Value Added Tax (VAT) is an indirect tax that is imposed on goods and services at each stage of production or distribution. The United Arab Emirates (UAE) introduced VAT on January 1, 2018, with a standard rate of 5%. VAT registration is mandatory for businesses that meet certain criteria. In this article, we’ll take a closer look at VAT registration in UAE, who needs to register, and the process involved.
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Businesses in the UAE are often bewildered by the tax treatment of VAT paid on motor vehicles while self-assessing their VAT liabilities. This could be possible because of two reasons first being a special transaction that is not normal in day to day business and the second being that the amount of tax paid is … Read more
Cabinet Resolution No. (58) of 2020 regulating Beneficial Owner Procedures (the “Resolution”) came into effect on 28 August 2020 and replaced Cabinet Resolution No. 34 of 2020 issued earlier this year. The Resolution introduced new requirements for entities to disclose their beneficial owners. The purpose of the regulations is to enhance the transparency of entities registered in the UAE, as well as to combat terrorism financing and targeting the real persons behind money laundering.
