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VAT for Schools in UAE

Posted by Mustafa Chohan on September 28, 2017
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From 1 January 2018 UAE will be implementing a VAT for 5% on all goods except for educational institutes which are zero rated As per Article 45 “The supply of educational services and related Goods and Services for nurseries, preschool, elementary education, and higher educational institutions owned or funded by Federal or local Government, as specified in the Executive Regulation of this Decree-Law” Which means that services offered by government owned schools will be zero

VAT Tax Group

Posted by Mustafa Chohan on September 27, 2017
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It is very common in UAE that companies form a structure of separate legal entities and hold themselves under the holding company. FTA has provided a special provision for such entities called tax group. Under Tax Group two or more legal entities registers themselves as single entity for tax purposes. Registering a VAT Group can be done at any time. Entities can apply for the tax group if all of the following conditions are met:

Excise tax for UAE

Posted by Mustafa Chohan on September 26, 2017
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Unlike value added tax, excise tax is part of the cost of goods. Excise tax is required to be paid by factory or importer. Excise tax is due at the time when goods are ready for consumption. Excise goods are applicable on products that are harmful to human health or the environment. As per UAE Excise Tax requirements excise tax is required to be paid for the following goods: 1. Carbonated drinks except unflavored Energy drinks
VAT for Microsoft Dynamics ERP
Ensuring reliable policies and procedures are in place to record and report the VAT transactions correctly lies with the corporate entity. Corporates are required to maintain the record for 5 years and present them to FTA as and when required. Failure to maintain such records may result in administrative penalties. UAE has adopted self-assessment which mean corporates are required to ensure sufficient skills and resources are available to record and report the tax correctly. As

Compliance for VAT in UAE

Posted by Mustafa Chohan on September 22, 2017
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Implementing VAT is UAE not only to configure your ERP but also to make sure your team is capable enough to execute the transactions correctly. They are also responsible to compute the correct taxation and to report them in a timely manner. UAE has adopted self assessment method for collection and reporting of VAT, failure to do so may result in heavy penalties. As per the UAE VAT regulations the complete responsibility to implement VAT lies

Tech Ventures

Posted by Mustafa Chohan on January 12, 2017
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