November 2017

Penalties for not registering for VAT

By addone, November 29, 2017 | Information

The penalties for NOT registering for VAT are looking surprisingly high. The guidelines are being updated regularly however this is what we can conclude from the latest announcements: In the most recent guidelines from the government the following has been...

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CRITICAL VAT CHECKLIST

By addone, November 29, 2017 | Uncategorized

It is critical you understand how VAT will impact your company: Understand if your business needs to register for VAT. All businesses should submit their registration application by December 4, 2017 Act quickly o Much of the legislation is being...

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What is The Federal Tax Authority (FTA) in the UAE?

By addone, November 29, 2017 | Uncategorized

The Federal Tax Authority (FTA) is the government entity responsible for the collection and management of federal taxes and was established in 2016. The Ministry of Finance (MoF) manages and develops fiscal policies. Recently they have issued the important following...

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What is VAT?

By addone, November 29, 2017 | Uncategorized

Value-Added Tax or VAT is a tax on the consumption or use of goods and services levied at the point of sale. VAT is a form of indirect tax and is used in more than 180 countries around the world....

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UAE’s economy to grow by 3.4% in 2018

By addone, November 28, 2017 | Uncategorized

Interestingly, most of the newspapers and economists are forecasting that the UAE’s economy will finally turn the corner next year and is expected to experience a growth rate of 3.4% in 2018. This is according to the International Monetary Fund...

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UAE urges businesses to file tax returns by 15th November

By addone, November 13, 2017 | Uncategorized

The National announces: "Federal Tax Authority urges businesses to file tax returns by November 15. Failure to submit returns on time will incur hefty penalties." This year the UAE introduced an excise tax on tobacco and energy drinks. 100 per...

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