July 2018 – Sangani And Company

VAT Public Clarification – Non-Recoverable Input Tax – Entertainment Services

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
https://www.tax.gov.ae/pdf/VAT-Entertainment-Services.pdf

Additions to Designated Zones in Abu Dhabi and Dubai

UAE FTA has added two new Designated Zones in Abu Dhabi and one Designated Zone in Dubai.
Kindly refer link for the revised list
https://www.tax.gov.ae/pdf/designated-zones.pdf

PROFIT MARGIN SCHEME – ELIGIBLE GOODS

UAE FTA has issued VAT Public Clarification on PROFIT MARGIN SCHEME – ELIGIBLE GOODS.
Kindly refer link for further details
https://www.tax.gov.ae/pdf/profit-margin-scheme.pdf

VAT – LABOUR ACCOMODATION – RESIDENTIAL VERSUS SERVICED PROPERTY

UAE FTA has issued VAT Public Clarification on – LABOUR ACCOMODATION – RESIDENTIAL VERSUS SERVICED PROPERTY.
Kindly refer link for further details
https://www.tax.gov.ae/pdf/Labour-Accommodation.pdf

VAT TREATMENT ON COMPENSATION-TYPE PAYMENTS

UAE FTA HAS ISSUED VAT PUBLIC CLARIFICATION ON – VAT TREATMENT ON COMPENSATION-TYPE PAYMENTS.
kindly refer link
https://www.tax.gov.ae/pdf/compensation-type-payments.pdf

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VAT clarification on Donations, Grants and Sponsorships January 28, 2019

UAE FTA has issued public clarification on Donations, Grants and Sponsorships in below link https://www.tax.gov.ae/pdf/VATP011%20-%20Donation%20Grants%20and%20Sponsorships.pdf

VAT clarification on Interests and Dividends January 28, 2019

UAE FTA has issued Public Clarification on Interest and Dividends in below link https://www.tax.gov.ae/pdf/VATP010%20Interest%20and%20Dividends.pdf

Tourists in UAE wont get retrospective VAT refund September 10, 2018

Per Khaleej Times report dated September 7, 2018 Tourists in the UAE are unlikely to get VAT refunds for purchases made before the refund scheme comes into effect from November 2018, For complete article kindly visit link https://www.khaleejtimes.com/business/vat-in-uae/tourists-in-uae-wont-get-retrospective-vat-refund

VAT Refund for Tourists to start in November September 10, 2018

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 […]

India may tighten disclosure rules for Foreign Portfolio Investors (FPI) from Mauritius September 4, 2018

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

Merger and Acquisition – Coke buying out Costa September 4, 2018

Refer to Article as appeared in Gulf News on 31 August, 2018 https://gulfnews.com/business/companies/coke-makes-5-1-billion-bet-on-coffee-market-with-costa-purchase-1.2273151

UAE VAT Refund – Need to attach Bank Account Validation letter August 2, 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) […]

VAT Public Clarification – Non-Recoverable Input Tax – Entertainment Services July 30, 2018

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 https://www.tax.gov.ae/pdf/VAT-Entertainment-Services.pdf

Additions to Designated Zones in Abu Dhabi and Dubai July 5, 2018

UAE FTA has added two new Designated Zones in Abu Dhabi and one Designated Zone in Dubai. Kindly refer link for the revised list https://www.tax.gov.ae/pdf/designated-zones.pdf

PROFIT MARGIN SCHEME – ELIGIBLE GOODS July 3, 2018

UAE FTA has issued VAT Public Clarification on PROFIT MARGIN SCHEME – ELIGIBLE GOODS. Kindly refer link for further details https://www.tax.gov.ae/pdf/profit-margin-scheme.pdf