Author: sanganicoblogadmin

VAT Refund for Tourists to start in November

Per Khaleej Times report on 5th September, 2018
The UAE’s Federal Tax Authority has appointed Planet as its exclusive tax refund operator for the Tourist Refund Scheme which will be rolled out in November 2018.
Designated spaces will be provided where tourists can easily reclaim taxes through an electronic system, without any human involvement. The digital system determines the taxes that are eligible for a refund and then reimburses tourists.
For complete article kindly visit link
https://www.khaleejtimes.com/business/vat-in-uae/vat-refund-for/-uae-tourists-to-start-in-november

India may tighten disclosure rules for Foreign Portfolio Investors (FPI) from Mauritius

According to new yardstick, foreign portfolio investors (FPIs) coming from countries which are not members of the Financial Action Task Force (FATF) will have to meet stricter disclosure standards, and face greater scrutiny and regulatory hurdles.

Kindly refer to article appeared in Economic Times on 3rd September, 2018

https://economictimes.indiatimes.com/markets/stocks/news/india-may-tighten-disclosure-rules-for-fpis-from-mauritius/articleshow/65651726.cms

UAE VAT Refund – Need to attach Bank Account Validation letter

A bank account validation letter / certificate must be provided to the FTA. This letter must be issued and stamped by the bank and includes following details
(i) account holder name (must be the same as the taxable person’s name as registered with the FTA), (ii) bank’s name and address,
(iii) SWIFT/ BIC and
(iv) the IBAN.
The letter/ certificate shall be uploaded as an attachment to the refund application.