Dubai Commerce City freezone is a JV between DAFZA and Wasl Asset Management. Located in Umm Ramool area and easy access from Dubai Airport. This launch will attract FDI that is expected to cross around 73Billion by around 2020.
Commerce City will have a total leasable area of 176,000sqm and 220,000sqm for infrastructure and parking areas respectively. The free zone will have 4,000 parking slots.
Info source: Khaleejtimes
Federal Tax Authority’s Service Fees, Administrative Fines as per Decisions No. (39) and (40) for 2017 of UAE Cabinet
refer the below links on the fines for not complying with the tax laws
a list of fine (extract from the FTA site will follow soon) watch out !!! this page….
Hello, Business Owners! Do you know?
The CCL(commercial Company Law) of UAE
Article 26: Every company shall keep its accounting books in its head office for a period of at least 5 (five) years from the end of the financial year of the company
Article 27 requires LLCs to use International Accounting Standards and this should be reflected in the MOA. The CCL requires that the MOA stipulate the commencement and expiry date of the fiscal year
We Caps accounting can provide service to ;
- check your accounts to the adherence to the international accounting standards
- to maintain your accounts in accordance with international standards
Input Tax means Tax paid by a buyer on the purchase of goods and services from a tax registered person or entity. Input tax credit means the amount of tax paid by a buyer that can be adjusted against the output tax (explained below). There is nothing called output tax credit. Input tax can be claimed only if you pay the tax to a VAT registered person/entity.
Output tax means VAT charges on the sale of goods and services by a registered person to another person or entity. In simple terms it is the tax that you may charge to your customers on your invoices to them.
Mr K purchases supplies (inputs) for an amount of AED5000 with a VAT of 5% amounts to AED250 as input tax.
Subsequently Mr K use the supplies to manufacture a product “ Z” and sells them to his customers for AED10000 with a VAT charge of 5% equals to AED500 that is to be paid to FTA. Since Mr K has already paid an amount of AED250 as input tax called input tax credit , he can adjust the AED250 against the payable liability of AED500 and may pay the net AED250 (500 minus 250) to government.
To claim or pay the VAT liability , the invoice may not be necessarily a paid one as the VAT liability is calculated based on the accrual concept but not cash basis.
Note : Tax on certain purchases can’t be adjusted as input tax credit , a list of which is mentioned in FTA’s website. Our professionals can guide you on the same.
Contact Caps Accounting & Book Keeping (capsaccounts.com)
Businesses with annual turnover of more than Dh375,000 should register on or before December 4, 2017
Those with an annual turnover exceeding Dh150 million should register before October 31, 2017, and those with an annual turnover exceeding Dh10 million should register before November 30, 2017.
All businesses that must be registered by January 1, 2018, should submit their applications before December 4, 2017, to minimise the risk of not being registered in time for the beginning of 2018.