The FTA has distributed another Cabinet Decision No. 1 of 2021 (“the Decision”) for the discount of VAT paid on labor and products identifying with Expo 2021 Dubai. The Cabinet Decision gives subtleties including the conditions and cycle associated with acquiring the VAT Refund by the Official Participants and it additionally drops the past Cabinet Decision No. 1 of 2019.
Public Clarification on Time-outline for recuperating Input Tax (VATP016)
The FTA has distributed another Public Clarification (VATP017) or (VATP026) explaining its position identifying with the understanding of Article 55(1) of the VAT Law read with Article 54(2) of the UAE VAT Executive Regulations.
It expresses that input VAT must be recuperated by taxpayers in the tax time frame in which the accompanying (2) conditions are met:
- tax receipt is gotten; and
- thought has been paid or there is a goal to make an installment of the thought sum before the lapse of a half year after the concurred date of the installment.
The FTA thinks that the expectation to make an installment is possibly shaped when the taxable individual finishes the inward endorsement measure and structures an aim to make the installment inside the recommended period.
The Public Clarification likewise incorporates the plan of action accessible to taxable people in the example where input VAT isn’t recuperated inside the endorsed time frame.
Refreshed New Residences VAT Refund User Guide
The refreshed aide subtleties the cycle for UAE nationals to demand a VAT discount on certain costs brought about for the development of another home in the UAE through the FTA online entrance. The past cycle was to present the VAT discount demand data to the FTA by email.
Activation of download choice for VAT return
The FTA has empowered a choice to download the VAT return recorded in PDF design. This capacity makes it simpler for taxpayers to download the recorded VAT return and chronicle.
Turnover statement letter for VAT enlistment purposes
The FTA has distributed a Turnover Declaration Letter layout for organizations applying to enlist for VAT to give the turnover beginning from 2017 (consistently).