VAT Return Filing in the UAE
The UAE government introduced VAT on 1st January 2018, and with time it has witnessed a few changes. In the beginning, businesses were sorting out their registrations, and now it is time for their first VAT return filing. Moreover, individuals and businesses registered for VAT must now submit VAT return filing in the prescribed format stated by the FTA (Federal Tax Authority).
Bookkeeping Services – Why do Companies in the UAE Need it now more than ever?
VAT’s introduction is now a vital concern for companies in UAE as they try to prepare for it. Preparing for VAT is advisable for operational effectiveness, adhering to compliance, financial penalties associated with non-compliance, managing cash flow, the risk to goodwill, etc. VAT will apply to most goods and services except a few exempted ones.
Impact of VAT on Hotel and Leisure Sector
The Hotel & Leisure (H&L) sector is comprised mainly of the following subsectors: tourism and tour operators, hotel industry, airlines etc. (Impact of VAT on Hotel and Leisure Sector) The scope of Hotel & Leisure services under these sub sectors is quite broad and may include:
RAK International Company – New Legal Structures
In this post, let’s look at some new legal structures in the form of RAK International Company. The term “International Company” relates to registering, managing, directing, and administrating a legal entity in a foreign country, usually with low or zero taxation policy and many more benefits.