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Federal Decree-Law No. 8 of 2017

VAT consultants in dubai
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan has issued the Federal Decree-Law No. 8 of 2017 for Value-Added Tax, with one of the lowest rates in the world.

A preliminary step to implementing VAT in the UAE as of January 2018, the 5 per cent tax is set to be imposed on the import and supply of goods and services at each stage of production and distribution, including what is deemed to be a supply.

“The Federal Decree-Law issued by H.H. Shaikh Khalifa bin Zayed is the bedrock of the UAE’s planned tax system, which was designed to meet the most stringent of standards and best practices,” said Shaikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai, UAE Minister of Finance and Chairman of the Federal Tax Authority.

“The Value-Added Tax, which is set to be implemented across all GCC countries over the next two years, will bring a new revenue stream for the national economy and GDP.

“The new tax system will provide extra support for the Government to implementation of VAT

The newly implemented  Value Added Tax  in the GCC depending on the readiness of each member State between 1 January 2018 and 1 January 2019 pertaining to the Common VAT Agreement of the States of the GCC, will have positive results on the economy, far exceeding its 5 per cent rate, given that revenues will be redistributed to development projects that benefit society at large and accelerate progress until the UAE reaches the top of global rankings across all sectors.”

The Decree-Law provides that all supplies of goods and services are subject to VAT at a standard rate of 5 per cent with the exception of specific supplies subject to the zero rate and what is exempted as specified in the Decree-law.

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New VAT Guidelines

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The final VAT regulations announced last month have helped clear the air for investors and companies in the UAE. Set to be introduced across the Gulf countries, VAT has been set at 5 per cent on a host of products, but certain segments have been exempted, such as basic consumer goods, healthcare and education, etc.

The new law also assigns responsibilities to eligible resident taxable persons including non-residents and investors and their agents as well as nominated representatives who will have to register and ensure specified compliance.

Here are five things you need to know about the revised tax law:

1. All taxable persons are required to register under the respective country’s law i.e., VAT and excise, and apply for a Tax Registration Number (TRN) within a stipulated time frame once the new laws are published in UAE, which is expected soon.

2. There has to be the registration and appointment of tax agents and/or a legal representative, who will be responsible for all compliances and for tax payable on behalf of their principals.

3. There are strict penalties for non-compliance including prison terms for responsible and key management personnel/owners and also fines up to five times the tax due and payable by each taxable person and or entity who is in default including any wilful default of any tax provisions.

4. Procedures and timelines for appeals and its disposal have been clearly defined which is likely to be within 20 business days from the date of the taxable or appeal event or liability becoming due for payment.

5. Other key provisions include tax audits, inspections, appeals and their redressals etc.

UAE Visa from your Own Home

UAE Foreign Affairs Started online application of Visa

UAE Visa from your Own Home, complete applications related to nationality, and residence, without having to visit typing offices or customer service centres.

The Ministry of the Interior on Tuesday launched “E-channels”, a new system of smart services that lets nationals and residents apply for entry permits and residency visas within 10 minutes

Under the new system, people don’t need to physically visit different visa centres in the country. Instead, they can register at https://echannels.moi.gov.ae and select the services required. Individuals will need an email id and password to log into the system, said Brigadier Mansour Ahmad Al Daheri, director-general of residency and naturalisation department of Abu Dhabi.

In partnership with Tahaluf Al Emarat Technical Solutions, the ministry has worked on the development of the e-services system that allows typing centres, companies and individuals (citizens, residents and Gulf Cooperation Council nationals) to apply for residency and naturalisation services with ease.

Using “E-channels”, GCC citizens and residents can apply for visas, follow up on applications and print visas.

Companies can submit applications without having to visit General Directorate of Residency and Foreigners Affairs centres.

Under the smart system, Emiratis can apply to sponsor individuals, residents can apply for new visas, or renew or cancel and GCC nationals can apply to sponsor individuals while GCC residents can apply for new visa permit. Visitors can apply for new visa permit.

Brig Al Daheri said that the new system aims to reduce the rush at government centres by 80 per cent by next year.

Documents required for LLC Company formation in Dubai, UAE

LLC Company Formation in UAE
LLC means Limited Liability Company; it is a popular legal structure for setting up local business. LLC company formation in Dubai, UAE requires a minimum of 2 and a maximum of 50 shareholders in order to run the business.

Advantage of LLC company formation in Dubai, UAE

  • No taxation for LLC Company Dubai.
  • A Dubai LLC formation offers unrivaled access to the Dubai government business and the local UAE economy.
  • It is easy to open global corporate bank accounts followingLLC Company Setup in Dubai.
  • The liability of the company is limited to the company only, means if any loss arises to the firm the partners are liable to the extent of their share of capital only and their personal assets will not be attachable.
  • LLC Company investor gets an investor visa

Required Documents for LLC Company formation in Dubai, UAE

  • Manager’s Passport copy
  • Investor’s passport copy
  • Trade name reservation for LLC Company.
  • Memorandum of Association duly attested from the public notary.
  • Initial approval from Dubai Economic Department
  • Local Sponsor’s passport copy

LLC Company Formation in Dubai

AUDIT FIRMS: DUBAI, UAE

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Audit and assurance

The Auditing in the companies can be divided into three types, it depends on the owner of the business hat which sort he requires for his organization.

  • Internal Audit
  • Statutory Audit
  • Other Non-Statutory Audit

Auditors in Dubai

Internal Audit

This auditing service which gives independent assurance that an organization’s risk management, internal control processes, and governance are operating effectively.

Statutory Audit

Statutory Audit is same as any other audit. It conducted to ensure that all the financial details of the company are perfect without any scam.

Non-Statutory Audit

This includes auditing of non-corporate entities such and associations. It is a process of review and verification of a company’s business and it is not required by any law or statute.