Contribution by Tanvi

NBR releases FAQs and notification form for obsolete stock
Bahrain
NBR releases FAQs and notification form for obsolete stock
Tanvi on 27 June 2020
Bahrains National Bureau for Revenue (NBR) has issued details on the VAT treatment of obsolete stock in the technical FAQs on their website, along with the Obso..
 FTA Clarifies Measures Implemented regarding DTS
UAE
FTA Clarifies Measures Implemented regarding DTS
Tanvi on 02 June 2020
UAEsFederal Tax Authority (FTA) has asserted that its recent decision to postpone the final step of phase two of the Marking Tobacco and Tobacco Products Scheme..
FTA publishes updated VAT Designated Zones list
UAE
FTA publishes updated VAT Designated Zones list
Tanvi on 24 March 2020
The Federal Tax Authority (FTA) has published an updated version of the list of Value Added Tax (VAT) Designated Zonesby renaming two Designated Zonesas follows..
 New Law on DMCC introduced
UAE
New Law on DMCC introduced
Tanvi on 25 February 2020
Sheikh Mohammed on Sunday issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC). The new Law outlines the organisational structure of D..
VAT on goods imported from JAFZA
UAE
VAT on goods imported from JAFZA
Tanvi on 19 February 2020
We are a Dubai World registered entity engaged in importing goods from JAFZA. After importing, the goods sold to customers. The goods are cleared from JAFZA usi..
EXTP003 - Stockpiling Excise Goods
UAE
EXTP003 - Stockpiling Excise Goods
tanvi on 13 February 2020
Issue This Public Clarification explains the Excise Tax obligations for stockpilers of sweetened drinks, electronic smoking devices and tools, or liquids used ..
Reconcile differences between USD and AED exchange rates for imports
Reconcile differences between USD and AED exchange rates for imports
Tanvi on 03 February 2020
When we import goods, the customs uses an exchange rate to convert the USD value of goods in Dirhams. However, when we pay VAT, we have to use the Central Bank ..
 IMF calls for slashing public sector wages, imposing taxes
Kuwait
IMF calls for slashing public sector wages, imposing taxes
Tanvi on 30 January 2020
The International Monetary Fund has urged OPEC member Kuwait to introduce a package of reforms that includes imposing taxes and phasing out subsidies to plug a ..
 FTA records rise in Tax Registered Businesses
UAE
FTA records rise in Tax Registered Businesses
Tanvi on 06 January 2020
The Federal Tax Authority (FTA) has revealed that the number of tax registered businesses has increased to 3,12,000 thanks to the growing awareness among busine..
No customs duty on goods exhibited at Dubai Expo 2020
UAE
No customs duty on goods exhibited at Dubai Expo 2020
Tanvi on 30 December 2019
Dubai Customs has developed a customs clearance system that would allow admission of goods to be exhibited at Expo 2020 to be cleared faster and will not be sub..

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