Archive for Category: blog

ICV & ADV CERTIFICATES

ICV CERTIFICATE: • ADNOC has launched an In-Country Value (ICV) program with the objective of growing and diversifying the UAE’s economy and creating opportunities for UAE nationals in the private sector. • All ADNOC suppliers are required to declare their ICV achievement. • ADNOC requires...

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GOLD VISA

ELIGIBLE APPLICANTS FOR GOLDEN CARD : • Investors • Entrepreneurs • Chief Executives • Scientists • Outstanding Students A) 10 YEAR VISA WITHOUT A SPONSOR 1) REQUIREMENTS TO BE MET BY INVESTORS : • A deposit of up to Dh10million in an investment fund in...

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WITHHOLDING TAX IN GCC COUNTRIES

INTRODUCTION: • Withholding tax is that tax, which is deducted at source on the specific payments done by a resident in the GCC nation to someone outside of that nation. • Bahrain and UAE do not impose this tax, but other GCC nations impose withholding taxes...

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ANTI-MONEY LAUNDERING

DEFINITION OF MONEY LAUNDERING: Engaging in any of the following acts willfully, having knowledge that the funds are the proceeds of a felony or a misdemeanour : ♦ Transferring or moving proceeds or conducting any transaction with the aim of concealing or disguising their Illegal source;...

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TOURIST REFUND SCHEME

What is the tourist refund scheme? ♦ The tourist refund scheme is a part of VAT reform in the UAE under which the ‘overseas tourist’ is allowed to claim a refund of the VAT paid by them on the purchases they incurred during the visit of UAE ♦...

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VAT GUIDE ON DESIGNATED ZONES

INTRODUCTION TO DESIGNATED ZONES: •♦ It is an area specified by a Cabinet Decision as being a “Designated Zone ‘’ •♦ It must be a specific fenced geographic area •♦ It must have security measures and Customs controls in place to monitor the entry and exit of individuals...

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VAT ON INSURANCE

INTRODUCTION : ♦ It is a contract which provides that the insured will become entitled to something on the occurrence of some event; ♦ The event must be one which involves some element of uncertainty; ♦ The insured must have an insurable interest in the subject matter of the...

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VAT REFUND FOR EXHIBITIONS AND CONFERENCES

CONDITIONS TO CLAIM REFUND  : ♦ The supply is of Exhibition and Conference Services ♦ The recipient of the Exhibition and Conference Services does not have a Place of Establishment or a Fixed  Establishment in the State ♦ The recipient of the Exhibition and Conference Services is...

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VAT ON CHARITIES

INTRODUCTION : ♦ VAT is chargeable on goods and services supplied by charities in the U.A.E ♦ The charity will be able to recover VAT on costs which directly relate to onward activities which are liable to VAT, subject to the normal VAT recovery rules applicable to...

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