Consorata’s Post

As per the new guidelines released by the Federal Tax Authority (FTA), services provided to a company by a natural person (who is a member of the Board of Directors) are not considered as the supply of services for VAT purposes, provided that such services are rendered in the capacity of a Board director. This guideline is effective from January 1, 2023, i.e., retrospectively. The following conditions must be met for the services not to qualify as supply of services: 1️⃣ The services are provided by a natural person, whether resident or non-resident in the UAE; 2️⃣ The person is appointed as a director on the Board of any government entity or private sector establishment. Please note that there will be no application of the reverse charge mechanism or the need for the natural person to register for VAT if there is no other taxable supply made by the said director. please refer the official documents for detailed learning. #VAT #uaevat #amendment #clarification #fta #director #services #supply #retrospective

The FTA has issued VATP037 regarding Director services, replacing VATP031. With effect from 1 January 2023, the performance of a Director’s function, by a natural person and for a remuneration (monetary or in kind), on a Board of Directors of any government or private sector entity, shall not be considered to be a supply of services for VAT purposes. Prior to 1 January 2023, the general rule was that services provided by Directors, whether the function was performed by a natural person or a legal person, were considered to be services for VAT purposes. These supplies of services were taxable where: - the Director performed the services on a regular, ongoing, and independent basis, and - the total value of taxable supplies and imports made by the Director, not limited to but also including the Director services, exceeded the mandatory registration threshold. To know more, contact us! ☎ Abu Dhabi: 02 444 2289 / Dubai: 04 589 6300 📧 info@accutaxme.ae You may also visit us: 📍 Office 1102, Salam HQ Bldg., Al Salam St., Abu Dhabi 📍 Office 610, Fifty One Tower, Business Bay, Dubai #UAE #Tax #vat #dubai #abudhabi #accutax #financialservices #accounting #consulting #consultant #excisetax #accountingservice #FTA #taxauditor #taxagent #uae #uaetax #vatreturns #vatrefund #vatcompliance #vat #FTA #ftauae #excise #accountant #accounting #taxagent #audit #taxauditor #tax #dubai #uaevat #vatservices #law #taxation #taxgroup #businesses #corporation #subsidiaries

𝐕𝐚𝐥𝐮𝐞 𝐀𝐝𝐝𝐞𝐝 𝐓𝐚𝐱 (𝐕𝐀𝐓) was introduced in the UAE on January 1, 2018, at a standard rate of 5%. It applies to most goods and services, making it essential for businesses to comply with VAT regulations to avoid penalties . Understanding and adhering to VAT rules is crucial for every business operating in the region. 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬 𝐨𝐟 𝐕𝐀𝐓 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 VAT registration, filing, and compliance can be complex, requiring accurate record-keeping and timely submissions . Many businesses struggle with these tasks due to the intricate nature of VAT laws and the constant updates in regulations. Mistakes or delays can lead to costly fines and legal issues. 𝐇𝐨𝐰 𝐒𝐌𝐂 𝐆𝐔𝐋𝐅 𝐂𝐚𝐧 𝐇𝐞𝐥𝐩? This is where Starks Management Consultancies (SMC GULF) steps in to assist businesses in the UAE. SMC GULF offers comprehensive VAT services, including registration, return filing, and compliance support . Their expert team ensures that your business stays up-to-date with the latest VAT laws and regulations, reducing the risk of errors and non-compliance. 𝐅𝐨𝐜𝐮𝐬 𝐨𝐧 𝐘𝐨𝐮𝐫 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 By outsourcing VAT management to SMC GULF, businesses can focus on their core operations while ensuring all VAT obligations are handled efficiently and accurately . This leads to better financial management, improved compliance, and peace of mind for business owners in the UAE. #uaebusiness #VATCompliance #SMCGULF #DubaiBusinesses #uaetax #businesssupportuae #consultancyservices #vatservicesuae #Entrepreneurship #UAEConsultants

Looking to register for VAT in Oman but facing challenges with appointing a Responsible Person or Tax Representative❓ Looking for guidance on appointing a Responsible Person in Oman? 💡Watch our latest video to learn how Leaderly can assist you with both available options and make the process easier!   #VAT #VATRegistration #Oman #TaxCompliance #Leaderly #BusinessSupport #TaxAuthority #NonResidentTax #BankGuarantee #CashDeposit #FinancialClarity #TaxSolutions Rawnaq Al Malki Deepika Rajan Ali Al Lawati Sherry Zia Alaa Al-Lawati Mahmoud Al-Saffar ACMA, CGMA

As per the VAT regulations, registrants are required to notify the FTA within 20 business days of any event that necessitates an update to their tax records. Failure to inform the FTA within 20 business day results in a tax violation and the imposition of administrative penalty. The FTA has announced that no administrative penalty will be imposed who update their tax records during a grace period, which will begin from 01/01/2024 till 31/03/2025. If any administrative penalties were previously imposed for failing to update information during the legally prescribed period (before the grace period), these penalties will be revised. Any settled penalties will be credited back to the registrant's tax account automatically, with no need to contact the FTA. To know more, contact us! ☎ Abu Dhabi: 02 444 2289 / Dubai: 04 589 6300 📧 info@accutaxme.ae You may also visit us: 📍 Office 1102, Salam HQ Bldg., Al Salam St., Abu Dhabi 📍 Office 610, Fifty One Tower, Business Bay, Dubai #UAE #Tax #vat #dubai #abudhabi #accutax #financialservices #accounting #consulting #consultant #excisetax #accountingservice #FTA #taxauditor #taxagent #uae #uaetax #vatreturns #vatrefund #vatcompliance #vat #FTA #ftauae #excise #accountant #accounting #taxagent #audit #taxauditor #tax #dubai #uaevat #vatservices #law #taxation #taxgroup #businesses #corporation #subsidiaries

𝐘𝐨𝐮 𝐎𝐧𝐞-𝐒𝐭𝐨𝐩-𝐒𝐡𝐨𝐩 𝐅𝐨𝐫 𝐀𝐥𝐥 𝐔𝐀𝐄 𝐕𝐀𝐓 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬! 🏪 I understand having compliant to government tax regulations will be a success factor. And, you are also deemed to get extra bucks as profits. 🤑 I'm here with all my expertise in taxation to realize your dreams. So, that you can have a plenty of money to spend on expansion of your business. Support you family and save some money for the future of your children. Being VAT compliant will open new doors of opportunities and business collaboration, In a way that others will see you as a law abiding and credible business. And, we both know credibility builds authority and authority can lead to scale a business. What is my credibility, yes it should be in your mind while reading this, Let me answer this, I've years of experience of taxation in the UAE. Helped over 20 businesses to achieve their financial goals and expand their operations in other cities. I'm offering you affordable, credible, reliable, and exceptional VAT Services; ✔️ VAT Return Filing Services ✔️ VAT Compliance and Reporting ✔️ VAT Dispute Resolution ✔️ VAT Planning and Optimization ✔️ VAT Registration Services ✔️ VAT Audit Support Services What if you don't comply with VAT? You will be fined 𝐀𝐄𝐃 𝟏𝟎,𝟎𝟎𝟎. I guess, you wouldn't wanna lose your hard earned money in fine payments. If so, then take your phone and call, I'll be right there. 𝐏.𝐒. 𝐀𝐯𝐚𝐢𝐥 𝐚 𝐥𝐢𝐦𝐢𝐭𝐞𝐝 𝐭𝐢𝐦𝐞 𝐝𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐨𝐟𝐟𝐞𝐫 𝐚𝐧𝐝 𝐟𝐫𝐞𝐞 𝐜𝐨𝐧𝐬𝐮𝐥𝐭𝐚𝐭𝐢𝐨𝐧 𝐜𝐚𝐥𝐥. 𝐏.𝐏.𝐒. 𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐧𝐨𝐰 𝐭𝐨 𝐚𝐯𝐚𝐢𝐥 𝐲𝐨𝐮𝐫 𝐨𝐟𝐟𝐞𝐫 𝐛𝐞𝐟𝐨𝐫𝐞 𝟐𝟓𝐭𝐡 𝐨𝐟 𝐌𝐚𝐲. #VATRegistration #VAT #VATreturns #vatservices #vatuae #vatcompliance #VATrefund #vatreturnfiling #taxconsultant

VAT Got You Worried? Relax, We're Here to Provide Expert Support and Guidance Every Step of the Way. From Compliance to Optimization, Our Comprehensive VAT Solutions Ensure Your Business Stays Ahead of the Game. #kaauditing #BusinessSetup #DubaiOpportunities #TaxStrategy #accountingandbookkeepingservices #businesssetup #dubai #uae #business #uaebusiness #businesssetupindubai #dubaibusiness #accountingservices

The Responsible Person, as determined by the regulations, varies based on different business structures. For sole proprietorships, it's the owner, manager, or appointed legal guardian or bankruptcy manager in certain situations. In Omani companies, it depends on the type: in a One Person Company, it's the owner or manager; in partnerships, it's a partner or manager; in joint ventures, it's the approved manager; in joint-stock companies, it's the board chairman or authorized manager; and in limited liability companies, it's the company's manager or designated person. For Fixed Establishments, it's the owner, manager, or appointed agent in case of activity through an agent, and in certain circumstances, the judicial guardian or bankruptcy manager. If someone doesn't reside in Oman, they can appoint a resident as the Responsible Person. The Chairman has the authority to define specific requirements for the Responsible Person through an official decision. Disclaimer:    The Content offer general guidance and should not be considered legal, financial, or tax advice. Consult qualified professionals for personalized guidance. While efforts have been made to ensure accuracy, no guarantee is provided for completeness or applicability to individual situations. Users are responsible for their interpretation and actions based on this information, at their own risk.   Instagram: https://lnkd.in/dCQGP5ES  Facebook: https://lnkd.in/dT8PSeE2  Linkedin: https://lnkd.in/dybREPaA For understanding more about VAT Updates, Tax Law and Registration reach out to us on: info@acme-group.me | +971527972066.   #corporatetaxuae #corporatetaxes #taxlaw #taxes #uaebusiness #uaelaw #corporatetax #business #uaebusinesses #uae #dubaibusiness #taxconsultant #taxcompliance #taxation #taxfiling #taxaudit #law #tax #uaetax #corporations #finance #compliance #vatdubai #uaebusiness #uaetax #bookkeeping #dubai #accounting #uae #taxation #accountants #accountingfirm #tax #uaevat #accountingservices #business #accountancy #professionalaccountancy #dubaicharteredaccountant #sme #vat #taxdubai #businesssupport #businessaccounting #financialservices #dubaitax #earningouae #financialfreedom #uaecharteredaccountants #charteredaccountant #taxationuae #vat #vatfiling #tax #taxes #taxseason #finance #vatregistration #accounting #auditing #vatreturn #fta #uae #audit #vatcompliance #sme #uaevat #gccvat #business #accountingservices #taxation #dubai #taxadvice #auditservices #taxcompliance #businesstaxes 

Corporate Tax What are the documents required for corporation tax registration? 1. Certificate of Incorporation (COI) for the company. 2. Trade License/Commercial License/Economic License of entity as well as all branches. 3. MOA/AOA of companies. 4. Ownership Details (of person/entities holding 25% or more ownership ); A. If owner is natural Person - Passport copy - Emirates id B. Ifan owner is legal entity - Trade License - Shareholding percentage 5. If you are already registered on FTA portal, then login credentials of FTA portal. If you are not registered on FTA portal, Authorise Signatory Details ; - Name - Email id - Designation - Mobile Number - Landline Number - Power of Attorney, if the Authorised signatory is different than the person mentioned in MOA. - Passport Copy - Emirates id

📢 Stay Informed! 📝 AZ brings you the latest UAE VAT update regarding the function of a Director on a Board of Directors by a Natural Person. Dive into the details of VAT Public Clarification - VATP037 to ensure compliance and clarity in your business operations. Stay ahead of the curve with AZ! #UAEVAT #VATUpdate #TaxCompliance 📊🔍