The system will be implemented beginning the fourth quarter of 2018 Dubai: Tourists visiting the UAE will be able to claim a refund on the five percent value-added tax (VAT) they pay whilst visiting the country, the UAE cabinet announced on Wednesday. The system is set to go live in the fourth quarter of 2018 […]
If VAT is not implemented properly, it is likely to impact everything from cash flow to operations. Mansoor Sarwar, regional director for technical services at Sage Middle East, shares five useful tips. 1. Test your system: Whether you’re using an accounting system or calculating VAT manually, test your system by creating dummy sheets and invoices. All […]
Well, 2018 has arrived and so has VAT. Time will tell exactly how value-added tax will affect the industry but what we do know is that the forecasts for this year weren’t positive irrespective of the newly introduced duty. When we last checked in with them, the region’s restaurateurs were bracing themselves for what they […]
The UAE’s Federal Tax Authority has appointed Planet as its exclusive tax refund operator for the Tourist Refund Scheme which will be rolled out in November 2018. “The FTA has announced that from November 2018, eligible tourists will be able to receive a proportion of the VAT as a refund when they shop at registered […]
The amount of data businesses generate today is incredible this information tells a story. It has a narrative that gives organizations valuable and actionable insights. These insights guarantee better and more informed decisions. However, making sense of all the data a business generates is no easy task. And the volume is so large! It presents […]
To help businesses understand the VAT impact in the Gulf and the operation under VAT, Deloitte Middle East has been issuing a number of short papers designed to provide a greater understanding of the impacts of VAT on specific industry types in the Gulf. This is the second volume of the whitepaper series “VAT in […]
On January 1, 2018, value-added tax (VAT) will come into effect for the first time in the UAE. Naturally, small businesses are concerned about the financial and operational impacts of VAT compliance, especially since they’re used to operating in a low-tax business environment. While there will be implications for systems, infrastructure, skills and training, there […]
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© 2019 KBA Accounting and Bookkeeping Services LLC. All Rights Reserved
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