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Federal Law No 8 of 2017 on VAT

For complete text of the law refer to the link:

https://www.mof.gov.ae/en/lawsandpolitics/govlaws/pages/vat-law.aspx

Federal Decree Law No. (8) of 2017 on Value Added Tax has been issued, which outlines the tax scope, rate, responsibility for tax, supply of goods and services in all cases, including supply in special cases, supply of more than one component, supply via agent, supply by government entities and cases of deemed supply etc.

 

Federal Tax Authority mandated to Audit tax compliance in the UAE

The FTA may perform the audit at its office or the place of business of the person or any other place where they conduct business, store goods or keep records, in which case, the person must be given a prior notice of at least five business days.

While conducting a tax audit, the tax auditor may ask for original records or copies thereof, or take samples of the goods, equipment or other assets available at the person’s place of business

The tax audit will be conducted during the official working hours of the authority. The Director General may, by way of exception, issue a decision to conduct the audit outside regular hours if necessary.

The authority may order a re-audit if new information surfaces that might impact the outcome of the tax audit.

PROTECTING TAXPAYERS RIGHTS

The new law has granted the right to audited person to request the tax auditors to show their professional identification cards; obtain a copy of the tax audit notification; attend the auditing procedures that take place outside of the authority’s headquarters; and obtain copies of any original paper or digital documents removed or obtained by the FTA during the tax audit.

The authority must issue a tax assessment to determine the value of payable tax and serve it on the taxable person within five working days of its issuance in any of the following cases:

(i)if the taxable person fails to apply for registration within the time frame specified by the tax law; (ii) if they fail to submit a tax return within that time frame; (iii) if they fail to pay the tax stated as payable on the submitted tax return before the deadline; (iv) if the taxable person submits an incorrect tax return; and  (v) if the registrant fails to calculate tax on behalf of another person when they are obligated to do so by the tax law.

Source

Gulf News dated 1 August, 2017. Refer below link

http://gulfnews.com/business/sectors/government/federal-tax-authority-mandated-to-audit-tax-compliance-in-the-uae-1.2067024

New UAE Tax Law brings clarity on VAT

The Law defines the role of Federal Tax Authority and obligations under tax compliance

The Tax Procedures Law also establishes the register of tax agents who may interact with the FTA on behalf of taxpayers, specifies the basic requirements for appointing tax agents, and sets the standards for maintaining confidentiality by the authority as well as its officers.

The law requires any person conducting any type of business to keep accounting records and commercial books, as well as any tax-related information as determined by the Law.

Tax returns, data, information, records and documents must be submitted to the authority in Arabic. The FTA may, however, accept documents in any other language, as long as the person provides a translated copy in Arabic at their expense and responsibility, if so requested.

Registrants must include their Tax Registration Number (TRN), in all correspondence and transactions with the authority or with others. They must also inform the authority by filling the form of any circumstance that might require the amendment of information related to their tax record within 20 working days of the occurrence of said circumstance.

Each taxable person must also prepare tax returns for each tax period and for each tax while being registered. They must then submit the tax returns to the authority and pay any payable tax as specified in the tax return or any tax assessment within the time limit. The authority reserves the right to turn down any incomplete return.

The law mandates that a register of tax agents be established at the authority, which will hold files for each agent documenting his/her conduct. It is not permitted for any person to practise the profession of a tax agent in the UAE unless he/she is enrolled in the register.

Source: Gulf News dated 1 August, 2017. Refer below link

http://gulfnews.com/business/sectors/government/new-uae-tax-law-brings-clarity-on-vat-1.2067020

Dubai Islamic Bank obtains banking licence in Kenya

Kenya’s central bank has issued a banking licence to DIB Bank Kenya Ltd, which is owned by United Arab Emirates-based Dubai Islamic Bank which will make DIB Bank Kenya the third fully Sharia-compliant lender to operate in the east African nation

Kindly refer link (as appeared in Gulf News on 29th April, 2017)  for more details

http://gulfnews.com/business/sectors/banking/kenya-issues-licence-to-dib-unit-1.2018663

Addition to Financial Consultancy Division of the Firm

The Firm is pleased to welcome Mr Shiv Raj Arora as part of Financial Consultancy Division of the Firm. Mr Shiv Raj had been a banker with Punjab National Bank for > 25 years with exposure in all spheres of banking viz. Accounts, Operations, Retail Banking, Corporate Finance, Trade Finance, Marketing, Assets Liabilities Management (ALM), Internal Audit and Compliance, Regulatory MIS, Administrative Office, Asset Recovery etc…

SHIFTING OF OFFICES TO BIGGER SPACE IN BUSINESS BAY.

On behalf of the partners and management, we are pleased to announce that our head offices have now shifted to the following location in Business Bay:

‘SANGANI AND COMPANY – CHARTERED ACCOUNTANTS’
ONTARIO TOWER, 2ND FLOOR, OFFICES NO 203 AND 204, AL A’AMAL STREET, OPPOSITE OBEROI HOTEL, BUSINESS BAY, BURJ KHALIFA AREA
TEL – 04-5544957, FAX – 04-5544956′