The United Arab Emirates (UAE) has effectively implemented Value Added Tax (VAT) across the Emirates. There has been a good percentage of agreement by the businesses that prove that the tax system is a definite asset in the country. What is a Tax Group? A tax group consists of two or more parties that are […]
On the 24th September 2017, the cabinet of the United Arab Emirates issued Decision number 36 on the Executive Regulation of Federal law number 7 of 2017. This decision deals with the tax procedures and the importance of various other provisions which include keeping accounting records and commercial books relating to tax purposes as well as […]
It is common for business entities to commence within a group, meaning, broadly, several firms under common ownership. Tax grouping or VAT grouping means two or more businesses or limited liability partnerships can be possibly considered as a single taxable entity for VAT. Since the enactment by the United Arab Emirates Ministry of Finance of […]
“The hardest thing to understand in the world is the income tax”- Albert Einstein. Taxation stands as one of the most crucial domains that every business needs to deal with and thus turns out to be unavoidable. The payment of tax positions as a mandate and therefore, one needs to deal with it carefully. Unlike […]
The tax audit proceedings stood as a mandate for the business entities in UAE after the Emirati Government and Federal Tax Authority (FTA) collectively implemented the Value Added Tax (VAT) on the supply of goods and services from 1st January 2018. The move has been made to figure out compliance with the legal provisions of the […]
On 1st Jan 2018, the United Arab Emirates (UAE) came up with the implementation of tax for GCC countries with a rate of 5%. The nation was well known for tax free zones, but this initiative has been taken forward with an idea to generate a different source for income and to leverage the nation’s GDP. […]
The UAE has become a fast-moving city. Be it a business or job; the Emirates have a space for all. When it comes to business setup, UAE is the most favourable option by investors. The city has established itself as a booming business hub, backed by the continuous support of the Government. New laws get […]
It is well-known that the UAE has been considered as a favourable destination by entrepreneurs, business owners, freelancers. The region provides a platform for business organizations to establish their roots and grow to national and international level. The UAE stands as a member of the GCC countries, and an important step was taken forward to […]
Taxes are a critical source of revenue for the government of a country and thus are very important, but, the filing of charges can pose a tricky situation in front of the one who is filing taxes. If the taxes applicable to an entity are less and can be easily calculated, you can file charges […]
With the recent application of VAT in UAE, tax groups seem to be a very advantageous option for all businessmen and entrepreneur. It would provide a group of companies the benefit of being considered as a single entity. This would affect the way taxes are applied to the company and will also have a massive […]
