The UAE Ministry of Finance has announced significant changes to tax procedures and penalties. The Cabinet Decision No. (74) of 2023 replaces the existing Executive Regulation on Tax Procedures to align with the New Tax Procedures Law.
News & Updates
Transferring wrongly paid amounts: Requirements
Transferring wrongly paid amounts : A letter of no objection signed by the authorised signatory who received the amount paid by mistake, on the company letterhead, with the following details:
VAT Refund for Business Visitors
VAT Refund for Business Visitors : A foreign business may be entitled to enjoy VAT Refunds of tax paid in certain
instances. Process of claiming back the VAT paid by Business Visitors that are eligible for a Refund in UAE
Zero-rating of export of services- UAE VAT updates
Zero-rating of export of services. UAE publishes VAT Public Clarification on zero-rating of export of services. FTA latest update 27 July 2020
FTA extends VAT tax return submission date amid Covid-19
UAE extends deadline for VAT filings to May 28. Move in light of difficulties faced by businesses to file by earlier March 31. The traditional filing date for the first quarterly return falls while residents are still observing movement restrictions
Time frame for recovering input tax
ime frame for recovering input tax : Receiving tax invoice only is not sufficient to claim the input tax, whereas an intention to make the payment of consideration of the supply before the expiration of six months after the agreed date of payment is formed is required as well.
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