Category: Blog

Fraud attempt on Behalf of VAT refund

Never respond to emails or text messages that request your financial information on behalf of VAT refund – FTA

The Federal Tax Authority has warned people against responding to e-mails or text messages that request personal financial or banking information and which claim that VAT will be refunded to those who reply. The authority stressed that these are fraudulent messages and that it never asks people to disclose their personal data via e-mail, text, or over the phone.

The FTA clarified that tax refund operations for legally eligible categories are conducted directly between the authority and the taxpayer, with the authority contacting registrants directly without using any third party mediators. It stressed that it does not authorize any banking, financial or accounting entities to acquire data or collect taxes on its behalf.

VAT on Facebook adds

Facebook announced a tax on one of their services in UAE

In a notice issued to users in UAE, the social media giant said that it was implementing value-added tax (VAT) on the sale of ads in UAE:

Due to an implementation of a value-added tax (VAT) in the United Arab Emirates, Facebook is now required to charge VAT on the sale of ads in UAE. All advertisers with a ‘sold to’ of United Arab Emirates that have not provided a tax registration number will be charged VAT at 5% on advertising services.

If you haven’t already, here is how to update your account:

Health is tax – tax on Tobacco

Tax measures are an effective means to reduce demand for tobacco

Taxes play a key role in reducing the consumption of cigarettes and other tobacco-related products among the cost-conscious consumers, according to tax experts, doctors and smokers. Taxes might not create a hole in the pockets of well-to-do smokers but cost-conscious and lower middle income people certainly cut down on smoking post-taxes period.

We have seen a decrease in tobacco products in the UAE after the introduction of excise tax. Tax measures are an effective means to reduce demand for tobacco and they help countries reduce consumption to a moderate level. It is not  in completely quitting tobacco consumption, but it certainly has moderate reduction in consumption of these products.

Why you really need an Auditing ?

AUDITING TO CREATE A SUCCESSFUL BUSINESS

Auditing is an independent and methodical examination of books, accounts, statutory records, documents of an entity to determine how far the financial statements and non-financial disclosures present a true and fair view of the concern. It is an effective measure to analyse a company’s internal control. A good auditor can easily fix your issues and helps for the enhancement of the company. It is very seminal for accomplishing business objectives.

VAT Deregistration

DEREGISTRATION OF VAT IN UAE

Under the UAE VAT Law, businesses and individuals who have applied for VAT in UAE under the Federal Tax Authority (FTA) can opt for VAT Deregistration in the UAE in two different Scenarios.

•  If you have registered for VAT in UAE and the minimum turnover AED 187,500/- has not exceeded in the next 12 months after you have registered for VAT with the Federal Tax Authority (FTA), in such cases, you can apply for VAT Deregistration in the UAE.
  Or
•  If businesses and individuals have initially registered for VAT in the UAE with the FTA but gradually the business stops making taxable supplies, then in such cases as well you can apply for VAT Deregistration in the UAE. 

We provide the VAT Deregistration service.