Our News

UAE deadline extended for VAT filing to May 28

Apr 21, 2020


In light, the unprecedented precautionary measures are undertaken by the UAE to curb the spread of COVID-19, the Federal Tax Authority (FTA) has issued an alternative deadline to file tax returns for VAT and pay taxes on May 28 for the tax period ended on March 31.

As per the new directive, VAT registrants who have monthly tax periods must submit their returns, and settle the payable tax for the tax period from March 1 to 31, 2020, no later than May 28, the FTA said in a statement. 

VAT registrants having quarterly tax periods must submit their returns and settle the payable tax for the tax period from January 1 to March 31, 2020, by May 28.


Excise tax

Nov 25, 2019


The Federal Tax Authority (FTA) has shared a public clarification related to the below,

  1. Excise Tax obligations for stockpilers of sweetened drinks, electronic smoking devices and tools, or liquids used in such devices and tools, which are held for business purposes on the date Cabinet Decision No. 52 of 2019 on Excise Goods, Excise Tax Rates and the Methods of Calculating the Excise Price comes into effect i.e. 1 December 2019.
  2. Excise Tax obligations for stockpilers holding tobacco products on 1 December 2019, which have been subject to Excise Tax at a price lower than the minimum excise price introduced on such products by Cabinet Decision No. 55 of 2019 on the Excise Price for Tobacco Products.

And to determine whether you are a “Stockpiler” for Excise Tax purposes, an attested report by External Auditor should be prepared showing the following:

  1. Monthly stock level of excise goods for the period from 1st December 2018 till 30th November 2019, and the monthly average stock for the same period.
  2. Monthly quantity sold of excise goods for the period from 1st December 2018 till 30th November 2019, and the average monthly sales for the same period.
  3. 1st December 2019 Excess Excise Goods (if applicable) that exceed the average monthly inventory or the average sales of two months, whichever is higher.

If you are found that you have excess excise goods based on the above report and you are not registered for excise tax purposes, you must register for excise tax purposes as of December 1st, 2019 to declare the excess excise goods and pay the due tax.


Award deal for Abu Dhabi-Dubai Etihad Rail work

Jun 29, 2019


https://gulfnews.com/business/award-deal-for-abu-dhabi-dubai-etihad-rail-work-1.64840207


$70B bilateral trade expected after UAE-China deal

May 13, 2019


The latest $3.4 billion UAE-China deal will position Dubai well in the One Belt One Road project where the emirate will be a major supply link to the global initiative and play an important role in international trade by further developing its logistics and shipping sectors

https://www.khaleejtimes.com/business/economy/70b-bilateral-trade-expected-after-uae-china-deal


Blockchain could bring a new lease of life to audit

May 02, 2019


Blockchain, or distributed ledger technology, has been touted as its executioner – after all, if all transactions are recorded in an immutable chain of digital blocks, with no apparent way of being altered after the fact, it creates a perfect audit trail, so dispensing with audit and auditors

 

https://www.accaglobal.com/pk/en/member/discover/cpd-articles/audit-assurance/blockchain-audit.html


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