How to prepare for VAT Audit in UAE

Value Added Tax is not a distant dream but a reality in the Middle East and Gulf States. It is evident from the fact that UAE along with many other Gulf countries have imposed a standard rate of 5% VAT. It is similar to the general tax which aims to eliminate the financial burden on the petroleum resources. For this reason, all the businesses meeting … Continue reading How to prepare for VAT Audit in UAE

Difference between Zero-Rated and Exempted VAT in UAE

The tax is a term which is used to describe the amount of money paid to the government by the companies. Different countries have different methods to ensure that tax is being paid but what is essential to understand that there are different types of taxes implemented in the systems. Recently there have been changes in the way businesses operate in the Gulf region because … Continue reading Difference between Zero-Rated and Exempted VAT in UAE

Your Comprehensive Guide to Value Added Tax in the UAE

All Gulf Cooperation Countries are required to impose Value Added Tax (VAT) to diversify their economies on modern footings. As a response, KSA and UAE have recently implemented VAT on different goods and services. Besides the individual, almost all business organizations need to comply with VAT laws. It is important to note that the Federal Tax Authority of UAE has given the business companies a … Continue reading Your Comprehensive Guide to Value Added Tax in the UAE