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Update on Basic tax Information Bulletin – Automotive Sector

Federal Tax Authority (‘FTA’) has issued a basic tax information bulletin addressing specific issues relating to automotive sector from UAE VAT laws perspective. The key takeaways from such bulletin have been mentioned below: Applicability of VAT on automotive sector: It has been clarified that the following supplies, amongst others, made by businesses in automotive sector…

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UAE VAT – VAT Public Clarification (VATP024) on Adjustment on Account of Bad Debt Relief

Federal Tax Authority (‘FTA’) has issued a public clarification which discusses the conditions which must be met in order to benefit from the Bad Debt relief scheme. The key takeaways from the said public clarification have been mentioned hereunder: Issue: Where a VAT registered supplier supplies goods or services to its customers but is not…