UAE VAT: Law and Procedures

UAE VAT: Law and Procedures provides a comprehensive analysis of the law governing Value Added Tax (VAT) in UAE and its implementation. Divided into two parts, Part I comprises of chapters which explain the provisions of law and compliances by the industry. Part II contains the legislation on VAT and Tax procedures, User Guide issued by the Federal Tax Authority (FTA), and Clarification issued by FTA. In line with the objectives of the GCC Economic Agreement of 2001, which seeks to reach advanced stages of economic integration, and develop similar legislation throughout the GCC, the GCC (Gulf Country Corporation) has introduced the Unified GCC VAT law to implement VAT in the Gulf Region. The UAE has introduced the VAT decree law No. 08 of the 2017 in the parliament and made it applicable from 1st January 2018 throughout the UAE. Immediately after the introduction of the Excise law in the UAE for specified goods only, the implementation of the VAT is a challenge for industry to comply with and to understand the legislative structure. Through this publication, the aim is to facilitate the industry in adopting the newly introduced law.

Key Features:

• Provides concise and lucid commentary on the various aspects of UAE VAT Laws
• Includes flow-charts and diagrams to bring clarity on procedures under the law
• Contains illustrations to clarify concepts and requirements under law including:

         (i) Tax under reverse charge mechanism
         (ii) Date of Supply in case of Services
         (iii) Place of Supply of Goods
         (iv) Apportionment of Input Tax
         (v) Tax based on Profit-Margin
         (vi) Capital Assets Scheme

• Comprises primary legislation under the UAE VAT Regime including

         (i) Federal Decree Law No. 8
         (ii) Common VAT Agreement of the States of the Gulf Cooperation Council (GCC)
         (iii) Cabinet Decisions & Federal Law
         (iv) User Guide issued by Federal Tax Authority
         (v) Clarification issued by Federal Tax Authority