Based on reverse charge mechanism, the supplier will not have to charge and collect VAT on the items that are covered by this cabinet decision. The buyers will be having to calculated and declare VAT on their purchases and report it in their VAT return.
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The UAE has introduced significant amendments to its VAT laws, exempting certain entities to boost its investment appeal and support continued economic growth. Among the changes, investment fund management services are now exempt from VAT.
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The Federal Tax Authority (FTA) has provided clear guidelines and a list of documents required for VAT Registration in Dubai, UAE. To get a Tax Registration Number (TRN) for the business, one has to fulfill the requirements stated by the Government.
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FTA revised VAT fines and penalties after the approval from cabinet. The UAE cabinet allow FTA to reduce the VAT fines by 70%. Alpha auditing has experienced tax professionals who understand the tax laws and can help you reduce or completely waive the fines depending on the violation. Get in touch with tax experts.
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