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
Refer to Article as appeared in Gulf News on 31 August, 2018
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.
UAE FTA has issued Public Clarification explaning the application of Article 53 of the VAT Executive Regulations with regards to VAT which is non-recoverable in respect of entertainment or hospitality of any kind.
kindly refer below link for complete writeup
UAE FTA has added two new Designated Zones in Abu Dhabi and one Designated Zone in Dubai.
Kindly refer link for the revised list
UAE FTA has issued VAT Public Clarification on PROFIT MARGIN SCHEME – ELIGIBLE GOODS.
Kindly refer link for further details
Abu Dhabi has proposed to reduce tourism fees fro 6% to 3.5% and municipality fees from 4% to 2%.
Also proposed to reduce municipality fees for hotel rooms from aed 15 per night to aed 10 per night.
refer link for further details
UAE Federal Tax Authority has issued Cabinet Decision no 25 of 2018
on the Mechanism of Applying Value Added Tax on Gold and Diamonds between Registrants in the State
Kindly refer the link
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
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
Kindly find attached link in Ministry of Finance – UAE website wherein attached is the Federal Law No. 7 of 2017 – Tax Procedures in UAE. The Executive Regulations relating to Tax shall follow in due course.