Provisional VAT number in lieu of VAT Certificate

Many businesses get Provisional VAT number

Business who are yet to receive VAT TRN Certificate are getting Provisional TRN numbers in lieu of VAT TRN Certificates. Many businesses who are registered before the cut of or completed he registration much early than the due have got their certificates.

https://www.khaleejtimes.com/business/vat-in-uae/latecomers-get-provisional-vat-number-in-uae

HH Sheikh Mohammed signs VAT Executive Regulation

VAT WEF 01/01/2018

The Ministry of Finance, MoF, Monday announced that His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, signed the Executive Regulation for the Federal Decree-Law No. (8) of 2017 on Value Added Tax, VAT.

Source: Khaleej Times

For full story , click the link below.

https://www.khaleejtimes.com/business/vat-in-uae/sheikh-mohammed-signs-vat-executive-regulation-

Customs Registration Certificate for VAT

Customs Registration certificate for VAT registration is now open and easy to obtain

As part of the VAT registration, businesses which have import/export activity and holds a customs registration number is required to submit a document proof from customs department.

Recently the customs department has activated a new link to obtain this certificate. Follow the link below to get one for your business.

Charges are approx AED120/-

http://www.dubaitrade.ae/request-letters-and-certificates-new-request

Record keeping under VAT regulations – Real Estate

Real Estate be aware of timeline in record keeping

As per article 71 of Executive Regulation of Federal Decree-Law No (8) of 2017 on Value Added Tax

Any records related to a real estate required to be kept shall be held for a period of 15 years after the end of the Tax Period to which they relate.

Other business required to keep records for 5 years.

One more FREEZONE @ Dubai

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

List of administrative fines & service fee_ UAE TAX

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

https://www.mof.gov.ae/En/lawsAndPolitics/CabinetResolutions/Pages/TaxProcedures.aspx

https://tax.gov.ae/UAE-Cabinet-Approves-Decisions-No-39-and-40-for-2017-on-Federal-Tax-Authority-Service-Fees.aspx

a list of fine (extract from the FTA site will follow soon) watch out !!! this page….