January 02, 2018

Do not pay VAT If...

The tax authority wants the following elements to be compulsorily mentioned on the bill, that is the amount paid as Value Added Tax (VAT) and also the tax registration number of the establishment.

A tax invoice must include the name and address of the establishment. An invoice must have a sequential tax invoice number or a unique number and date of issue, which enables identification of the tax invoice and the order of the invoice in any sequence, the federal law says.

December 31, 2017

VAT for real-estate

Value Added Tax (VAT) is now a reality, and although residential real estate in general is either exempt or zero-rated, commercial property dealings will attract an extra 5 per cent on top, affecting residential in a more roundabout way.

So what is taxable?

December 10, 2017

Retailers (traders) should not increase prices ahead of VAT

Dubai Economy to roll out initiative to protect consumer rights and increase transparency.

Retailers have to display the VAT applicable separately on every invoice from January 1, 2018, and Dubai Economy will impose fines on those who do not abide by the new regulation. Dubai Economy will continue to conduct field inspections and also act on complaints received from consumers against retailers who are found to have increased prices ahead of VAT.

“Dubai Economy is committed to protecting consumers against unscrupulous trade practices. Retailers should comply with their price lists and anyone who increases prices without any justification will incur a fine,” said Mohammad Ali Rashid Lootah, CEO of CCCP

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