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Resources

Value Added Tax ("VAT")- Immediate Points to note

The basic Guide line for immediate compliance is prepared to communicate the compliance to be noted as part of VAT implementation. Please contact the assigned Auditor/ Accountant / consultant from NAS Auditing and business management for specific guidelines and assistance. This document contains only base level information on compliance to be considered on priority.

Year End Closing and Audit Guide

The basic Guide line for closing the books of accounts, preparation and submission for Audit. Please contact the assigned Auditor from NAS Auditing and business management for specific guidelines and assistance.

Federal Decree-Law No. (8) of 2017 on Value Added Tax

Finally the reality is here... The VAT Law is published by HH Sheikh Khalifa bin Zayed Al Nahyan, UAE President and Ruler of Abu Dhabi

Federal Decree-Law No. (7) of 2017 on Excise Tax

HH Sheikh Khalifa bin Zayed Al Nahyan, UAE President and Ruler of Abu Dhabi issued the Federal Law No. (7) on selective tax which sets the foundations of tax procedures, tax implementation, tax rates, tax obligations, cases of tax exemption, as well as procedures and rules of tax registration and cancellation. The law outlines cases in which tax registration or de-registration are exempted in addition to rules with regards to tax payment or exemption. The law also stipulates selective tax procedures to be implemented for each designated area, as well as rules and regulations with regards to cases of transfer of selective goods within designated zones, general framework of calculation of tax and tax deductions. The law specifies the tax period, tax declaration, tax payment mechanisms and tax evasion and penalties. These procedures will come into effect from 1 October 2017.

Federal Decree-Law No. (13) of 2016 On the Establishment of the Federal Tax Authority

By virtue of this Federal Law by Decree a public federal authority shall be established under the name of the Federal Tax Authority. The headquarters of the authority shall be located in the city of Abu Dhabi. The authority shall be in charge of managing and collecting federal taxes and related fines, distributing tax-generated revenues and applying the tax-related procedures in force in the UAE. The authority shall be managed by a board of directors chaired by the Minister of Finance and a sufficient number of members to be appointed and remunerated by a Cabinet resolution, based on the chairman’s nomination. The authority shall have an independent annual budget that shall be deemed as public funds and exempted from all taxes and fees.

Federal Law No. (7) of 2017 on Tax Procedures

President of the UAE, has issued the landmark Federal Law No. (7) of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).

Common VAT Agreement of the States of the Gulf Cooperation Council

As part of the objectives of The Charter of the Arab States of the Gulf Cooperation Council (GCC), a policy designed to strengthen regional cooperation, the GCC member states have agreed to sign a Unified VAT Agreement to implement Value Added Tax (VAT); a tax on the consumption of goods and services. The tax is imposed on importation (exceptions may apply) and the transactions of goods and services at each stage of the supply chain. The tax is in line with the existing Unified Economic Agreement between GCC countries, an agreement that aims to develop economic ties to coordinate and standardize economic, financial and monetary policies. Closer integration will help to strengthen the GCC and continue working towards the establishment of a unified regional economy. VAT is set to be implemented on 1st January 2018. The UAE is in the process of issuing tax related legislations, including VAT law, which will take effect on that date. The unified VAT agreement will include: Definitions and general provisions Supplies within the Scope of the Tax Place of Supply Tax due date Calculation of Tax Exceptions Exceptions on importation Persons who are Obligated to Pay Tax Deduction of Tax Obligations Special Treatments of Tax Refunds Exchange of Information among member states Transitional provisions Objections and appeals Closing provisions

Tax Procedures Law- The landmark Federal Law No. (7) of 2017 for Tax Procedures

President of the UAE, has issued the landmark Federal Law No. (7) of 2017 for Tax Procedures, which sets the foundations for the planned UAE tax system, regulating the administration and collection of taxes and clearly defining the role of the Federal Tax Authority (FTA).

Contractor Classification Requirements and Criteria

Dear All, Please find the attached basic requirements and criteria to get classified in the various categories in Abu Dhabi. Contact us to know more and to discuss the same.

A general guide on End of Service as per UAE Labour Law

In line with the repeated requests from clients and well wishers, we are publishing the UAE Labour Law Extracts in respect to the end of service benefit / Gratuity. The same can undergo changes as published by the Ministry and Rules. Please consult for more.

Year end Closure Guide

Hope the attachment will help to form General Guideline on year end closing of accounts. Here contains the generic guidelines, please consult for the industry/ company specific guidelines.

Commercial Law No 2/2015- UAE federal Law

Comply with the new provisions of the Law to avoid any consequences. Consult us for compliance analysis and check.