To mitigate the severe consequences associated with late or non-filing of VAT, businesses must diligently adhere to taxation regulations and deadlines set by the Federal Tax Authority. Companies should appoint a qualified individual to meticulously document all tax inputs and outputs, ensuring accurate records and timely submission of filings. By doing so, businesses can proactively […]
RNI Consulting, based in the vibrant heart of Dubai, we specialize in leveraging our extensive expertise in governance risk & compliance and business consultancy to help our clients navigate this complex journey. This blog post will explore the transformative strategies that can turn your local success into global domination. Understanding the Importance of Global Expansion The decision to take […]
For VAT purposes, a supply of real estate is treated as a supply of goods. As a result, a supply of real estate involves the transfer of ownership of the real estate, or the right to use the real estate, to another person. Residential Buildings First supply of a residential building The first supply of […]
Identification of a Designated Zone A Designated Zone is an area specified by a Cabinet Decision as being a “Designated Zone”. Although an area might be identified as a Designated Zone, it is not automatically treated as being outside the UAE for VAT purposes. There are several main criteria which must be met in order […]
Article 55(1) of the VAT Law prescribes that input tax must be recovered in the first tax period in which the following conditions are satisfied: a. the tax invoice is received; and b. an intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of […]
First supply of a residential building The first supply of a residential building will be zero-rated for VAT purposes. This means that the VAT incurred on costs relating to the first supply of the building can be recovered in full. The ‘first supply’ includes a supply of the building by either sale or lease, but […]
Where a UAE citizen owns or acquires land in the UAE on which the person builds or commissions the construction of his own residence, he shall be entitled to make a claim to the FTA to repay the VAT on the expenses of constructing the residence. The claim may only be made by a natural […]