandatory Threshold
12. VAT Consulting Services
N R Doshi & Partners has a team of skilled tax professionals
that handle the VAT-related issues/ queries of the clients. We
help you comply with UAE VAT Laws. We advise you on the
procedural aspects of VAT.
We evaluate your taxable supplies and let you know if you
cross the minimum threshold that requires one to register for
VAT. We assist you in obtaining Tax Registration Number / TRN
as per the VAT Laws in UAE.
We also help you in Tax return filing, and allied VAT Consulting
services such as VAT Implementation and VAT advisory all
across the UAE.