2. VAT
  3. VAT Latest Update in UAE

VAT Latest Update

We are a leading accounting and tax consultants firm in Dubai, UAE. We provide a wide range of VAT services to our clients in the UAE. We always love to help the businesses and also share the latest updates for UAE VAT. We provide all VAT latest updates in UAE to our clients that help them to solve the issues and enjoy more profit.

We listed down VAT Latest Update and the effect of VAT on Expo 2020:

EXPO 2020 Dubai and Impact of UAE VAT>

Expo 2020 Dubai, the worldwide business show will be facilitated in Dubai from 20th October to 10th April 2021. In this association, a lot of inquiries may be emerged from participants of the 2020 Expo. CBD Accounting and Tax Consultant give a comprehension of the impact of UAE VAT on the 2020 Expo.

Participants of 2020 Expo

There are many countries and organizations that are invited and so far around 190 countries over the world already have accepted the invitation and they will participate in the Expo 2020 Dubai. Impact of UAE VAT on Participants of Expo 2020: The UAE VAT law is also applicable to the official participants of Expo 2020 as the Expo 2020 is going to held in the UAE mainland.

Key Requirements for Participants:

  • A participant must apply for VAT if his/her import and export in the country exceed the mandatory threshold limit i.e. AED 375,000/-
  • A participant who is registered with VAT must issue an income tax invoice against taxable supplied affected at the Expo 2020 Dubai
  • VAT Return Filing on a timely premise as endorsed must be submitted to the Federal Tax Authority (FTA)
  • He / She must follow and subject to all other rules and laws of UAE VAT.

The VAT on Gold and Diamonds in the UAE :

The VAT on gold and diamond is also applied in the UAE. Where a business supplies gold or diamonds to a VAT-enlisted beneficiary, and the beneficiary is buying the items so as to either resell, produce or manufacture gold and diamond-based items, the provider won't be required to represent VAT on such deals or report it on its VAT return. Instead, the VAT-registered beneficiary will be required to represent the duty and incorporate the output tax due on the supply on its VAT return. We are ready to support you in the 2020 Expo Dubai trade license application and Emirates ID as an applicant’s representative and all VAT related services.