VAT AWARENESS SESSION
|
|
- Lisa Johnson
- 6 years ago
- Views:
Transcription
1 VAT AWARENESS SESSION Accounting and Finance Perspective 11/10/2017
2 AGENDA Overview of VAT Registration requirements and process Individual or Group Registration Deadlines Different VAT Rates Sample calculation of Output and Input Tax Examples of Zero Rated and Exempt Transactions Importation of Goods and the Reverse Charge Mechanism Non recoverable Input tax Accounting for VAT and Presentation Tax Invoice and Tax Credit Notes When is Tax Due VAT implementation plan - Critical Areas Tax Penalties Archiving Reference Materials 11/10/2017
3 How Taxes Works 11/10/2017 3
4 Overview of VAT Tax on the consumption of goods and services Tax is paid/collected in different stages in supply chain on behalf of the government Different VAT rates and treatment Not all supplies/services/business will be subject to VAT VAT implementation date is on January 1, /10/2017 4
5 Registration Requirements MANDATORY REGISTRATION: Business will be required to register if you have a business that is resident in the GCC and you are making supplies of goods or services in the UAE and meets either: 1.Business TURNOVER was more than AED 375k in the last 12 months; or 2. Expected turnover to be more than AED 375k in the next 30 days VOLUNTARY REGISTRATION (Eligible to apply) 1.Business TURNOVER or EXPENSES which were subject to VAT was more than AED 187.5k in the last 12 months; or 2. Expected turnover or expenses which were subject to VAT will be more than AED 187.5k in the next 30 days 11/10/2017 5
6 Registration Deadlines > 150M (must apply not later than 10/31/17) >10m (not later than 30/11/17) >375K (not later than 4/12/17 11/10/2017 6
7 Registration Process Individual or Group Register all entities including the parent within the group individually The representative/con trolling /parent will apply for TAX Group 11/10/2017 7
8 Registration Process cont d 11/10/2017 8
9 Registration Process cont d 11/10/
10 Registration Process cont d There are 8 sections that must be completed on the VAT registration form Different Status of Application: -Drafted -Pending -Issued (TIN) -Rejected -Approved 11/10/
11 Registration Requirement Tax Group Tax group submission can be registered between two or more legal persons (each of which must be resident in the UAE) that are associated and which meet specific control criteria. 11/10/
12 Registration Requirement - Individual Copy of trade license(s) Copy of certificate of incorporation or articles of association or similar documents showing ownership Copy of owner s trade license (legal person) or passport copy and emirates ID copy (natural person) Authorized person s passport copy, emirates ID copy and proof of authorization power of attorney or similar Letter from bank with details of company s account Turn-over for the last 12 months (Standard rated, Zero-rated and deemed supplies) Copy of audit report, audited or non-audited financial statements, selfprepared calculation sheet, revenue forecast Details of Dubai Customs registration, if applicable 11/10/
13 Registration Conditions /Requirement Tax Group Tax group can be created/registered between two or more legal persons (each of which must be resident in the UAE) that are associated and which met the Tax Group control conditions and the group members are related parties. i)a voting interest in those companies of at least 50% when added together; or ii) a market value interest in each of those companies of at least 50% when added together; or iii) control by any other means Group structure including details of shareholdings in subsidiary companies (usually submit the consolidated financial statements) Only a representative member / Group Controller can apply for the creation of a Tax group. 11/10/
14 unregistered REGISTERED Difference between Registered vs. Unregistered entities Invoiced taxable goods at rate of 5% Can apply the VAT paid to its suppliers as tax credit in accordance with tax laws. Cannot raised an invoice to its customers with VAT absorbs all VAT / Tax paid. Tax paid on its purchases cannot be availed as tax credit 11/10/
15 Different VAT rates and treatment Supply and Services Subject to VAT Exempt Standard Rate - 5% Zero Rated Only taxable goods or services which are delivered/consumed/used/ performed in the UAE shall be subject to VAT Anything that were not mentioned as zero rated or exempt transactions in the Executive Regulation will be subject to 5% standard rate 11/10/
16 Output and Input Tax example 1 Taken from FTA presentation 11/10/
17 Output and Input Tax example 2 VAT Registered Distributor VAT Reg. Retailer Final Consumer Wholesaler import taxable goods and sell to retailer Sell the same product to end consumer End consumer of the goods bears the VAT Input Tax 5% Output Tax 5% Input Tax 5% Output Tax 5% 5% PP: 9,000 VAT: 450 SP: 10,000 VAT: 500 PP: 10,000 VAT: 500 PP: 12,000 VAT: 600 Bought the goods for 12.6K Tax Pay: 50 Tax Pay: 100 Tax Pay: =600 11/10/
18 Example of Zero Rated transactions - 1/3 Article (40) of the ER EDUCATION SERVICES Zero Rated if ALL conditions are met The curriculum and supplier of the educational services is recognised by the MOE, Ministry of Higher Education or competent gov t entity regulating the educational services Either owned by Federal or Local Gov t or receives more than 50% of its annual funding directly from Federal or Local Gov t Standard Rate Private Schools fees and other services Other examples at Standard Rates Uniforms whether public or private schools Any goods other than education materials 11/10/
19 Example of Zero Rated transactions - 2/3 Article (41) of the ER HEALTHCARE SERVICES Zero Rated Services by a doctor or medical professional licensed by Ministry of Health or any other competent authority for treating or preventing of medical condition or relate to the wellbeing of human being. Any goods that are necessary such zero related healthcare services are also zero rated. Pharmaceutical and medical equipment identified in a decision issued by the Cabinet (list not yet out) Standard Rate Any elective treatment for cosmetic reasons 11/10/
20 Example of Zero Rated transactions - 3/3 Export of Goods and services subject to certain conditions of art. 30 /31 Facilitation of outbound and tour packages outside the implementing state, including but not limited to services such as accommodation, meals, transport (Art 31) International transport services for Passengers and Goods (inbound/outbound or import / export) in or out of the UAE by sea, air or land. (Art 33) Any related goods or services related to supply for international transport including arranging insurance, consumption or sale by or on an aircraft or a ship. (Art 33) The supply of means of transport (supplying) of aircraft, ship, boat, bus, train adapted for use for commercial purposes and note for recreation, pleasure or sports (Art 34) Services related to operating, maintaining, or converting means of transport referred to in Art. 34 Gold, silver and platinum in tradable form in global bullion market with purity of 99% or more. (Art 36) Residential accommodation for students for school pupils, armed forces, police, orphanages, nursing homes, charities (Art 37/38) 11/10/
21 Example of Exempt Transactions Local Passenger Transport ( taxi, bus, railway train, tram, mono-rail, ferry, abra or any means of transport adopted to transport passengers. Transport of passengers for pleasure trip, sightseeing or other forms of entertainment will be charged at standard rate. (Art 45) Supply of residential buildings through sale or lease, other than that which is zero-rated where the lease is more than 6 mos or the tenant of the property is a holder of an EID (Art 43) Supply of bare land (Art 44) Financial services that are specified in the Executive Regulation of this Decree-Law (Art 42) 11/10/
22 Importation of Goods 1/2 Goods shall not be considered imported to the UAE under the following conditions (Art 47): Under temporary submission, custom warehouses, goods in transit, imported goods to be re-exported and imported to the Designated Zone from outside the state. Tax shall not be due on any import of goods of personal effects and gifts accompanied by travelers. Used personal effect and household items transported by expats moving to live in the UAE for first time. 11/10/
23 Importation of Goods 2/2 Calculation of Tax under the Reverse Charge Mechanism on import of Concerned Goods (Taxable Import Goods) (Art 48) For VAT registered with Custom Registration Number: Account the tax on its Tax Return using the reverse charge mechanism at rate of 5% of the value of the concerned goods For unregistered person, tax will be paid before the goods are released from Customs (Art 50) 11/10/
24 Non-recoverable Input Tax If not Government Entity, provision for Entertainment to anyone not employed by the Person/Company, including customers, officials or shareholders, or other owners of investors of the Person/Company Motor vehicles (excluding truck, forklift and other similar vehicles) use in business and is available for personal use by any person Refer to articles of the Executive Regulation for the comprehensive guidance on the application of input tax recovery 11/10/
25 Accounting Treatment for VAT for Registered entities Net Output Tax payable Net Input Tax (Tax Credit) Note: Not all input tax are deductible 11/10/
26 Presentation for VAT in the Financial Statements STATEMENT OF FINANCIAL POSITION CURRENT ASSETS Input tax CURRENT LIABILTIES Output tax payable At the end of every accounting period, the lower value should be netted off against the higher value to reflect a net current assets or liability position Any unrecoverable input tax as per the ER will be reclassified to PL account as under Non-recoverable Input Tax account or simply under taxes or maybe under the expense where the input tax originates depending how you would like to record / monitor the tax impact in your books 11/10/
27 Tax Invoice and Credit Notes The 4 Important additions to the already existing details of the invoice/credit notes (Art 59): The words Tax Invoice clearly displayed on the invoice Tax Registration Number of the Registrant making the supply. Tax Registration Number of the Recipient The Tax amount payable expressed in AED together with the rate of exchange applied where the currency is converted from a currency other than the UAE dirham. A simplified tax invoice can be issued: If the recipient is not a registrant; or Registrant but value supply does not exceed AED 10K 11/10/
28 When is TAX due? Tax Return must be submitted no later than the 28 th day following the end of the period (monthly or quarterly) or by such other date as directed by the Authority (Art 64) Taxable period can be monthly or quarterly Over AED 150 million Monthly Less than AED 150m Quarterly (not in the ER but communicated in one of FTA sessions) 11/10/
29 Accounting and Finance / Tax Leader /Manager VAT Implementation Plan Critical Areas VAT Registration, how you would like to register Tax mapping review revenue/invoice and expenses lines to ensure proper treatment of VAT GL set up / accounting entries /PL and BS presentation Tax invoice / Credit Notes / Debit Notes amendment / format required Tax manual Policies and Procedures Tax Returns / Filing and payment Archiving requirements Communicate with Suppliers / Customers to address your VAT requirements, send s or letters Assess the impact on cash flows Talk with your logistics provider on your import or export taxation requirements Assess add l manpower required, start the hiring process if required Conduct Internal VAT awareness sessions /programs within accounting and finance and other departments within your organization Print /share one page tax guidance within the organization as quick reference material to minimize chaos in the first year of implementation Assess requirement to involve lawyers / Legal Department e.g. amendments of contracts etc. Effect on 2018 budget 11/10/
30 VAT Implementation Plan Critical Areas Accounting and Finance / IT Tax Leader /Manager Discussion with ERP services provider, agree a timetable to complete the system integration process Assess impact in business in going manual operation mode in-case system is not ready by 1 January Tax invoice /cr.or dr. notes changes, do sample invoice and credit note prints with different level of complexity Schedule UAT Procurement /Logistic Support Understand VAT impact on Import / Export /Transportation Review supplier base, local or int l Impact on Pricing / Company Costing Insurance Contracts review Importing through Free Zone, onshore etc. 11/10/
31 VAT Implementation Plan Critical Areas Accountin g and Finance Sales, / Marketing, Pricing team Tax Leader /Manager HR Review long term sales contracts to include provision for VAT Review products which are subject to VAT or not, inform customers ahead of time the impact of VAT Review impact on pricing / GP Understand impact of VAT on employee benefits such as air ticket, accommodation, school fees, telex allowance, car service and other employee benefits Legal/ Insurance Review insurance clauses Impact on various general insurance such as PAR, PL, FFL, Marine, Haulage, Directors Liability etc. Effect on Medical / Life Insurance Review Contracts 11/10/
32 Tax Penalties Administrative Penalties Administrative penalties are intended to address non-compliance, and encourage compliance. Few examples of administrative violation: If the person conducting a business fails to keep the required records and other information; If the person conducting a business fails to submit the data, records and documents related to tax in Arabic language when requested by FTA; If the taxable person fails to submit a registration application within the period required. PENALTY - 11/10/
33 Tax Penalties Tax Evasion Penalties Tax evasion is where a person uses illegal means to either lower the tax or not pay the tax due, or to obtain a refund to which he is not entitled under law. The imposition of a penalty under tax law does not prevent other penalties being issued under other laws. Few examples of instances of tax evasion: Where a person deliberately provides false information and data and incorrect documents to the FTA; Where a person deliberately conceals or destroys documents or other material that he is required to maintain and provide to the FTA. Penalty 11/10/
34 Archiving requirements Taxable persons for VAT must in addition retain the following records for at least 5 years: All tax invoices and alternative documents related to receiving the goods or services All received tax credit notes and alternative documents received All tax invoices and alternative documents issued All tax credit notes and alternative documents issued VAT due on taxable supplies (incl. those pursuant the reverse charge mechanism) VAT due after error correction or adjustment VAT deductible after error correction or adjustment VAT deductible for supplies or imports 11/10/
35 VAT References Materials Federal Law No. (7) of 2017 on Tax Procedures VAT Decree-Law No. (8) of English ( ) Draft-Executive-Regulation-for-Federal-Decree-Law-on-VAT Registration-User-Guide-Tax-Groups-VATG113_English Registration-User-Guide-VAT-VATG102_English_1 All of the above will be available at PICPA Dubai Website 11/10/
36 END THANK YOU 11/10/2017
VAT IN THE UAE Jasamin Fichte
VAT IN THE UAE Jasamin Fichte Managing Partner Overview 01. BACKGROUND - VAT 02. REGISTRATION REQUIREMENTS 03. ZERO RATED AND EXEMPT 04. DESIGNATED ZONES 05. VAT PREPARATIONS 06. Q&A SESSION Disclaimer
More informationPublic Revenue Department. VAT Awareness Session: Free Zone Companies
VAT Awareness Session: Free Zone Companies 0 Introduction 1 1 Update on current progress Successful roll out of general VAT awareness sessions took place in March - May 2017 Phase 2 of the awareness sessions,
More informationSOVEREIGN CORPORATE SERVICES UAE VAT GUIDE
SOVEREIGN CORPORATE SERVICES UAE VAT GUIDE UAEVAT/3/27102017 UAE VAT GUIDE Value Added Tax VAT is an indirect tax applied upon the consumption of most goods and services. As the name suggests, it is charged
More informationValue Added Tax ( VAT ) in the UAE Issue dated 14 th September 2017 Subject to executive regulation
Value Added Tax ( VAT ) in the UAE Issue dated 14 th September 2017 Subject to executive regulation 2307, LIWA HEIGHTS, JUMEIRAH LAKES TOWERS, P.O. BOX: 43711, DUBAI, U.A.E. 2705, API TOWER, AL BARSHA,
More informationValue Added Tax ( VAT ) in the UAE
Value Added Tax ( VAT ) in the UAE 2307, LIWA HEIGHTS, JUMEIRAH LAKES TOWERS, P.O. BOX: 43711, DUBAI, U.A.E. 2705, API TOWER, AL BARSHA, P.O. BOX: 43711, DUBAI, U.A.E. M&M AL MENHALI AUDITING IS A MEMBER
More informationVAT. 1 General Questions. 1.1 What is Tax? 1.2 What is VAT?
VAT Home / Resources And Budget / VAT These responses to FAQs are intentionally simplified. If you are seeking more detailed information we recommend that you wait for further policy announcements by the
More informationVAT IN UAE THE BEGINNING..
VAT IN UAE THE BEGINNING.. November 2017 British Centres for Business Hoshedar Cooper, Associate Partner Contents: GENERAL CONCEPT OF VAT OVERVIEW OF UAE VAT AMBIT OF SUPPLY Exempt Supplies; Zero Rated
More informationPublic Revenue Department. VAT Awareness Session: Banking industry
VAT Awareness Session: Banking industry 0 Introduction 1 1 Update on current progress Successful roll out of general VAT awareness sessions took place in March - May 2017 Phase 2 of the awareness sessions,
More informationVAT introduction in the UAE/GCC
VAT introduction in the UAE/GCC Impact on DMCC companies December 2017 Disclaimer: KPMG will not be responsible to any parties for any use of this presentation for any purposes whatsoever, as this is neither
More informationUAE VAT GUIDE. NVENTEQ SOLUTIONS FZC NVENTEQ SOLUTIONS FZC For Informational Purposes Only
UAE VAT GUIDE NVENTEQ SOLUTIONS FZC www.nventeq.com TABLE OF CONTENTS BUSINESS IMPACT... 3 VAT FLOW... 4 ACCOUNTING TREATMENT... 5 NATURE OF SUPPLIES... 6 EXAMPLE OF VAT DUE CALCULATION... 7 COMMON STANDARD
More informationVALUE ADDED TAX. Awareness Seminar for Mashreq Business Banking customers SUPPORTED BY:
VALUE ADDED TAX Awareness Seminar for Mashreq Business Banking customers SUPPORTED BY: AGENDA BASICS OF VAT AND ILLUSTRATIONS PRINCIPLES AND CONCEPTS OF VAT OTHER ASPECTS WHAT IS VAT? VAT is an indirect
More informationBASIC INFORMATION REGARDING VALUE ADDED TAX (VAT) IN UAE
BASIC INFORMATION REGARDING VALUE ADDED TAX (VAT) IN UAE Important Note: The intention of this document is to provide a general information on VAT law s in UAE. You should refer the VAT law issued by the
More informationIndirect Taxes Committee Institute of Chartered Accountants of India
SUMMARIZED PROVISIONS OF FEDERAL DECREE-LAW No. (8) OF 2017 ON VALUE ADDED TAX Dubai VAT Law (Goods & Services Tax ) is expected to be implemented in Dubai w.e.f 01.01.2018 Certain important definitions:
More informationICC UAE VAT RETURNS WORKSHOP. 29 th March 2018 Dubai Chamber of Commerce & Industry
ICC UAE VAT RETURNS WORKSHOP 29 th March 2018 Dubai Chamber of Commerce & Industry OVERVIEW OF VAT Direct Tax The person paying the tax to the Government directly bears the incidence of tax It is progressive
More informationVAT Session. International Onshore Advisory Panel. January 2018
VAT Session International Onshore Advisory Panel January 2018 Agenda Part 1 Conceptual Understanding of VAT Part 2 VAT treatment of supplies Part 3 Time of supply Part 4 Compliance requirements Part 5
More informationAre you VAT ready! VAT Readiness Presentation. 6 Aug 2017
Are you VAT ready! VAT Readiness Presentation 6 Aug 2017 This presentation is intended for MCA Clients only, consent should be obtained from MCA prior to further circulation and distribution. GCC Unified
More informationTAXABLE PERSON GUIDE FOR VALUE ADDED TAX. Issue 1/March 2018
TAXABLE PERSON GUIDE FOR VALUE ADDED TAX Issue 1/March 2018 Contents 1. Introduction... 5 1.1. Purpose of this guide... 5 1.2. Changes to the previous version of the guide... 5 1.3. Who should read this
More informationPublic Revenue Department. Real Estate
Real Estate 0 What is a supply? VAT will be due where a taxable supply is being made by a Taxable Person In the UAE For consideration By any person In the course of conducting business A supply of goods
More informationIntroduction. Choose the language your prefer.
The United Arab Emirates Federal Decree-Law No. (8) of 2017 on the Value Added Tax Law August 2017 Introduction This document is an English version of The United Arab Emirates Federal Decree-Law No. (8)
More informationA Guide to Value Added Tax in the GCC. Collaboration. Understanding. Ideas and insight.
A Guide to Value Added Tax in the GCC Collaboration. Understanding. Ideas and insight. DISCLAIMER: This presentation, including any material accompanying it, (the Presentation ) has been prepared by RSM
More informationUAE VAT Registration Process
UAE VAT Registration Process UAE VAT Registration Process LNB News 16/04/2018 9 Published Date 16 April 2018 Jurisdiction United Arab Emirates Related Legislation Cabinet Decision No. 52/2017; Cabinet
More informationThis is an unofficial translation
Federal Decree-Law No. (8) of 2017 on Value Added Tax We, Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, Having reviewed the Constitution, Federal Law No. (1) of 1972 on the Competencies
More informationREGISTRAION FOR VAT. Ashu Dalmia GST Consultant, Trainer & Author
GSTIndia.biz REGISTRAION FOR VAT Ashu Dalmia GST Consultant, Trainer & Author REGISTERING FOR VAT 2 FTA (Federal Taxation Authority ) has started registration for VAT. https://eservices.tax.gov.ae/en-us/
More informationCommon VAT Agreement of the States of the Gulf Cooperation Council (GCC)
Common VAT Agreement of the States of the Gulf Cooperation Council (GCC) The Member States of the Gulf Cooperation Council (GCC), namely: The United Arab Emirates, The Kingdom of Bahrain, The Kingdom of
More informationHistory. France implemented VAT in entire France. Germany also implemented VAT
VAT Manual History 1918 Dr. Wilhelm von Siemens (German Industrialist) proposed the idea of implement VAT in Germany 1950 France implemented VAT in entire France 1954 Germany also implemented VAT 166 Countries
More informationSection 1: General Definitions and Provisions Section 2: Supplies within Tax Scope Section 3: Place of Supply Chapter 1: Place of Goods Supply
GCC VAT Framework 1 Contents Section 1: General Definitions and Provisions... 6 Article 1: Definitions... 6 Article 2: Tax Scope... 8 Article 3: The Calculation of Tax Periods... 8 Article 4: Tax Group...
More informationGetting Started Guide- VAT
Getting Started Guide- VAT 1 1. Overview You are about to apply for Value Added Tax (VAT) registration in the UAE. You should read the following information before proceeding with the completion of your
More informationPwC s Academy VAT Training
www.pwcacademy-me.com PwC s Academy VAT Training Enhance your organisation's VAT capabilities 2018-19 Trained by PwC Contents Why choose PwC s Academy for VAT training 3 PwC s Academy VAT training 4 GCC
More informationADVANCED UAE VAT. 2 Day Program Dubai - UAE. Course Director Mirza Farrukh Baig FCA. Trained 1,300+ professionals on VAT in UAE
ADVANCED UAE VAT 2 Day Program Dubai - UAE Course Director Mirza Farrukh Baig FCA Trained 1,300+ professionals on VAT in UAE 1. Understand key VAT concepts with in-depth breakdown of important VAT implications
More informationCabinet Decision No. (52) of 2017 on the Executive Regulations of the Federal Decree-Law No (8) of 2017 on Value Added Tax
Cabinet Decision No. (52) of 2017 on the Executive Regulations of the Federal Decree-Law No (8) of 2017 on Value Added Tax The Cabinet: Having reviewed the Constitution, Federal Law No. (1) of 1972 on
More informationVALUE ADDED TAX (VAT) RETURNS USER GUIDE
VALUE ADDED TAX (VAT) RETURNS USER GUIDE February 2018 1 Contents 1. Brief overview of this user guide... 3 2. Important notes about the VAT Return... 3 3. Completing and Submitting the VAT Return Form...
More informationDos and Don ts for businesses to stay VAT compliant in the UAE
Dos and Don ts for businesses to stay VAT compliant in the UAE Jigar Doshi Partner Indirect Taxation SKP Business Consulting Shiraz Khan Senior Adviser (Taxation) Al Tamimi & Co. Coverage An Overview Basic
More informationVAT USER GUIDE (REGISTRATION, AMENDMENT, DE-REGISTRATION) December 2017
VAT USER GUIDE (REGISTRATION, AMENDMENT, DE-REGISTRATION) December 2017 Contents 1. Brief overview of this user guide... 3 2. Creating and using your e-services account... 4 2.1 Create an e-services account
More informationVAT- Getting Started Guide
VAT- Getting Started Guide 1. Overview You are about to apply for Value Added Tax (VAT) registration in the UAE. You should read the following information before proceeding with the completion of your
More informationChapter 23. General Provisions. Article 169. Concept of value added tax. Chapter 24. Taxpayers. Article 170. Taxpayers
DIVISION VII. VALUE-ADDED TAX Chapter 23. General Provisions Article 169. Concept of value added tax The value added tax, hereinafter VAT, is a form of collection to the budget of a portion of the value
More informationVAT Overview THE LAW. VAT will be enforced from 1 January % unified rate on Goods & Services across 7 GCC States. Page 2
1 2 3 of VAT in UAE VAT Overview THE LAW Unified Agreement for VAT provides a framework for all of the GCC members to follow National law each GCC country will enact their own law to implement the tax,
More informationBahrain VAT Decree Law No.48 of 2018 Final Countdown to VAT in Bahrain
Bahrain VAT Decree Law No.48 of 2018 Final Countdown to VAT in Bahrain BDO 17th floor, Diplomat Commercial Tower P.O Box 787, Manama KINGDOM OF BAHRAIN Tel : + 973 17530077 Fax : + 973 17919091 www.bdo.bh
More information15. Appendix 8 VAT return format
15. Appendix 8 VAT return format Value Added Tax Return Main Form Type Document Locator Tax Form Filing Type Submission Date Taxable Person details TRN Taxable Person Name (English) Taxable Person Name
More informationThe introduction of value-added tax (VAT) in Bahrain
The introduction of value-added tax (VAT) in Bahrain Summary of the VAT Law October 2018 kpmg.com/bh Summary of the VAT Law 1 In October 2018, the government of the Kingdom of Bahrain published the VAT
More informationVALUE ADDED TAX (VAT) Post Implementation Audit and Assurance to Board Audit Committee 12 DECEMBER 2017
VALUE ADDED TAX (VAT) Post Implementation Audit and Assurance to Board Audit Committee 12 DECEMBER 2017 0 VAT in UAE Supplies are either : Exempted Taxable ( 5% or Zero %) Maintenance of Books of Accounts/Records
More informationGLOBAL INDIRECT TAX. Sweden. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Sweden Country VAT/GST Essentials kpmg.com TAX b Sweden: Country VAT/GST Essentials Sweden: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to VAT? 2
More informationVAT Update: Guide on insurance and related services
VAT Update: Guide on insurance and related services 14 October 2018 Audit / Tax / Advisory / Risk / Technology Smart decisions. Lasting value. The Federal Tax Authority (FTA) has released a VAT Guide on
More informationDirector s Services VAT Guide VATGDS01. April 2018
Director s Services VAT Guide VATGDS01 April 2018 Contents 1. Guidance Note... 2 1.1. Overview... 2 1.1.1. Short brief... 2 1.1.2. Purpose of this document... 2 1.1.3. Who should read this document?...
More informationImplementation of VAT across the GCC
Implementation of VAT across the GCC 13 July 2017 EY commercial-in-confidence All Rights Reserved GCC Value-Added Tax (VAT) I 1 Agenda Outline of the proposed VAT regime for the GCC Implications of VAT
More informationThe implementation of VAT in the Gulf States and lessons from the first 100 days in India The practical implications
www.pwc.co.uk The implementation of VAT in the Gulf States and lessons from the first 100 days in India The practical implications 27 November 2017 1 Structure of VAT in the GCC 6 Territories: Bahrain
More informationKanaan & Associates AN INDEPENDENT MEMBER FIRM OF BKR INTERNATIONAL B K R INTERNATIONAL. VAT IN THE UAE Progress Report August 2017
Kanaan & Associates AN INDEPENDENT MEMBER FIRM OF BKR INTERNATIONAL B K R INTERNATIONAL VAT IN THE UAE Progress Report August 2017 Which laws and regulations have been issued up to August 2017? 1. Federal
More informationTAX GROUP USER GUIDE (REGISTRATION, AMENDMENT AND DE- REGISTRATION) December 2017
TAX GROUP USER GUIDE (REGISTRATION, AMENDMENT AND DE- REGISTRATION) December 2017 Contents 1. Brief overview of this user guide... 3 2. Creating and using your e-services account... 4 2.1 Create an e-services
More informationVAT ARE YOU READY FOR IT?
VAT ARE YOU READY FOR IT? Our aim is to provide a general overview of how VAT works and assist your business to both understand VAT and successfully manage the implementation process. The information included
More informationGST SEMINAR: IMPLEMENTATION OF GST AND BUSINESS PREPARATION
GST SEMINAR: IMPLEMENTATION OF GST AND BUSINESS PREPARATION 1 Briefing Agenda 1. Supplies Spanning GST 2. Non Reviewable Contract 3. Special Refund 4. Registration 5. Business Preparation for GST 2 1 3
More informationVAT UAE IMPORT EXPORT & DESIGNATED ZONES
VAT UAE IMPORT EXPORT & S S: Key Points: (1) For Exports: A movement of Goods into a Designated Zone from a place in the State or a supply of Goods to a Designated Zone shall not be considered an Export
More informationBahrain releases new VAT Law
10 October 2018 Indirect Tax Alert Bahrain releases new VAT Law NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is a free, personalized email subscription service that
More informationPICPA DUBAI VAT WORKSHOP Dusit Thani Dubai 10 th November 2017
PICPA DUBAI VAT WORKSHOP Dusit Thani Dubai 10 th November 2017 AGENDA 1 Online Platform 2 VAT Registration 3 VAT Return 4 Case Study VAT Return Filing 2 ONLINE PORTAL 3 CREATING A PROFILE ON THE FTA WEBSITE
More informationValue Added Tax (VAT) in UAE Contents About the book and author Basics of indirect taxation Primer on VAT VAT in GCC and UA
UAE VAT Things you must know! CA Pritam Mahure 2 5 t h S e p t e m b e r 2 0 1 7 The book is a compilation of GST related key legal provisions, reports and articles. Readers can also view our videos on
More informationExpert advice. Introduction of VAT in GCC. Rödl & Partner 2017
Expert advice Introduction of VAT in GCC 2017 1 Latest Developments in VAT A Common VAT Framework GCC Member States agreed on a common VAT framework (treaty) Tax Authorities and VAT Legislation In UAE,
More informationVAT introduction in the UAE/GCC
VAT introduction in the UAE/GCC Impact on DMCC companies December 2017 Disclaimer: KPMG will not be responsible to any parties for any use of this presentation for any purposes whatsoever, as this is neither
More informationRental Income VAT perspective
Rental Income VAT perspective DISCLAIMER: The views expressed in this article are of the author(s). The Institute of Chartered Accountants of India may not necessarily subscribe to the views expressed
More informationKSA VAT IN A SNAPSHOT
KSA VAT IN A SNAPSHOT For Private Circulation Only Legal Framework Understanding VAT Model A Quick Guide to VAT Registration Rates and Input Credit Mechanism What is Supply? Intra GCC Transactions VAT
More informationGearing up for VAT PRESENTED BY: KELVIN TAYFIELD DATE: 9 APRIL 2017
Gearing up for 1 VAT PRESENTED BY: KELVIN TAYFIELD DATE: 9 APRIL 2017 Topics of Discussion 2 1. VAT - BACKGROUND AND ECONOMICS 2. VAT EXPLAINED 3. COMMON VAT RULES 4. WHAT WE KNOW TODAY 5. HOW WILL VAT
More informationBahrain publishes VAT executive regulations
Bahrain publishes VAT executive regulations On 13 December 2018, Bahrain published (resolution no 12 of 2018) the long-awaited Executive Regulations (ERs) to the Bahrain VAT law. The 114 articles of the
More informationFundamentals Level Skills Module, Paper F6 (LSO)
Answers Fundamentals Level Skills odule, Paper F6 (LSO) Taxation (Lesotho) Baba June 204 Answers and arking Scheme arks (a) Income tax payable for the year ended 3 arch 204 Revenue: Government ((560,000*60%)*00/95)
More informationCabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax
Cabinet Decision No. (37) of 2017 on the Executive Regulation of The Federal Decree-Law No (7) of 2017 on Excise Tax The Cabinet, Having reviewed the Constitution; Federal Law No. (1) of 1972 on the Competencies
More informationVAT REFUND FOR FOREIGN TAXABLE PERSONS
VAT REFUND FOR FOREIGN TAXABLE PERSONS CONTENT I. VAT REFUND FOR TAXABLE PERSONS ESTABLISHED IN ANOTHER EU MEMBER STATE... 2 1. Which legal acts apply with regard to VAT refund for foreign taxable persons?...
More informationImpact of VAT Compliance on Business. Pierre Arman Market Lead for Tax & Accounting Thomson Reuters MENA Qatar Chamber of Commerce February 2018
Impact of VAT Compliance on Business Pierre Arman Market Lead for Tax & Accounting Thomson Reuters MENA Qatar Chamber of Commerce February 2018 Agenda Preparing for VAT in the GCC Lessons learned in 2017
More informationValue Added Tax. Transition provisions/change management. 16 December 2017
Value Added Tax Transition provisions/change management 16 December 2017 Agenda Time of supply Transition provisions Goods/services Impact commercial leases/construction contracts Contract concluded prior
More informationValue Added Tax (VAT) in Bahrain Frequently asked questions Volume 3
Value Added Tax (VAT) in Bahrain Frequently asked questions Volume 3 VAT FAQ Answering your VAT questions Contents 04 General 08 Financial services 09 Imports and exports 10 Free trade zones 11 Transitional
More informationEUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes UPDATED MARCH 2015 VAT IN THE EUROPEAN UNION VADEMECUM FOR THE ELECTRONIC
More informationTOPIC: Value Added Tax. PRESENTER: John Gikima
TOPIC: Value Added Tax PRESENTER: John Gikima Value Added Tax - Content Introduction General VAT provision Provisions of the Tax Procedures Act 2015 in relation to VAT VAT Regulations as per 2017 Finance
More informationAbout FAQ E-Book Author: - I have more than 5 years experience in Indian VAT & GST. I have worked in India (VAT & GST) with many well reputed Accounts
About FAQ E-Book Author: - I have more than 5 years experience in Indian VAT & GST. I have worked in India (VAT & GST) with many well reputed Accounts and Taxation firms. I am graduate from Bachelor of
More informationGOODS & SERVICES TAX (GST) Malaysia
1 GOODS & SERVICES TAX (GST) Malaysia 9. Tips on Compliance CONTENTS 2 1. Latest GST Developments in Malaysia 2. Introduction to GST 3. GST Mechanism Supplies 4. GST Registration & Liability to Register
More information1.2 What law applies to this notice?
Foreword This notice cancels and replaces Notice 723A (October 2011). 1. Introduction 1.1 What is this notice about? This notice explains the schemes for claiming a refund of VAT incurred in: Either European
More informationVAT TRAINING PROGRAMMES FOR MANAGING TAX TRANSACTIONS
VAT TRAINING PROGRAMMES FOR MANAGING TAX TRANSACTIONS Principles of Value Added Tax (VAT) Advanced Principles of Value Added Tax (VAT) VAT Implementation and Control VAT for Financial Sector VAT For Insurance
More informationReporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018
Reporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018 AstraZeneca Bulgaria EOOD Registration number 201340239 36 Dragan Tsankov, Bulgaria, Sofia1057 Contents
More informationVAT introduction in the UAE/GCC
VAT introduction in the UAE/GCC Roundtable discussion Diamond polishers/ traders/ jewelers July 2017 Disclaimer: KPMG will not be responsible to any parties for any use of this presentation for any purposes
More informationGood & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd
Good & Service Tax Salient Features of GST Presented by Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Agenda: Why GST? What is GST? GST Models Basic Elements of GST Registration Why
More informationGuide to Taiwan Business Tax
1. Introduction In accordance with the relevant tax laws and regulations, all sales of goods and services in Taiwan, as well as the importation of goods into Taiwan, are subject to business tax. Business
More informationFundamentals Level Skills Module, Paper F6 (POL)
Answers Fundamentals Level Skills Module, Paper F6 (POL) Taxation (Poland) December 2015 Answers and Marking Scheme Section A 1 C 2,944 (16,000*80%*23%) The past year proportion is used during the current
More information2016/17 GUIDE TO... Value Added Tax. Chartered Accountants Registered Auditors FOR ELECTRONIC USE ONLY
2016/17 GUIDE TO... Value Added Tax Chartered Accountants Registered Auditors 020 8731 0777 www.cohenarnold.com FOR ELECTRONIC USE ONLY YOUR GUIDE TO Value Added Tax Value Added Tax (VAT) is a tax chargeable
More informationGood & Service Tax. Salient Features of GST. Presented by. Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd
Good & Service Tax Salient Features of GST Presented by Goh Kin Siang Deputy Director of Customs rtd ITS Management Sdn Bhd Agenda: Why GST? What is GST? GST Models Basic Elements of GST Registration Why
More informationChapter 16 Indirect Taxation
Chapter 16 Indirect Taxation www.pwc.com/mt/doingbusiness Doing Business in Malta INDIRECT TAXES IN MALTA Value added tax (VAT) is charged on supplies of goods and services made in Malta, on intra-community
More informationManuale di Amministrazione della Scuola Superiore Sant Anna
Ref.: Articles 51-70 Manuale di Amministrazione della Scuola Superiore Sant Anna Publication Date: September 28, 2015 decree no. 426 Revision Date: May 10, 2016 - decree no. 242 Reviewed: June 1, 2016
More informationGLOBAL INDIRECT TAX. Lithuania. Country VAT/GST Essentials. kpmg.com TAX
GLOBAL INDIRECT TAX Lithuania Country VAT/GST Essentials kpmg.com TAX b Lithuania: Country VAT/GST Essentials Lithuania: Country VAT/GST Essentials Contents Scope and Rates 2 What supplies are liable to
More informationSREERAM COACHING POINT, Chennai Best Oral coaching at Chennai, Bangalore and Ernakulam
VALUE ADDED TAX What is VAT? A multi point system of taxation on sale of goods where in a mechanism is provided to grant credit for tax paid on inputs. VAT vs Sales Tax VAT SALES TAX (1) VAT is multi point
More informationVAT CONCEPT AND ITS APPLICATION IN GST
CONTENTS DIVISION 1 INPUT TAX CREDIT 1 VAT CONCEPT AND ITS APPLICATION IN GST 1.1 Background of VAT 3 1.2 Basic Concept of VAT 4 1.2-1 VAT to avoid the cascading effect 5 1.2-2 Input Tax credit system
More informationUK VAT Notices VAT. t&columns=1&id=hmce_cl_ Completing your VAT return. 700/12 Filling in your VAT return
UK VAT Notices VAT Notice title Date of issue Link to Notices Notice Reference VAT Guide 700 The VAT Guide August Completing your VAT return 700/12 Filling in your VAT return April t&columns=1&id=hmce_cl_001596
More informationRECOVER MONEY ON YOUR INTERNATIONAL BUSINESS EXPENSES
RECOVER MONEY ON YOUR INTERNATIONAL BUSINESS EXPENSES Cut Your Travelling and Imports Cost by Maximizing VAT Reclaims www.kresscooper.com ABOUT INTERNATIONAL VAT RECLAIMS Do you know, Value Added Tax (VAT)
More informationAPMH & Associates LLP Chartered Accountants UAE VAT IN A SNAPSHOT
UAE VAT IN A SNAPSHOT Legal Framework Understanding VAT Model VAT Impact in UAE A Quick Guide to VAT Registration Ongoing Contratce with Registered Persons Tax Group Registration Rates and Input Credit
More informationReporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018
Reporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018 AstraZeneca UK Limited Registered in England No 3674842 Registered Office, 2 Kingdom Street, London,
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL TAXATION AND CUSTOMS UNION Indirect Taxation and Tax administration VAT and other turnover taxes VAT in the European Community APPLICATION IN THE MEMBER STATES,
More informationVALUE ADDED TAX GUIDE
FormoreinformationcontacttheSRA ContactCentreon: Tel :+26824064050 Email :info@sra.org.sz AlternativelyvisittheSRA websiteonwww.sra.org.sz Page 1 TABLE OF CONTENTS PART PART ONE Page Number 1.0 Introduction
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC...
VAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS INFORMATION NETWORKS ETC... Note This document collates a range of basic information on the application
More informationUAE means United Arab Emirates and Transguard s country of domicile. Transguard Living SERVICES AGREEMENT. 2. Commencement and Provision of Services:
Transguard Living SERVICES AGREEMENT THIS SERVICES AGREEMENT ( Agreement ) is entered into by and between Transguard Group LLC ( Transguard ) and the Customer ( the Party/Parties who agree as follows:
More informationGCC Value-Added Tax (VAT)
GCC Value-Added Tax (VAT) Analysis of the GCC VAT Framework Agreement May 3, 2017 Kpmg.com/kw Contents Analysis of the GCC VAT Framework Agreement Background What is VAT? The GCC VAT Framework Agreement
More informationERP Cloud Tax Set Up United Arab Emirates
ERP Cloud Tax Set Up United Arab Emirates December, 2017 Program Agenda 1 2 3 4 Tax Rapid Implementation Sample Tax Set Up for United Arab Emirates (Basic and Tax Rules) Sample Tax Box Allocation Set Up
More informationFederal Decree-Law No. (7) of 2017 on Excise Tax
Federal Decree-Law No. (7) of 2017 on Excise Tax We, Khalifa bin Zayed Al Nahyan, President of the United Arab Emirates, Having reviewed the Constitution; Federal Law No. (1) of 1972 on the Competencies
More informationTAXATION PROGRAMME EXAMINATIONS CERTIFICATE LEVEL C5: INDIRECT TAXES THURSDAY 16 JUNE 2016 TOTAL MARKS 100: TIME ALLOWED: THREE (3) HOURS
TAXATION PROGRAMME EXAMINATIONS CERTIFICATE LEVEL C5: INDIRECT TAXES THURSDAY 16 JUNE 2016 TOTAL MARKS 100: TIME ALLOWED: THREE (3) HOURS INSTRUCTIONS TO CANDIDATES 1. You have fifteen (15) minutes reading
More informationSage Malaysia Tax Reports Implementation Guide. Version TM 6.6A
Sage 300 2019 Malaysia Reports Implementation Guide Version TM 6.6A This is a publication of Sage Software, Inc. 2018 The Sage Group plc or its licensors. All rights reserved. Sage, Sage logos, and Sage
More informationReporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018
Reporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018 AstraZeneca Pharmaceuticals (Ireland) DAC, Company registration number: 55502 Ireland, Address of
More informationReporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018
Reporting of Transfers of Value to HCPs and HCOs Methodological Note for Reporting of 2017 Data in 2018 AstraZeneca SA 000638901000 4 Theotokopoulou & Astronafton 151 15 Maroussi, Athens, Greece PV: 2290014.1
More informationPRESENCE IN MORE THAN 250 PROFESSIONALS YEARS EXPERIENCE COUNTRIES AROUND THE WORLD CHAMBERS AND PARTNERS IFLR
MORE THAN 250 PROFESSIONALS PRESENCE IN 21 COUNTRIES AROUND THE WORLD CHAMBERS IFLR 1 AND PARTNERS HO S HOLEGAL 25 YEARS EXPERIENCE Our Transport team will support and guide you through rapidly changing
More informationVAT in the European Community APPLICATION IN THE MEMBER STATES, FACTS FOR USE BY ADMINISTRATIONS/TRADERS, INFORMATION NETWORKS, ETC.
EUROPEAN COMMISSION DIRECTORATE-GENERAL FOR TAXATION AND CUSTOMS UNION Indirect taxation and tax administration VAT and other turnover taxes Brussels, October 2010 TAXUD/C/1 VAT in the European Community
More information