Description
The United Arab Emirates published its Value Added Tax decree law on 27th August 2017, paving the way for the introduction of the indirect tax on 1st January 2018. The standard VAT rate will be 5%, with a nil rate for certain goods. Some UAE VAT law: The key elements of the new law cover:5% on taxable supplies and importsVAT registration requirement threshold (Dh 375,000) and calculations, including voluntary registration option (if revenue above Dh 187,500)Setting up VAT groupsDetermining the date of supply for VAT purposesPlace of supply of goods and services rulesVAT nil-rating on the supply of goods and services within other GCC states which have implemented VATExemptions on supply of service rules i. e. taxable where suppliedRole and impact of tax agentsDetermining the value of taxable supplies, discounts and importsMixed supply rulesSupplies subject to zero ratingReverse charge rules, including imports and movements from other GCC VAT implementing rules - more details to be provided in Executive RegulationThe right to recover input VAT, including import VAT incurred on goods subsequently moved to UAE (onward supply relief)Credit notes and bad debtsVAT invoice requirements, FX treatment and requirements for date of issuanceTax credits, carry forwards and when refunds may be madeVAT recovery for non-resident businesses and consumersPenaltiesThis course covers:1. Overview of VAT2. Registration3. Place of Supply4. Date of Supply5. Valuation6. Input Tax7. Capital Asset Scheme8. Import and taxability under Reverse Charge9. Exempt and zero-rated Supply10. Export11. Impact on Designated Zones12. Records13. VAT Returns and Payment of VAT14. Offences and Penalties
