Update. Dubai, UAE: Federal Tax Authority Has Issued Clarification On VAT Registration Of Sole Establishments
UAE Government relentlessly working on making the business climate perfect in the UAE. Now, according to the recently issued clarification by FTA, a natural person owning a number of sole establishments needs to obtain only one VAT registration for all its sole establishments and does not require separate VAT registrations for every establishment.
In a case when a person owns more than one sole establishments, the value of supplies made by all its sole establishments must be aggregated to assess.
Any VAT registrations received in the past аre not required. For any future VAT registration applications, the applicants must conform to the position stated in the Clarification.
Please note that the Public Clarification does not apply to a One-Person Company LLC or other similar legal entities, which are seen as distinct and separate legal persons from their owners (unless the applicable legislation treats such entity and the natural person as the same person). A company cannot own a sole establishment.
For more details, please message Asad Abbas and Co., we will be happy to support you further.
Update. Dubai, UAE: Federal Tax Authority Has Issued Clarification On VAT Registration Of Sole Establishments
Update. Dubai, UAE: Federal Tax Authority Has Issued Clarification On VAT Registration Of Sole Establishments UAE Government relentlessly working on making the business climate perfect in the UAE. Now, according to the recently issued clarification by FTA, a natural
Last date of submission of 2019 Audited Financial Statement to DMCC Free Zone Authority
IMPORTANT: As per the advice of DMCC Free Zone Authority, All DMCC Registered Companies must ensure the submission of their Annual Audited Financial Statement for the year ended December 31, 2019, on or before the 27th of September 2020.
Tax Residency’ in UAE
Tax residency, also referred as ‘fiscal residency’ or ‘residence for tax purposes’, is the residence in the country, in which you are legally obligated to pay personal income tax. A tax residency certificate (TRC), which you’ll sometimes see as a
Assistance in VAT Return in UAE
Assistance in VAT Return in UAE All VAT- registered businesses must charge 5% VAT in UAE on taxable goods and services. Once a company is registered, all its records must be maintained in accordance with the guidance issued by UAE government
Advice on how to keep your business thriving despite COVID 19.
Many companies especially the small ones have been hardly struck by the COVID 19 Crisis. We have reached the 2nd quarter of the year, yet the infected cases have been commonly increasing and spreading around the world. All of us
ECONOMIC SUBSTANCE REGULATION UPDATE
Economic Substance Regulation Announcement We would like to introduce and update you with this newly implemented UAE Cabinet Decision No. (31) of 2019 concerning Economic Substance Regulations (ESR). In accordance with this new law, there is a need for
