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Blockchain 'safest tool for managing VAT in Bahrain'The introduction of value added tax (VAT) in Bahrain next year is an excellent opportunity to build a unique and optimised taxation system and blockchain technology will be a safe and effective tool for its management, said an IT industry expert More… |
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UAE clarifies tax for 'compensation-type payments'UAE’s Federal Tax Authority (FTA) has issued a public clarification regarding tax treatment of compensation-type payments, noting that value added tax (VAT) is imposed on supplies of goods and services and if any payment does not relate to More… |
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Ajman Ruler issues decree to reduce tourism taxHH Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, has issued a decree to reduce the tourism tax paid by hotels and tourism companies in the emirate, said a report. The reduction from 10 per cent to 7 per More… |
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UAE urges judicious use of voluntary disclosure formUAE’s Federal Tax Authority (FTA) has called on all registered businesses not to use the voluntary disclosure form indiscriminately. The FTA has advised that it must be submitted to the Authority only in case of actual error More… |
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Dubai slashes fees on hotels, restaurantsDubai has slashed municipality fees on sales at restaurants and hotels from 10 per cent to 7 per cent in a move aimed at reducing the cost of doing business in Dubai and promoting the emirate as a favourite business destination worldwide, a medi More… |
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Kuwait 'remains committed to VAT; draft law ready'Kuwait said it remains committed to introducing a harmonised Value Added Tax (VAT) regime by 2019 and was working towards that goal. The Gulf nation had signed a VAT Treaty along with the other representatives of the GCC states. More… |
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KPMG helps Saudi companies reduce impact of tax errorsKPMG, a leading accounting and consulting firm in Saudi Arabia, has identified clear cases where VAT registered businesses in the Saudi market could make a mistake in their VAT filing due to lack of accuracy of invoices or clarity of records and More… |
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UAE construction expert warns of VAT cashflow issuesProactive measures should be taken to help protect suppliers from cashflow issues as a result of the introduction of VAT (value-added tax) this year, warned a leading UAE-based construction industry expert. “The construction More… |
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GCC landowners 'must unearth value from dormant land'Traditionally in the GCC, owning large pieces of land has been a means of safeguarding wealth for both governments and the private sector. However, these lands often lie dormant and unexploited, said a report. According to managem More… |
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Registration for VAT continues says UAE authorityThe UAE Federal Tax Authority (FTA) has urged the business sector to complete the registration requirements for Value Added Tax (VAT) purposes, commending the commitment and high turnout in the registration process. More… |
