Tax Consultants & Bookkeepers in the UAE

In the News

No VAT on sale of leased commercial property by taxable person, says FTA

Leased commercial property will not be considered a supply during its sale by the taxable person, therefore, it will not be taxable, the Federal Tax Authority (FTA) and Dubai Land Department (DLD) clarified on Tuesday.  Read more...


Why UAE consumers must ask for tax receipt 

The Federal Tax Authority (FTA) has asked all UAE consumers to demand tax receipts from retailers when purchasing products or services to prevent attempts to manipulate the tax system. Read more...


Businesses in UAE must display VAT inclusive prices to avoid penalties: FTA

The Federal Tax Authority (FTA) has asserted that all businesses subject to Value Added Tax and Excise Tax must display prices of goods and services inclusive of tax in order to avoid administrative penalties. Read more...


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Maintenance of Financial records under VAT

As per Decree-Law, all businesses in the UAE need to record their financial transactions and ensure that their financial records are accurate and up to date. The final responsibility and accountability to comply with VAT is on the business.

Accounting Records and Commercial Books

As per Executive Regulations of Federal Law No. (7) on Tax procedures, Accounting Records and Commercial Books shall include the following:

  • Accounting books in relation to that Business, which include records of payments and receipts, purchases and sales, revenues and expenditures, as required under any Tax Law or any other applicable law, including:
    • Balance sheet and profit and loss accounts.
    • Records of wages and salaries.
    • Records of fixed assets.
    • Inventory records and statements (including quantities and values) at the end of any relevant Tax Period and all records of stock-counts related to Inventory statements.

Businesses that do not think that they should be VAT registered should maintain their financial records in any event, in case the authorities need to establish whether they should be registered.

Contact Finance Works to maintain your books and records and implement financial systems that are VAT ready and compliant.


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