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

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.


VAT implications on the following relating to the client companies would be discussed:
1) Types of VAT rates
2) Input tax and output tax concept
3) Revenue
4) Time of incurrance of VAT
5) Contracts with customers and suppliers
6) Tax invoices format
7) Samples/ gifts/ complimentary
8) Deemed supply
9) Adjustments to invoices
10) Import Purchases from suppliers
11) Local purchases (Material and expense suppliers)
12) Capital asset purchases
13) Impact on cash flows and profitability
14) Impact on IT systems
15) Related party transactions
16) Additional accounting heads / chart of accounts to be maintained
17) Reporting requirements to federal tax authority
18) Time line of reporting and payment of VAT
19) Period for maintenance of records
20) Documents required for VAT registration.
21) Any other areas