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 …
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 …
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 …
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) …
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. …
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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