UAE VALUE ADDED TAX

Program Overview

1. VAT Registration Requirements The steps for registration are following:  Go onto the FTA Online Portal.  Create a new account and login. )  Once logged in, user can register for VAT. Complete the registration form and on successful registration, Tax Registration Number (TRN) will be provided to the user. 2. 3. VAT Scope VAT Documents VAT will cover supply(including import) of both goods and services at uniformrate of 5% unless exempted, zero rated or out of scope under the VAT law. Following Documents are required for registration of VAT:  Valid Trade License.  Certificate of Incorporation.  Article of Association, Partnership Agreement or any other document which shows the ownership structure.  Bank Account Details.  Business Address.  Business owner details.  Copy of passport of the manager.  Copy Emirates ID of the manager.  Copy of the Emirates ID of the Authorized Signatory.  Power of attorney or any other document for the authorized signatory to sign on behalf of the company.  Email ID, Mobile number, and password for the FTA Registration Email.  Do you intend to Import/Export goods or services?  Custom Registration Information.  Actual or estimated financial transaction values.  Turnover for the last 12 months (AED)  Expected turnover in the next 30 days (AED) 4. VATReturnFiling AVATreturnsummarizes the value ofthe supplies and purchases a taxable person has made during the tax period and shows the taxable person’s VAT liability. VATReturn must be filed for tax return electronicallythrough the FTA portal: eservices.tax.gov.ae. Before filing the VAT return form on the portal, make sure you have met all tax returns requirements. 1. VATLegislationand Interpretation 2. Generalprinciples ofVAT 3. ScopeofVAT 4. Output Tax 5. Input Tax 6. VATRates 7. Exemptsupplies 8. Registration 9. Imports 10. Exports 11. Transaction with other GCC MEMBERSTATES 12. Invoices 13. Returns and Payment ofVAT 14. Records 15. Bad Debts 16. Assessments 17. Fines and Penalties 18. Appeals 19. Types ofRegistration 20. VATRegistrationThreshold: Taxable Supplies 21. Deregistration 22. Exception fromRegistration 23. Supply must be made bya Taxable Person 24. TaxableSupply 25. Zero rated VAT 26. DeemedSupplies 27. Time ofsupply 28. VAT Record &Returns 29. Accounting for VAT 30. Tax Audit &Examination ofrecords 31. Penalties 32. Refunds 33. Used Goods MarginScheme 1. Introduction and Overview of Corporate Tax 2. Exempt persons Corporate TAX 3. Taxable Persons and Corporate Tax Base 4. TaxGroupprovisions 5. Implementation, Scope and Calculation of Corporate Tax 6. Tax Registration 7. Transfer Pricing Rules 8. Deductible Tax 9. Administration of Corporate Tax 10. Instances of Tax Evasion 11. Tax loss Relief 12. Free Zone Persons and their Taxation 13. Calculation of Corporate Tax Liability 14. Tax Return and Record keeping 15. Determining Taxable Income 16. Payment and Refund of Income Tax Excise TAX 1. Introduction and Overview of Excise Tax Registration 2. Excise Taxes on Goods and Services 3. Excise Tax Rates and Regulations 4. Excise Tax on Imports 5. Excise Tax Liabilities 6. Excise Tax Collection and Enforcement 7. Excise Tax Audits and Compliance 8. Amendments and Updates to Excise Tax Law IFRS 1. Introduction and Overview of IFRS(International Financial Reporting Standards) 2. Framework for Financial Reporting pliancy 3. Presentation of Financial Statements 4. IFRS15: Revenue Recognition 5. IFRS16: Property, Plant and Equipment (PPE) 6. IFRS9: Financial Instruments 7. IFRS10: Consolidated Financial Statements 8. IAS19: Employee Benefits 9. IAS12: Income Taxes 10. IAS 38: Intangible Assets 11. IAS 37: Provisions, Contingent Liabilities, and Contingent Assets Business Setup Services in UAE 1. Choose a Business Activity 2. Select the Company Type 3. Mainland Companies (Onshore) 4. Free Zone Companies 5. Offshore Companies 6. Register Your business Name 7. Select the Business Activity 8. Draft the Legal Documents 9. Open a Corporate Bank Account