So I know from an academia point of view what value added tax is. How it is filed (every quarter or month), exemptions, rate, input vs output tax.. etc.
With respect to Dubai, is there anything extra-special about VAT? From what I know, everything seems standard but if anyone here working in finance, maybe they could let me know more?
So far in no particular order I know the following w.r.t.Dubai VAT:
Mandatory registration for AED 375,000+ revenue generating firms
VAT reg. number depends on the owner of the fir
If owner of business has 10 other business (where he influence control) then inter-company transactions are exempt for VAT
Rates are 5% or 0% or exempt
Registration is an easy online process, FTA is the legal authority.
Hopefully the responses will be helpful and will not culminate to those largely unexplained gags!
Edit: Formatting purposes