An important change in the #UAEVAT law with effect from 1st January 2023 - Service Fee received by the #BoardMembers is no more Taxable.
📍 To whom is it applicable – a broader prospect
📍 Actions to be taken
📍 How to account in the #UAE #VATReturn Form?
📍 Penalties for non-compliance
📧 tax@emiratesca.com | ☎️ +971 42500 290
#VATinUAE #UAEVATLaw #Business #Finance #GCCVAT #Compliance #Dubai #ECAG #EmiratesCA #UnitedAuditing
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01:00 To whom is it applicable – a broader prospect
This new amendment is applicable only for natural persons
01:50 Applicable to non-residents in the UAE
if the Board member is a non-resident, the remuneration paid to him is not a taxable supply.
02:00 How to account in the UAE VAT Return Form?
The payment done to a non-resident director for the services after 1st Jan 2023 need not be accounted under RCM, in Box 3 in the VAT return form.
02:20 Actions to be taken
It is important that every individual registered under VAT and currently doing only taxable supply as directors services has to deregister within 20 business days from 1st January 2023.
02:46 Penalties for non-compliance
The penalty of AED 1,000/ dirhams in a month can go up to AED 10,000/-.
03:21 Cut-off point of applicability of taxable supply
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