uae vat Archives - Fichte & Co Legal

UPDATE: FTA Clarifies the VAT Treatment of Compensation Payments

Fichte Legal — Thu, 21 Jun 2018 04:57:54 +0000

The Federal Tax Authority (FTA) has recently published a clarification on VAT treatment of compensation type payments, such as payments to settle disputes, and other contractually agreed compensation. Where a payment or fee is not a consideration for a supply, there is no VAT due. Often times, there are penalty clauses or liquidated damages clauses …

The post UPDATE: FTA Clarifies the VAT Treatment of Compensation Payments appeared first on Fichte & Co Legal.

Zero-Rating the Export of Services: A Basic Guide for Service Providers and Consultants

Fichte Legal — Tue, 12 Jun 2018 08:04:52 +0000

Whether to apply zero-rating to the export of services and how to do so, has been a recurring concern amongst businesses in the UAE, especially to those providing consultancy services. Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”) and Cabinet Decision No. 52 of 2017 on the Executive Regulations of the …

The post Zero-Rating the Export of Services: A Basic Guide for Service Providers and Consultants appeared first on Fichte & Co Legal.

UAE Shipping Companies Seek VAT Exemption

Fichte Legal — Mon, 14 May 2018 07:43:47 +0000

The UAE has climbed to sixth place in 2017 from seventh in 2015 on the list of the future leading maritime capitals. The UAE maritime industry is seeking exemption from the value-added tax as industry falters. Maritime Executives in the United Arab Emirates are lobbying the government to reduce new value-added tax obligations, saying they …

The post UAE Shipping Companies Seek VAT Exemption appeared first on Fichte & Co Legal.

News Update: FTA Publishes Real Estate Guide to VAT Law

Fichte Legal — Sun, 11 Mar 2018 07:30:33 +0000

The Federal Tax Authority (FTA) has published a number of guides on its website to further assist taxpayers to understand the VAT Law for Real Estate, and the Regulations. There have been a few legal issues surrounding the supply of real estate- concerning both commercial and residential properties. Despite the detailed provisions mentioned in the VAT …

The post News Update: FTA Publishes Real Estate Guide to VAT Law appeared first on Fichte & Co Legal.

Summary of the new UAE VAT Law

Fichte Legal — Mon, 11 Sep 2017 09:49:43 +0000

On 23 August 2017, the UAE published Federal Decree Law No. 8 of 2017 on Value Added Tax (“VAT Law”) which comes into effect on 1 January 2018 and sets out the framework within which VAT will be levied in the UAE. We have set out below the key points in relation to the implementation …

The post Summary of the new UAE VAT Law appeared first on Fichte & Co Legal.