Welcome to Spectrum Auditing. Spectrum Group is UAE based firm operating worldwide offering assurance and non assurance services with a global recognition. We are located in Dubai specializing in audit, accounting, tax, advisory services serving clients across UAE, GCC, India, South Asia and Europe with offices in India and Oman. We serve the world’s eminent corporations with a multi-national portfolio of clients ranging from medium to large scale enterprises, small scale industries, family owned companies, startups and as well as budding entrepreneurs.
Well , almost 2 years we are paying rent and construction of factory expense for branch 2, can claim vat in main company or branch 1 company . (Branch 2 is with separate license-same owners)
Generally, the branch is considered as part of the main company/ license for VAT and CT purposes in UAE. In the case of branch, the VAT paid for branch purposes can be claimed as input tax as long as the branch sales are going to taxable supplies. Please make sure whether the branch is holding a branch license or an independent license. For CT purposes, the expenses incurred, if they are capital in nature will be capitalised as an asset and you may claim depreciation on that asset and show as expense in the P&L for CT purposes, if not, then that would been expensed in the year in which they are incurred by following IFRS.
@mohsinsaleem8406 Sole establishment is considered as part of the Individual for CT purpose. Some places, they are calling the Limited liability companies are also called as Establishments, you need to be clear for those ones.
It was a very informative session. I have a query- during FTA Audit, which documents we have to maintain for Import and Export? For Export, Exit paper + Export declaration is enough or any other documents we have to maintain? Thank you
Hello, for FTA audit the required docs to prove import and export to keep are as follows 1. Commercial invoice 2. BOE (Customs document) 3. Exit certificate/entry certificate 4. Bill of lading/airway bill 5. Also keep the SOA of customer/supplier
@@muhammedrashid4499 thank you for your response. Pont No 3, Exit and entry certificate - we have to request this from customs separately? Bcz normally, we don't get this document from the customs.
Thanks for a great session which gives clarity on so many things... Can we eligible to claim ITC against out of scope supplies??? because the condition for claiming ITC is one should use those inputs to make taxable output supplies, here out of scope supplies are not Taxable output supplies.. And sales made by Un-registered dealers also treated as out of scope in that case hoe can they claim ITC ??
I really appreciate Mr. Balaram and Mr. Rishab for the insights of Corporate Tax. This video is helpful if someone especially individuals who would like to know the impact of Corporate Tax with multiple scenarios...Thank you team.
I'm looking for an internship or an associate tax accounting job in the UAE, I have finished my 4 years bachelor’s degree in accounting, moved to the UAE, got a 2 years residency / work visa and available to work instantly. Please respond with yes or no. Thank you for the video as well, really helpful.
We do not have any clarity on it yet, but we assume that as an offshore entity's licence is issued by a free zone authority and it may be treated like any other free zone licence for CT purpose. However, it is advisable to wait for further updates in this regard from the Ministry. Thank you
Our company registered in July 2023. So according to guidelines our financial years will be Jan 2024 to Dec 2024. My question is that the transactions we did in July to Dec 2023 will include in first financial year( Jan to Dec 24) or this period will be non tax period?
Hello LeharG, ideally the first financial year of your company is going to be from July 2023 to 31 Dec 2024 under IFRS. For Corporate Tax purpose also, they may consider the same period, in which case your transactions from the beginning will be subject to corporate tax is what we think. However, the Ministry mentioned in a recent discussion that they will come up with a guidance on this matter.
Thanks for your question. A Freezone Company is a Legal Person. You can drop a mail at info@spectrumaccounts.com if you want to get your queries cleared and one of our CT experts will reach you.
