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Eligibility Criteria for Voluntary Registration The UAE government has recently introduced a voluntary registration scheme for businesses, allowing them to voluntarily register for VAT even if they are not required to do so by law. This scheme is aimed at helping small businesses grow and encouraging them to take part in the country’s economy. However, […]
Criteria for VAT Mandatory Registration Criteria for VAT Mandatory Registration The GCC VAT Agreement has put in place certain regulations that businesses must adhere to avoid penalties and ensure smooth operations. If your business has had a taxable turnover of AED 375,000 or more (USD 100,000 or more) in the past 12 months or is […]
What is input and Output VAT: What is input and Output VAT? VAT paid by a business on purchases of goods or services used in its business operations. Businesses can claim input VAT as a credit against their output VAT liability, which is the VAT charged on sales of goods and services. Understanding Output VAT: […]
UAE Corporate Tax Rates UAE Corporate Taxation holds a crucial position in the world of finance, as it is a direct tax that is imposed on the taxable income of corporations and businesses. It is also sometimes referred to as ‘Corporate Income Tax’ or ‘Business Profits Tax’ in certain jurisdictions. The implications of this tax […]
Condition of the VAT Registration Process Understanding the Condition of the VAT Registration Process By the VAT law and its corresponding regulations, as well as the GCC VAT agreement, specific criteria must be met to become a registered VAT entity. These criteria are outlined in Articles 7 and 8 of the executive regulations and elaborated […]
Overview of the UAE Taxation System As an entrepreneur or sole proprietor, it is crucial to understand the UAE taxation system. In the UAE, there are three main types of taxes that businesses need to be aware of. This document provides a comprehensive overview of the UAE taxation system, covering the key aspects and regulations […]