Excise tax is a type of indirect tax that is levied on certain goods and services in the United Arab Emirates (UAE). It is intended to be a consumption tax, meaning that it is imposed on goods and services that are consumed within the UAE. Excise tax is different from value-added tax (VAT), which is …
As a business owner in the United Arab Emirates, it is important to have a clear and accurate understanding of your financial situation. Properly prepared financial statements can help you make informed decisions about your business, secure financing, and attract investors. Here are some steps to follow when preparing financial statements in the UAE: Gather …
The preparation of annual financial statements is a crucial step in the financial management of any business. It helps to provide a clear and accurate picture of the company’s financial performance over the past year. In Dubai, financial reporting requirements are strict. And it is important for businesses to ensure that their annual financial statements are prepared in …
You can file VAT return through FTA online portal. You have to ensure that you have met all the tax return requirements as per FTA before filing. It should be published at the end of each tax period to FTA. Once you get the form, you have to fill the boxes with accurate information regarding your purchase, sales, Input …
Importance of VAT Registration in the UAE Businesses operating in the UAE must prioritize VAT registration to comply with the legal requirements set by the UAE government. VAT registration becomes mandatory when the taxable supplies and imports of a business exceed the threshold of 375,000 dirhams. However, businesses that do not meet the criteria for …