Dubai June 15, 2022:

As a UAE business resident, you need to be aware of your varied tax obligations and abide by the tax laws in the country. That’s why it is important you understand your federal, state and local tax requirements. This will help you file your taxes accurately and make timely payments, thus saving you from penalties and encountering trouble with the law.

In this regard, the Federal Tax Authority (FTA) has issued a Comprehensive Guide on ‘Know your Tax Obligations’ to orient Taxpayers with their tax liabilities. The guide includes:

• Criteria for VAT registration
• Supplies exempt from VAT
• Zero-rated VAT supplies
• VAT records and supporting documentation
• Formation of tax groups
• Creating and using e-services account
• Obligations after tax registration
• Elements of a valid tax invoice
• Timely submission of tax returns and tax return periods
• Entitlement to recover input tax
• Contact details of FTA

For more details log onto www.tax.gov.ae