Designated Zones

Designated Zones in the UAE? In the context of the United Arab Emirates (UAE), “designated zones” refer to specific areas within the country that have been identified and designated for the purpose of Value Added Tax (VAT) regulations. These zones have special considerations and treatments regarding the application of VAT. The UAE VAT law defines …

Reverse charge Supplies

What is Reverse Charge Mechanism? The reverse charge mechanism is a provision in Value Added Tax (VAT) systems where the responsibility for reporting and paying the tax is shifted from the supplier to the recipient of the goods or services. Instead of the supplier charging and collecting VAT from the buyer, the recipient accounts for …

AML CFT Supervision by the CBUAE

The CBUAE established a dedicated department in August 2020 to handle all Anti-Money Laundering and Combatting the Financing of Terrorism matters (AML/CFT), which the Banking Supervision Department handled previously.  The Anti-Money Laundering and Combatting the Financing of Terrorism Supervision Department (AMLD) serves three key objectives:  Through AMLD, the CBUAE coordinates closely with the UAE’s National …

Treatment of VAT on services rendered in designated zones

VAT on services rendered in designated zones The treatment of Value Added Tax (VAT) on services rendered in designated zones in the United Arab Emirates (UAE) follows specific rules outlined in the UAE VAT law. Please note that tax regulations are subject to change, and it’s essential to refer to the most recent and relevant …

Excise Rates

Role of Excise The term “excise” generally refers to a tax levied on certain goods produced domestically or imported, often on items considered non-essential or harmful to public health. The role of excise can vary depending on the country and its specific tax policies. Here are some common aspects of the role of excise: 1. …

Laws in the UAE

We at BHMJ ensure you comply with the laws and regulations of our country (the United Arab Emirates). These are the laws the residents and businesses of the UAE are bound to follow (i) Federal Decree Law 2 of 2015: Combating Discrimination and Hatred (ii) Federal Decree Law 29 of 2006: Protecting the rights of …

Accounting of Cryptocurrency

What is Cryptocurrency Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank or government. Bitcoin, the first and most widely used cryptocurrency, was created in 2009. Other popular cryptocurrencies include Ethereum, Ripple, and Litecoin. Cryptocurrencies are typically created through a process called mining, in which …

Create a new company in Tally Prime

Introduction Entering company basic information • Selecting keyboard keys “Alt” and “R” (Alt+R), to change from regular company to group company in the company creation gateway. Therefore, we can create either a regular company or a group company by providing the requisite details. • Enter the name of the company, in our example, the name …

FTA directive on tax returns

FTA issues directive on alternative deadline to file tax returns (28th May 2020) The Federal Tax Authority (FTA) issued a directive on an exceptional basis providing an alternative date of May 28, 2020. This is for submitting VAT returns and the payment of due tax for the tax period ended March 31, 2020. Therefore, enabling …

UAE Decree Federal Law and Executive Regulation

Federal Decree No. (20) of 2018 is a fundamental pillar of the UAE’s AML/CFT efforts. This Decree stipulated the establishment of:  As implemented by Cabinet Decision No. (10) of 2019, Federal Decree No. (20) of 2018 has raised the effectiveness of the AML/CFT legal and institutional framework of the nation, in line with FATF requirements …