Understanding VAT on Cross Border Transactions in the UAE
General Consumption Tax or Value Added Tax (VAT) is a type of excise tax that is applicable on the sales and purchase of different items and goods in the country …
Month: July 2024
Differences Between Value Added Tax and Sales Tax in UAE
Value Added Tax (VAT) and Sales Tax are both consumption taxes implemented across the world. However, there are key differences in how each system operates and how VAT and Sales …
Understand VAT Registration Eligibility in the UAE
Assessing a company’s qualification for VAT registration and understanding its corresponding responsibilities is an essential aspect for entities subject to taxation. Navigating this terrain becomes complex, especially in scenarios involving …
VAT Late Payment Penalties in the UAE: Everything You Should Know
The introduction of Value Added Tax (VAT) in the United Arab Emirates marked a significant milestone towards efforts aimed at diversifying the economy and reducing the country’s reliance on oil …
How Experts Simplify VAT Compliance for Small Businesses in the UAE
Value added tax, also referred to as VAT became effective in the United Arab Emirates (UAE) on the first of January, 2018 and was one of the biggest transformation that …
Oman to Start Charging 5% VAT
As of April 2024, Oman continues to enforce the 5% VAT rate introduced in April 2021 under Royal Decree (No. 121) of 2020. Consistent with the GCC Unified Agreement, the …
