A Bad Debt is a loss that a company incurs when credit that has been extended to customers becomes worthless, either because the debtor is bankrupt, has financial problems or because it cannot be collected. During a transaction, the registered supplier charges VAT to the customer which is shown as output vat in its vat

Post VAT year 2018

Many organizations have faced issues since the introduction of VAT in January 2018. As many companies don’t pay attention to changing laws and regulations, they face complications regarding VAT Return fillings, form presentation, how software capture and interpret data etc. These often don’t comply with FTA’s guidelines and regulations. The FTA has stated guidelines for

A public statement was made by FTA to clarify on the treatment of public transportation under the UAE VAT Law, and identify what all vehicles are qualified to be treated as zero-rated under the law. According to the Clause (4) under Article (45) of the Federal Decree-Law No. 8 of 2017 on Value Added Tax

Perform Pre-audit health check & assess VAT Penalty The FTA has been informing companies that they will be audited five working days after the date of the email sent to them for the year Jan 1st to April 30th, 2018, and May 1st to July 31st, 2018 tax periods. Businesses must get ready and ensure

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