News headline 1 : : The UAE's Ministry of Finance has listed out a number of entities that are not required to register for Corporate Tax. News headline 2 : : The ministerial decision on the Exception from Tax Registration will apply to government and government-controlled entities, extractive businesses, and non-extractive natural resource businesses. News headline 3 : : Additionally, a non-resident person will not be required to register for Corporate Tax if they earn only UAE-sourced income and do not have a Permanent Establishment in the UAE. News headline 4 : : Meanwhile, federal government, UAE government departments and authorities, and other public institutions, do not require to register under Federal Tax Authority as long as they continue to meet the conditions for tax exemption. News headline 5 : : Federal Tax Authority ramps up its efforts by expanding inspection visits by 104% in six months. News headline 6 : : Dubai Financial Services Authority Introduces Whistleblowing Regime News headline 7 : : Big update on UAE Corporate Tax. News headline 8 : : Regular Auditing and maintaining accounts have a greater contribution towards the successful running of a business. The lack of proper books of accounts and regular auditing often results in the business owners continuing to run the venture with the impression that it is going on profitably, while it might be running in loss. The realization comes late and the resultant damages are often irreplaceable. This is where a pragmatic approach to External Auditing services in UAE becomes inevitable. Every business needs the service of professionally qualified and experienced External Auditors in UAE to look into their accounting activities.

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COVID-19 Update UAE: Deadline to submit VAT returns extended to May 28

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Amidst this lock down due to corona virus, Federal Tax Authority has come up with an alternative deadline to file tax returns for VAT for the period ended on March 31st.The new deadline is May 28, 2020. 24 hours restrictions on movement of individuals and vehicles in some part of UAE coincided with the deadline for filing VAT returns and payment of due taxes. Thus, an alternative deadline by FAT is extremely helpful and welcoming move.

FTA recently issued a statement which mentioned VAT registrants who have monthly tax period needs to pay the taxes for the march no later than May 28, 2020. FTA also clarified that the tax period where the deadline for filing tax returns and settling of payable taxes does not fall in April 2020, will not be affected.

FTA further mentioned about providing services remotely, relying on an automated system. This includes facility of registration, filing tax returns and payment of due taxes. The main motto behind FTA’s online platform is to avoid direct physical interactions and encourage registrants to use FTA’s online platform and urged to prepare and provide the proper documents.

Any one need any more advice or information in relates to this please do contact us on 0097155 9716033 or 00971 4 2355 682 and for more information please visit our website

www.primeservicesdubai.com

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BSD Prime Services is a highly acclaimed certified tax consultant in Dubai, UAE. Since VAT was introduced in January 2018, we've supported numerous UAE-based businesses with essential financial advice on corporate tax and vat services like filing, settlements, auditing, registration, bookkeeping and penalties for late tax submissions.

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VAT or value added tax is something that every business whose turnover is over AED 375,000 needs to charge nowadays. All the customers are bound to pay VAT along with the actual price of the products or the services that they have bought or taken.

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