VAT Archives - Fichte & Co

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UPDATE: FTA Clarifies the VAT Treatment of Compensation Payments

The Federal Tax Authority (FTA) has recently published a clarification on VAT treatment of compensation type payments, such as payments to settle disputes, and other contractually agreed compensation. Where a payment or fee is not a consideration for a supply, there is no VAT due. Often times, there are penalty clauses or liquidated damages clauses...

Zero-Rating the Export of Services: A Basic Guide for Service Providers and Consultants

Whether to apply zero-rating to the export of services and how to do so, has been a recurring concern amongst businesses in the UAE, especially to those providing consultancy services. Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”) and Cabinet Decision No. 52 of 2017 on the Executive Regulations of the...

January 10, 2018

UPDATE: FTA Releases List of Designated Zones

The Federal Tax Authority has issued Cabinet Decision no. 59 of 2017 on Designated Zones (“Cabinet Decision”) for the purposes of Federal Law no. 8 of 2017 on Value Added Tax (“VAT Law”). Art. 50 of the VAT Law had initially made references to designated zones, and Art. 51 of the Executive Regulations to the...

December 7, 2017

UPDATE: VAT Seminar – VAT in the UAE and the Implications for the Shipping Sector

We are pleased to have presented Jasmin Fichte as a main speaker of the VAT seminar titled “VAT in the UAE- Implications for the Shipping sector” on December 6th 2017. The seminar was introduced by Ahmed Al Falahi, UAESA vice chairman, and followed by speeches from Jasmin Fichte, of Fichte & Co, Gajendra Maheshwari and...

November 27, 2017

UPDATE: The New VAT Executive Regulations

The long-awaited Draft Cabinet Decision on the Executive Regulation of Federal Decree Law no. 8 of 2017 on VAT (the “Regulations”) have recently been issued by the Federal Tax Authority. The Regulations have provided guidance on some of the provisions mentioned in the Federal Decree Law no. 8 of 2017 on VAT (the “Law”) including...

November 9, 2017

Doing Business in the United Arab Emirates

I. Key facts What are the key facts on doing business in the UAE? When considering doing business in a foreign jurisdiction, an investor must consider a wide range of commercial, political and capital security issues that will impact the final decision of investing in a particular country. Over the last two decades the United...

October 31, 2017

Legal 500’s Exclusive Interview with Managing Partner Jasmin Fichte

Managing Partner Jasmin Fichte on how Fichte & Co can provide value added substance in critical times where legal budget cuts have been made across industries. What do you see as the main points that differentiate Fichte & Co from your competitors? The Legal Market in the UAE is mainly twofold in that the industry...

February 7, 2017

Globalisation proves to be alive and kicking as OECD Common Reporting Standards enter the UAE

OECD Common Reporting Standards (or CRS) are global standards applied by financial institutions for automatic exchange of information, aimed at identifying the effective tax residence and any investment income, account balances and sales proceeds of a foreign individual or corporate account holder. The UAE has already issued primary legislation on the topic in 2012 and...