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DDA AUDIT REPORT SUBMISSION MANDATORY: APPROACHING DEADLINE

As part of Dubai’s efforts to develop its economy, Dubai Development Authority (DDA), previously Dubai Creative Clusters Authority (DCCA), was established. DDA regulates certain free zones located in the Barsha area of Dubai. Following are the free zones regulated by the DDA A company registered with the Dubai Development Authority (DDA) must submit Audited reports. …

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All you need to know about Corporate Tax

What is corporate tax? Corporate tax is a direct tax on the net income or profit of the business in the UAE. Corporate tax is sometimes also referred as corporate income tax or business profit tax. Corporate tax will be charged on the annual taxable income AED 375,000 or more at following rates. Corporate tax …

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VAT Auditing

Federal Tax Authority has conducted several inspections for Tax audit and the company/business had got penalties and you can be the next!! Therefore, the business must comply with the required tax law imposed by Federal Tax Authority. VAT audit is a process carried out by the experts from Federal Tax Authority to examine the records …

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Who can claim for VAT Refund?

All the business registered for VAT can claim for VAT refund from Federal Tax Authority, if input VAT amount is higher than output VAT, then the excess balance will be refundable, (i.e., if suppose a business had more expenses in certain tax period and lesser sales this would result in excess balance that can be …

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Know About VAT Registration

VAT RETURN FILING Any business whose turnover exceeds AED 375,000 they are mandatory for VAT registration, if any business whose turnover exceeds AED187,500 they are optional for VAT registration. Once the business has registered for VAT in the UAE, you are required to file your VAT return and make related VAT payment within 28 days …

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Retail selling price calculation

The excise price (tax base, before tax is added) of the excisable goods (such as tobacco, carbonated drinks & energy drinks) is determined by following calculation: Excise price is higher of: 1) The price stated in a list published by FTA 2) Designated Retail Selling Price (RSP) of the excise goods, (higher of) …

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Penalties for Violation of VAT

PENALTIES FOR VIOLATION OF VAT VAT fines and penalties in UAE is imposed by Federal Tax Authority (FTA). Businesses in UAE must abide by all the rules and regulations of FTA in order to avoid heavy VAT fines and penalties. FTA has officially confirmed the complete list of all the administrative VAT fines and penalties. …

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Can business claim for excise tax refund?

Excise tax is only paid at the initial stage of the supply chain, therefore all business that deals with excise goods cannot claim for refund of tax. Scenarios where refund for excise tax can be claimed: The excise tax paid on excisable goods which has been exported. Amounts paid to the Federal Tax Authority in …

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Federal Tax Authority Intensifies Its Efforts by Increasing Inspections visits

Inspections carried out in the first half of 2022, resulted in the seizure of AED 5.5 million packages of tobacco products not bearing ‘Digital Tax Stamps’ A further AED1.07 million packages of selected goods that include soft drinks, sweetened beverages, and energy drinks, valued at AED 130.4 million in tax liabilities. The authority indicated that …

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