Per article from Khaleej times dated 12 June 2018 Dubai shall be reducing municipality fees from 10% to 7% at its hotels/restaurants.
kindly refer to link for the complete article
https://www.khaleejtimes.com/news/government/sheikh-hamdan-reduces-fee-in-new-order-12
Declaration by Registered Recipient of Gold and Diamonds
FTA has issued format of Declaration by Registered Recipient of Gold and Diamonds.
Kindly refer link
https://www.tax.gov.ae/help_guides.aspx
UAE FTA issuing clarification on Tax Invoice
UAE FTA has issued Decision no 3 on Tax Invoices.
Kindly refer link
https://www.tax.gov.ae/pdf/decision-3.pdf
Applying UAE VAT on gold and diamonds between Registrants in the State
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
https://www.tax.gov.ae/pdf/cabinet-decision-no-25-of-2018.pdf
UAE VAT ON DIRECTORS SERVICES
FTA has issued VAT guide on Directors Services in April 2018. Below is the link to the VAT guide
https://www.tax.gov.ae/pdf/director-services.pdf
VAT – DESIGNATED ZONES IN UAE
Refer link for list of Designated Zones in UAE for purpose of UAE VAT per Cabinet Decision No 59 of 2017 on Designated Zones.
https://www.tax.gov.ae/pdf/Cabinet-Decision-No-59-of-2017-on-Designated-Zones-for-the-purposes-of-the-Federal-Decree-Law-No-8-of-2017-on-Value-Added-Tax.pdf
FINAL UAE VAT EXECUTIVE REGULATIONS ISSUED
KINDLY FOLLOW THE LINK
https://www.tax.gov.ae/pdf/Cabinet-Decision-No-52-of-2017.pdf
VAT ADVISORY – ALL SECTORS
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
VAT REGISTRATION NOW OPEN
Per article from Khaleej Times dated 8th October 2017:
All businesses with a turnover exceeding AED 150m should apply for VAT registration before 31st October 2017.
All businesses with a turnover exceeding AED 10m should apply for VAT registration before 30th November 2017.
All businesses that must be registered by 1st January 2018 should submit their VAT registration applications before 4th December 2017 to minimize the risk of not being registered in time for the beginning of the new year.
UAE Excise Duty Regulations issued
Refer link http://www.tax.gov.ae/legislation.aspx
for following regulations on Excise Duty issued by UAE
Cabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax;
and
Cabinet Decision No. (38) of 2017 on Excise Goods, Excise Tax Rates and the Method of Calculating the Excise Price.