Is It Mandatory to Keep the Records in the UAE for all the Businesses
April 5, 2023
Is It Mandatory to Keep the Records in the UAE for all the Businesses Yes, it is mandatory for businesses operating in the UAE to
The ‘Gulf Cooperation Council’ (GCC) states are gearing toward the introduction of a ‘Value Added Tax’ (VAT) in the region commencing on 1 January 2018. The proposed VAT will tax most goods and services with a limited number of specifically exempt or zero-rated supplies. VAT registered businesses that supply goods and services subject to VAT at a standard rate or zero-rate are usually entitled to claim a ‘credit’ for VAT paid on their business expenses (input VAT). However, in the case of a supply of exempt goods and services, no input tax credit will be available. Therefore the VAT cost will be borne by these businesses.
No. Certain supplies in this sector are zero-rated and some others are exempt.
The supply of educational services are zero-rated where both the curriculum and the educational
institutions are recognized by the competent federal or local government.
Where educational services are zero-rated, the provision of the following supplies by the same
the institution is also zero-rated:
– Supply of goods or services where the supply is directly related to the zero-rated
educational service; and
– Supply of printed or digital reading material which is related to the recognized curriculum
Services of transporting students from home to the location of the educational institution and vice
versa are exempt
VAT will be charged at the standard rate on the following (among others):
– Supplies made to persons who are not enrolled in the educational institution;
– Uniforms, electronic devices, food, and beverages;
– Field trips that are not directly related to the curriculum;
– Extracurricular activities provided for an additional charge;
– Supply of membership in a student organization; and
– Goods/services provided by a business that is not an educational institution.
If your business in the UAE is looking to understand more about the taxes in the country and conduct a tax audit for your company, then you can take the assistance of Alya Auditors– Chartered Accountants. Alya is a reputed name in the field of Auditing and Accounting and is also a certified firm in the UAE which will assess the needs and requirements of the company and accordingly provide a solution.
For any more details on the services provided by Alya Auditors -Chartered Accountants, feel free to Contact Us. We will be happy to help.
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Is It Mandatory to Keep the Records in the UAE for all the Businesses Yes, it is mandatory for businesses operating in the UAE to
Accounting Treatments (IFRS) for Crypto Currency – UAE At present, there is no specific International Financial Reporting Standard (IFRS) that specifically applies to cryptocurrency. However,
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Definitely, Alya Auditors is the one partner you need to ensure your business is built on accurate accounting books certainly, to spearhead greater growth and wider market reach.
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