UAE VAT Amendment

1. Charities & Govt entities will benefit from a new threshold exemption for deemed supply where total output tax does not exceed. AED 250000 over a 12 month period.

2.Profit margin scheme-purchase price includes any incidental costs incurred in acquisition of goods.

3.Exports need to maintain additional documentation, such as customs declaration &shipping certificates to prove that goods are under customs suspension.

4.Service related to international transport for both passengers & goods will be zero related provided they are supplied directly to the service provider. This includes services like repays & maintenance performed on board.

5.Input VAT related to health insurance particularly employees & their dependents can no longer be recovered.

6.Simphfid tax invoices must be issued on the date of supply & summary tax invoices must be issued within 14 days of the end of the supply month.

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