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If the unpaid tax liability is more than AED 10,000/- it can be rectified using voluntary disclosure form 211.
What is the treatment of Labour Accommodation for VAT purposes?
The recent updates are related to the following: How to record currency Exchange Rates in your books of accounts?
Exchange Rates: Article 69 of Federal Decree-Law No.
Voluntary Disclosure form need not be used if the underpaid tax amount is AED 10,000/- or less.
It can be corrected through the Tax Return for the tax period in which the error has been discovered.
Change in the List of Designated Zones – A Designated Zone is an area specified by a Cabinet Decision as being a “Designated Zone”.
There will be no need to rework tax invoices issued prior to , provided they used exchange rate from any of the reliable source consistently.
What are the recent clarification issued on Profit Margin Scheme?
The food and drinks will become entertainment in nature if the purpose of attending the event is for food and drinks and hence, input tax paid on such expenses cannot be recovered.
Input tax can be claimed on hospitality expenses only if it includes the basic amenities provided to the employees.