Input tax refers to the tax paid by an individual on purchases or inbound supplies. A pivotal aspect of the UAE’s Value Added Tax (VAT) system is the opportunity to recuperate the taxes paid on input transactions. This means that an individual or business can…
The United Arab Emirates (UAE) holds a prominent position in global trade, ranking as the largest exporting state in the Gulf Cooperation Council (GCC). Notable exports from the UAE include electronics, precious metals, and gemstones, placing it as the 29th largest export economy worldwide. Simultaneously,…
In a previous article, we delved into the realm of exports and imports within the framework of UAE VAT. Exports, as you may recall, encompass both goods and services. In this article, our focus is on the export of goods and the specific treatment it…
In the context of UAE VAT, it is imperative to distinguish between the supply of goods and services, as both are subject to the same 5% VAT rate. While the tax rate remains consistent, the UAE VAT Law and Executive Regulation treat the two categories…
In the realm of UAE Value Added Tax (VAT), the central taxable event revolves around the act of supplying goods and services. This signifies that whenever a registered individual or entity engages in the provision of goods or services, it becomes incumbent to apply a…
The UAE VAT Return, often referred to as the ‘Tax Return,’ is a recurring statement that registered individuals or businesses must submit to the relevant authority. The specific data and information required for taxation purposes in the UAE VAT Return are outlined in the executive…
In accordance with the UAE VAT Law, the duty to impose, collect, and remit taxes to the government falls upon the entity making taxable supplies, namely the supplier. Essentially, when a registered supplier engages in a taxable transaction, they are required to apply VAT and…
The UAE VAT Return, often referred to as the ‘Tax Return,’ is a recurring statement that registered individuals or businesses must submit to the relevant authority. The specific data and information required for taxation purposes in the UAE VAT Return are outlined in the executive…
In the context of the UAE’s VAT system, the meticulous recording of taxable supplies and the maintenance of accurate records are of paramount importance. Tax Invoices serve as the official documents issued by registered entities to document taxable supply occurrences. These invoices not only underpin…
In the context of UAE’s Value Added Tax (VAT) regulations, when goods or services are supplied in a currency other than UAE Dirhams, they must be converted into UAE Dirhams. This is particularly relevant for businesses involved in exporting goods or services and issuing invoices…
