VAT registration of ‘Sole Establishments’ clarification VATP026 replaces Public Clarification VATP021.

VAT registration of ‘Sole Establishments’ clarification:-  VATP026 replaces Public Clarification VATP021.

A natural or legal person may own a number of sole  establishments. There has been uncertainty on whether each sole establishment needs to obtain a separate VAT registration or whether all such establishments should be included under one VAT registration.

This Public Clarification clarifies the VAT registration obligations of a person in respect of its sole establishments. Note that the term “person” refers to a natural or legal person.

A person owning a number of sole establishments should obtain only one VAT registration for all its sole establishments, and it is not permissible to register each sole establishment separately for VAT. The Federal Tax Authority (‘FTA’) will review, in certain cases, the VAT registrations by taxable persons in respect of sole establishments and will inform them of the corrective steps to be taken, if any.

For further clarification visit us at:- www.rbsauditing.com .

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UAE- New law allowing full foreign ownership of onshore companies takes effect on June 1

The UAE’s Ministry of Economy has confirmed that the amended legislation permitting foreign investors and entrepreneurs to establish and fully own onshore companies, will come into effect from June 1.

Amendment to the Commercial Companies Law will ‘boost country’s competitive edge and facilitate business’, according to UAE Minister of Economy

Minister of Economy Abdullah bin Touq in a tweet confirmed that the latest decision is a new step that reflects the UAE government’s commitment to supporting the economy and enhancing its readiness for the future.

In November 2020, the UAE announced that the of businesses would take effect from December 1, 2020. However, after widening the scope of sectors eligible for full ownership by foreign investors, the law is now ready for roll out from June 1, 2021.

The long-anticipated and widely discussed reform, which will have game-changing implications on the investment landscape of the nation, was approved by President His Highness Sheikh Khalifa bin Zayed Al Nahyan last year.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said the UAE now enjoys a fertile legislative environment for foreign direct investors in order to enhance the nation’s competitiveness.

Last month, the UAE’s Ministry of Economy also said it was working on a new legislation to include 10 new sectors to the Commercial Companies Law, which allows 100 per cent foreign ownership of onshore companies in the country.

Hiring The Reputable Vat & Excise Consultants In Dubai Correct The Tax Policies

Vat & Excise Consultants In Dubai

Vat & Excise Consultants In Dubai mainly classifies, assists and highly recommends to companies or individuals about the filing of taxes and returns. If you have a business, there are plenty of benefits to hiring one.

The Vat Consultancy Services In Dubai are all experts who can send the customer looking for the service to save more money while fulfilling all the terms and conditions done mandatory by the government. There are two main classifications of consultants based on their speciality — personal tax consultants and corporate tax consultants. Both types of consultants have lots of duties. Vat & Excise Consultants In Dubai The main aim of any consultant is to ensure that his client’s taxes are set aside to a least. A good consultant provides the correct guidance and essential information to result in highest savings while following all the formalities.

Also Read :- Audit Firms In UAE

Here are some of important benefits of hiring a tax consultant/Chartered Accountants in Dubai:

 

  1. The complicated and precise words of tax policies can be sensibly mystifying for a common person. A tax consultant is an expert in understanding the details of these systems and thus consultants make filing taxes in an easier way by simplifying the rules for a layman.
  2. Consultants experience extensive training to augment know-how in reading and interpreting official papers which make them knowledgeable professionals to deal with taxes.
  3. Consultants have endless knowledge and clear understanding of government and banking policies that let them to guide you in taking the precise investments.
  4. The information that it is not a key reason to be uninformed of the law can draw serious penalties if there is a small error in the filing of tax returns. Revenue Service can explore tax returns for flaws in lots of inventive ways ever before as a result it is only careful to hire a consultant that has a professional understanding of tax laws.