This is the Proposed VAT law in Dubai for the year 2018. This is prepared by the glimpses provided by the Dubai Government and seminars by Pwc and KPMG. Kindly take this for knowledge and don't start making business decisions on the basis of the same because the actual Law is yet to come out
This is the proposed VAT Law in Dubai, the act is yet to come and then i will present one more presentation with the actual law. Kindly note that this is just for the overview and please don't make decisions on the basis of the same.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
Government has tentatively decided to introduce VAT in UAE by 01 January, 2018. The proposed rate of VAT in UAE will be up to 5%.
UAE: MOF confirm that the UAE will implement VAT at 5% from January 2018Alex Baulf
It has been confirmed that the UAE will implement value added tax (VAT) at the rate of five per cent from 1 January 2018.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said that “GCC countries have from 1 January 2018 to 1 January 2019 to implement VAT.” He confirmed that each country represented in the GCC can implement VAT within that time period and continued that “a lot of ground work needs to be done before implementing VAT”. He continued that the GCC countries are currently working on a framework, which he expects to be agreed upon and made public in June of this year.
UAE: 3 – 5 percent of VAT in 2018
The spokesman of government has recently confirmed the introduction of Value-Added-Tax (VAT), across the UAE and the GCC, in 2018, at a percentage of 3 – 5.
The Under-secretary at the United Arab Emirates’ Ministry of Finance, Younis Haji Al Khoori, made several comments concerning the VAT introduction, at the sidelines of the first meeting of the Under-secretaries of the Arab Ministries of Finance, organised by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund.
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
This is the proposed VAT Law in Dubai, the act is yet to come and then i will present one more presentation with the actual law. Kindly note that this is just for the overview and please don't make decisions on the basis of the same.
Value Added Tax (VAT) is an indirect tax. It is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or distribution/sales. It is usually implemented as a destination-based tax. It is also known as goods and services tax (GST) in some countries
Government has tentatively decided to introduce VAT in UAE by 01 January, 2018. The proposed rate of VAT in UAE will be up to 5%.
UAE: MOF confirm that the UAE will implement VAT at 5% from January 2018Alex Baulf
It has been confirmed that the UAE will implement value added tax (VAT) at the rate of five per cent from 1 January 2018.
Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said that “GCC countries have from 1 January 2018 to 1 January 2019 to implement VAT.” He confirmed that each country represented in the GCC can implement VAT within that time period and continued that “a lot of ground work needs to be done before implementing VAT”. He continued that the GCC countries are currently working on a framework, which he expects to be agreed upon and made public in June of this year.
UAE: 3 – 5 percent of VAT in 2018
The spokesman of government has recently confirmed the introduction of Value-Added-Tax (VAT), across the UAE and the GCC, in 2018, at a percentage of 3 – 5.
The Under-secretary at the United Arab Emirates’ Ministry of Finance, Younis Haji Al Khoori, made several comments concerning the VAT introduction, at the sidelines of the first meeting of the Under-secretaries of the Arab Ministries of Finance, organised by the UAE Ministry of Finance in cooperation with the Arab Monetary Fund.
The GCC member countries have entered into a unified agreement which bind them to implement VAT and Excise regulations in their jurisdictions latest by January 2019. IMC has a dedicated “VAT in GCC” team set-up in Dubai, UAE. Write to us at bc@intuitconsultancy.com or visit https://intuitconsultancy.com/vat-in-middle-east/ for more. IMC would be pleased to advise readers on how to apply the principles set out in this publication to their specific circumstances.
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.
Welcome to our guide for Taxation in Vietnam. In this guide, we hope to provide you with an overview of the key aspects of Taxation in Vietnam and answer many of the questions that foreign businesses and entrepreneurs have when making their first venture into the Vietnamese market.
Taxation for IT in Ukraine. Diia City. Conventa Legal presentationMikhail Ivanenko
Big hopes for the digital economy in Ukraine, aiming at 10% GDP in 3-5 years. To achieve that the government introduced favorable taxation as a part of its Diia City legal regime.
Companies will be able to choose 9% distributed profit tax - basically not to pay any corporate tax in case there is no distribution of profits like dividends, or some other forms. An option to choose net profit tax at 18% will remain as well if an IT company is willing to do so.
Taxation of salaries has been lowered drastically - personal income tax and military levy make 6.5% combined and around USD 50 shall be paid as a social security tax. For high salaries, this may mean that an effective tax rate will be in the range of 7-8% which is pretty competitive globally, leave alone EU and Eastern Europe.
Most business activities and investments in Vietnam will be affected by the following taxes:
Corporate income tax;
Various withholding taxes;
Capital assignment profits tax;
Value added tax;
Import duties;
Personal income tax of Vietnamese and expatriate employees;
Social insurance, unemployment insurance and health insurance contributions.
There are various other taxes that may affect certain specific activities, including:
Special sales tax;
Natural resources tax;
Property taxes;
Export duties;
Environment protection tax.
All these taxes are imposed at the national level. There are no local, state or provincial taxes.
With IMC’s comprehensive action plan you can take control of VAT’s impact on people and organizations, processes and controls, and data and technology.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
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.
Welcome to our guide for Taxation in Vietnam. In this guide, we hope to provide you with an overview of the key aspects of Taxation in Vietnam and answer many of the questions that foreign businesses and entrepreneurs have when making their first venture into the Vietnamese market.
Taxation for IT in Ukraine. Diia City. Conventa Legal presentationMikhail Ivanenko
Big hopes for the digital economy in Ukraine, aiming at 10% GDP in 3-5 years. To achieve that the government introduced favorable taxation as a part of its Diia City legal regime.
Companies will be able to choose 9% distributed profit tax - basically not to pay any corporate tax in case there is no distribution of profits like dividends, or some other forms. An option to choose net profit tax at 18% will remain as well if an IT company is willing to do so.
Taxation of salaries has been lowered drastically - personal income tax and military levy make 6.5% combined and around USD 50 shall be paid as a social security tax. For high salaries, this may mean that an effective tax rate will be in the range of 7-8% which is pretty competitive globally, leave alone EU and Eastern Europe.
Most business activities and investments in Vietnam will be affected by the following taxes:
Corporate income tax;
Various withholding taxes;
Capital assignment profits tax;
Value added tax;
Import duties;
Personal income tax of Vietnamese and expatriate employees;
Social insurance, unemployment insurance and health insurance contributions.
There are various other taxes that may affect certain specific activities, including:
Special sales tax;
Natural resources tax;
Property taxes;
Export duties;
Environment protection tax.
All these taxes are imposed at the national level. There are no local, state or provincial taxes.
With IMC’s comprehensive action plan you can take control of VAT’s impact on people and organizations, processes and controls, and data and technology.
The standard VAT rate will be 5% unless a zero rate or exemption applies.
The Member States have the right to subject the following sectors to a zero rate or to exempt them from VAT:
Education
Health
Real estate
Local transport
The Member States have the right to subject the oil sector, petroleum derivatives, and gas to a zero rate of VAT.
Individual GCC countries have the right to subject certain food products to a zero rate of VAT.
The Member States have the right to subject medical supplies to a zero rate of VAT.
Intra-GCC and international transport will be subject to a zero rate of VAT.
The export of goods to jurisdictions outside of the GCC Member States will be subject to a zero rate of VAT.
The Member States have the right to exempt Financial Services from VAT. The term financial services is not defined but broadly the exemption will generally relate to dealings in money, securities, foreign exchange and the operation and management of loan accounts, deposits, trade credit facilities and related intermediary services. The exemption is not expected to extend to fee based services transacted by a financial institution. However, Member States may choose to apply different VAT treatments to financial services if they wish.
Supplies of goods and services from a VAT registered person in one Member State to a VAT registered person in another Member State are subject to the reverse charge mechanism.
VAT grouping appears to be permitted between two or more legal persons resident in the same Member State.
The treatment of GCC free zones is not addressed and it is left to each Member State to determine its own VAT treatment for free zones.
Businesses with an annual revenue of over AED 375,000 will be required to register for VAT purposes.
Businesses with an annual revenue between AED 187,500 and AED 375,000 will have the option to register for VAT purposes.
With VAT implementation taking effect in under six months, the Ministry of Finance have now provided further clarification of the rules which will be imposed in respect of VAT within the UAE, furthermore we have seen updates across Saudi Arabia recently, with announcements being made in respect of the registration process. This short alert from Grant Thornton UAE summarises the recent clarifications which the UAE have announced, alongside the registration elements required within Saudi Arabia.
An introductory guide to the implementation of VAT in the UAE which we have been using as part of our client training and awareness sessions - feel free to share with colleagues and use as part of your reference materials.
Car Accident Injury Do I Have a Case....Knowyourright
Every year, thousands of Minnesotans are injured in car accidents. These injuries can be severe – even life-changing. Under Minnesota law, you can pursue compensation through a personal injury lawsuit.
RIGHTS OF VICTIM EDITED PRESENTATION(SAIF JAVED).pptxOmGod1
Victims of crime have a range of rights designed to ensure their protection, support, and participation in the justice system. These rights include the right to be treated with dignity and respect, the right to be informed about the progress of their case, and the right to be heard during legal proceedings. Victims are entitled to protection from intimidation and harm, access to support services such as counseling and medical care, and the right to restitution from the offender. Additionally, many jurisdictions provide victims with the right to participate in parole hearings and the right to privacy to protect their personal information from public disclosure. These rights aim to acknowledge the impact of crime on victims and to provide them with the necessary resources and involvement in the judicial process.
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)
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 .
PRECEDENT AS A SOURCE OF LAW (SAIF JAVED).pptxOmGod1
Precedent, or stare decisis, is a cornerstone of common law systems where past judicial decisions guide future cases, ensuring consistency and predictability in the legal system. Binding precedents from higher courts must be followed by lower courts, while persuasive precedents may influence but are not obligatory. This principle promotes fairness and efficiency, allowing for the evolution of the law as higher courts can overrule outdated decisions. Despite criticisms of rigidity and complexity, precedent ensures similar cases are treated alike, balancing stability with flexibility in judicial decision-making.
Responsibilities of the office bearers while registering multi-state cooperat...Finlaw Consultancy Pvt Ltd
Introduction-
The process of register multi-state cooperative society in India is governed by the Multi-State Co-operative Societies Act, 2002. This process requires the office bearers to undertake several crucial responsibilities to ensure compliance with legal and regulatory frameworks. The key office bearers typically include the President, Secretary, and Treasurer, along with other elected members of the managing committee. Their responsibilities encompass administrative, legal, and financial duties essential for the successful registration and operation of the society.
WINDING UP of COMPANY, Modes of DissolutionKHURRAMWALI
Winding up, also known as liquidation, refers to the legal and financial process of dissolving a company. It involves ceasing operations, selling assets, settling debts, and ultimately removing the company from the official business registry.
Here's a breakdown of the key aspects of winding up:
Reasons for Winding Up:
Insolvency: This is the most common reason, where the company cannot pay its debts. Creditors may initiate a compulsory winding up to recover their dues.
Voluntary Closure: The owners may decide to close the company due to reasons like reaching business goals, facing losses, or merging with another company.
Deadlock: If shareholders or directors cannot agree on how to run the company, a court may order a winding up.
Types of Winding Up:
Voluntary Winding Up: This is initiated by the company's shareholders through a resolution passed by a majority vote. There are two main types:
Members' Voluntary Winding Up: The company is solvent (has enough assets to pay off its debts) and shareholders will receive any remaining assets after debts are settled.
Creditors' Voluntary Winding Up: The company is insolvent and creditors will be prioritized in receiving payment from the sale of assets.
Compulsory Winding Up: This is initiated by a court order, typically at the request of creditors, government agencies, or even by the company itself if it's insolvent.
Process of Winding Up:
Appointment of Liquidator: A qualified professional is appointed to oversee the winding-up process. They are responsible for selling assets, paying off debts, and distributing any remaining funds.
Cease Trading: The company stops its regular business operations.
Notification of Creditors: Creditors are informed about the winding up and invited to submit their claims.
Sale of Assets: The company's assets are sold to generate cash to pay off creditors.
Payment of Debts: Creditors are paid according to a set order of priority, with secured creditors receiving payment before unsecured creditors.
Distribution to Shareholders: If there are any remaining funds after all debts are settled, they are distributed to shareholders according to their ownership stake.
Dissolution: Once all claims are settled and distributions made, the company is officially dissolved and removed from the business register.
Impact of Winding Up:
Employees: Employees will likely lose their jobs during the winding-up process.
Creditors: Creditors may not recover their debts in full, especially if the company is insolvent.
Shareholders: Shareholders may not receive any payout if the company's debts exceed its assets.
Winding up is a complex legal and financial process that can have significant consequences for all parties involved. It's important to seek professional legal and financial advice when considering winding up a company.
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/.
ASHWINI KUMAR UPADHYAY v/s Union of India.pptxshweeta209
transfer of the P.I.L filed by lawyer Ashwini Kumar Upadhyay in Delhi High Court to Supreme Court.
on the issue of UNIFORM MARRIAGE AGE of men and women.
2. Announcements
The UAE Minister of State for Financial Affairs, His Excellency
Obaid Humaid Al Tayer was speaking in Dubai on 24 February
2016 after a joint press conference with Christine Lagarde,
Managing Director of the International Monetary Fund (IMF).
On June 15, 2016, the Undersecretary of the UAE Ministry of
Finance, Younis Al Khoury, announced that companies in the
UAE that report annual revenues over Dh 3.75 million will be
obliged to be registered under the GCC VAT system. Al Khoury
also confirmed that companies whose revenues fall between Dh
1.87 million and Dh 3.75 million will have the option to register
for VAT during the first phase of the VAT implementation.
VAT is one of the most common types of consumption tax found
around the world. Over 150 countries have implemented VAT
(or its equivalent, Goods and Services Tax), including all 29
European Union (EU) members, Canada, New Zealand,
Australia, Singapore and Malaysia.
3. What is VAT ?
It is a Multi stage broad consumption tax.
A business pays the government the tax that it collects
from the customers while it may also receive a refund
from the government on tax that it has paid to its
suppliers. The net result is that tax receipts to
government reflect the ‘value add’ throughout the supply
chain.
Tax is borne by end users/consumers and not by the
business
VAT is not the cost of doing business unless he is in
exempt supplies.
All the goods and services are expected to be taxable (5%,
0% or exempted).
Expected implementation – 1st
January 2018
4. How does it work
•Assume that the goods are imported from India at $ 1000 and
then are sold afterwards at the VAT of 5%,
11. Place of VAT
It will determine which country has the right to collect the
tax.
Different rules for the transportation and non
transportation.
If there is no transportation – the place where goods are
made available will be taxed. For example : Retail sale of
diamonds at Dubai then it will be taxable in Dubai.
If there is transportation – the place where the
transportation starts i.e. if the diamonds are transported
through brinks to Belgium then the tax collecting state
will be Dubai.
If there is inter GCC trade – the place where the
transportation ends i.e. If the diamonds are transported
from Dubai to Saudi, then it will be taxable in Saudi.
12. Place of supply
Situations
Place of
Collection
Example: Three conditions
1)Outside GCC: where the
goods are sent to Belgium
from Dubai
2)In GCC: Where the goods are
transported from Saudi to
Dubai.
3)Retail: Goods are hand
carried to Dubai from Saudi
13. Registration
To be taxable every company has to get registered.
For registration the annual turnover and future
annual turnover.
If turnover is between USD 500,000 to USD
1,000,000 there should be a voluntary registration.
If the turnover is above USD 1,000,000 it is
mandatory to register within 11 months from the
date the turnover crossed the limit.
14. Compliance for filing
returns (Proposed)
Typically the VAT returns should be filed monthly
or quarterly.
Lodgement for month/quarter end by say, 21st
of
the following month.
An annual return may also be required to settle
down all the variances from the quarter if any.
15. VAT Exempt vs VAT Exempt with
Credit (Zero Rated Supplies)
VAT systems often exempt certain banking,
insurance, financial services, medical and
education services This means no VAT is
chargeable by suppliers of any such services nor is
any related VAT incurred reclaimable .
The supply of certain basic foodstuffs (e.g. fruit,
vegetables, meat, bread, milk, etc.) is sometimes
zero rated/VAT exempt with credit and VAT is fully
reclaimable by businesses making any such
supplies.
16. Other points to consider
Out of scope supply refers to the supplies which
are out of scope of UAE VAT Law.
VAT does not need to be charged on out of scope
supplies and also not to be reported in the returns.
Services delivered to customers outside the UAE
will be treated as the export and zero rated for VAT
purposes.
17. Conclusion
VAT systems are generally a very effective and
efficient means of collecting significant tax Revenue
around the world
VAT compliance systems are now online in most
countries
VAT is a Self-assessment system under which
businesses are obliged to submit correct returns
and pay liabilities in timely manner
VAT systems are policed through regular tax audits
and the ongoing monitoring of exceptional trends
by the Tax Authorities across the glob