This week the Federal Tax Authority has issued new clarifications on Corporate Tax and VAT. And the Real Law service has added new documents on media services, Emiratisation, taxation and financial markets. The database of originals for download has also been expanded, such as recommendations on importing and re-exporting goods and a guide for lawyers on AML
1. Federal level
The UAE Federal Tax Authority (FTA) has published a new CTGFF1 guide on Taxation of Family Foundations, trusts and similar structures. The procedure applies to both UAE residents and foreign foundations with a UAE connection. Highlights of the guide in an article on Real Law.
The FTA Public Clarification has also issued a new VATP044 on VAT obligations when receiving services from abroad. According to the clarification, the recipient of a service is considered to be a person making a taxable supply to itself. This means that the recipient must calculate VAT on its own, issue a tax invoice to itself and has the right to refund the input VAT. Clarification VATP044 does not amend the current regulations, but only clarifies the procedure for their application. For...