Archive for the ‘Events’ Category

Finally VAT has arrived in UAE

VAT IMPLEMENTATION IN UAE

Prepare ahead to meet the challenges of VAT accounting environment in UAE

The Government of UAE is implementing VAT with effect from 1st January 2018 and has commenced active engagement with business groups on the need to be ready for VAT in 2018.

UAE is implementing VAT chargeable at the rate of 5% w.e.f. 1st January 2018

WHAT IS VAT (VALUE ADDED TAX)?

▪ VAT is an indirect tax applied upon the consumption of most goods and services.

▪ It is levied by VAT registered businesses which make supplies of goods and services in the course or furtherance of their business. It will also apply on import of goods.

▪ VAT is levied at each stage in the supply and is collected by the business on behalf of the Government and it will be ultimately incurred and paid by the end consumer.

▪ For levying of the tax under VAT, products and services are broadly classified into three categories i.e., Zero-Rated Supplies, Tax-Exempt Supplies and products with standard rates.

REGISTRATION AND LEVY OF TAX:

Registration applicability for VAT:

▪ Businesses with annual revenue of over OF AED 375,000 (USS 100,000) will be required to register for VAT purposes.

▪ Businesses with annual revenue between AED 187,500 (USSS 50, 000) and Dh 375,000 will have the option to register for VAT purposes voluntarily

▪ Registration started on October 1st, 2017 and registration deadline for all businesses is December 4th, 2017.

LEVY OF TAX

▪ Registered businesses to charge and add VAT to the value of Goods and Services they supply.

▪ Businesses can also reclaim VAT incurred on goods and services acquired for business purpose (subject to some restriction) such as purchase of raw materials and other consumables used for the business.

▪ Services exempted from VAT: Residential property, Rental Income, Local transport services such as Bus, Taxis & trains etc.

▪ Zero-rated VAT will be applied to healthcare and education services.

▪ No VAT will be imposed on Life Insurance, but all non-life insurance products will be subject to the standard VAT rate.

VAT IMPACT ASSESSMENT ON BUSINESS OPERATIONS

Businesses operating in the UAE need to take immediate steps to become compliant in accordance to UAE Federal Law No. (7) of 2017.

It follows that, UAE businesses should initiate VAT impact assessment immediately in order to determine the impact that VAT will have across their operations.

This assessment should consider the VAT impact on the following key areas:

▪ Finance and Accounting

▪ IT and Systems

▪ Tax and Compliance

▪ Supply Chain – Goods and Services

▪ Contracts

▪ Sales and Marketing

▪ Legal Structure

The impact assessment should be used to develop clear plan as per the steps that must be taken to be ready for VAT by the go-live date of 1 January.2018

The introduction of VAT will put the onus on businesses to ensure that they keep proper records and ore assessed as to the VAT liability based on those accounting records.

Officially On Web

Crisis in Muslim World

Current crisis triggered by GCC / KSA to isolate Qatar after visit of controversial Dubious Character Donald Trump the current US president is uncalled for.

Sincerely Hope Sanity will prevail and situation/ crisis can be resolved amicably across the table.

No one suffer but the Muslim Ummah

non-muslim powers are succeeding to export de-stability towards the region through their proxies.
leadership shall act wise and diplomacy shall continue.

Control over LNG reservoirs are next after Iraqi oil fields – The Objective

VAT

Economy – Taxation across the board , what was whispered for very long in close quarters is now discussed across the country. VAT ., how will it impact the life of people and the tourism in UAE.

vat

read Here & read here

Shaikh Rashid, [ Nov 12 1981 ~ Sept 19 2015 ] Inna lillahi wa inna ilayhi raji’un

Shaikh Rashid, [ Nov 12 1981 ~ Sept 19 2015 ] son of Shaikh Mohammad Bin Rashid Al Maktoum & Shaikha Hind Bint Maktoum Bin Juma Al Maktoum, passed away after a heart attack on Saturday Sept 19 2015 at the age of 34.

rashid

His Father & Mother are the rulers of Emirate of Dubai & Highness Shaikh Mohammad Bin Rashid Al Maktoum, is Vice-President and Prime Minister of the UAE

Allah Grant Peace to the departed soul

Our sincerest & heart felt condolences to the Bereaved parents & the rest of family.

Escort Services Active in Dubai

while UAE is considered union of orthodox wahabi muslim state Dubai is spearhead for the night life entertainment surpassing the Islamic / Muslim identity

From highend night clubs to high end escort services. Models, sex workers from across the world are active. Hundreds new arrive every week, business is surely high to attract more & more.

one such example is roaring across the social media i.e twitter / facebook / snapchat / KIK

http://www.dubaiescortsclub.info/index.html

the website contain a local cell number for whatsapp connectivity. Solicitation is very open and the honesty in this flesh business is hardcore.

Authorities turn blind eye to such activities in name of growing tourism, the Islamic / Muslim identity of UAE is of no importance

The NEW Beirut of Middle East, Dubai.

UAE – Quit The Job & Land in Trouble

WASHINGTON — The conundrum was simple enough. An employee of a company in the United Arab Emirates, while on vacation outside the country, received a job offer in India that was too good to pass up. He sent a resignation letter to his UAE employer, and upon their acceptance of his resignation, started up a new gig.

Ten years later, he had an opportunity come up in Dubai. With plans to take it, his future Dubai employer tried to get him a work visa. But as they prepared to bring their new employee back to the UAE, they found they couldn’t. The man’s former employer from 10 years earlier had filed a case against him, accusing him of leaving……….. more here

GCC & KSA – The Angry Friend of Pakistan

Ironically KSA & GCC states are not looking inside and showing anguish to Pakistan. The only Islamic Nuclear Soverign country which has rightly choosen path for mediation instead of being part of bloodbath. Pakistan righlty declined to be part of regional, Sectarian & tribal conflicts of Sheikhdoms.

The massive arsenal piled up across GCC & KSA is but expensive useless toys. The meager maintenance by the foreign expats and ill trained users. Royal’s are inept to fly & fight, the few professional are FEW. So the rulers look around to buy Mercenaries using Money. The fact known globally and been voiced across community of uniform. READ HERE

What Good is the purpose of local Emirati Saudi Captains, Majors, Lt.Col, Cols., Brigadiers, Major Generals & Generals are unable to perform in actual battle field what is the rank about. ?? If they have those ceremonial ranks they shall outsource their defence as well like rest of functions in the Govt sector., and admit it openly.

The issues between Yemen & KSA shall be resolved through OIC conference & peaceful dialogue across the table. not by bloodbath of fellow muslims.

Pakistan Must & Shall stay neutral while doing all possible effort to mediate between the countries at war. Pakistan is already at war internally and shall focus on it as per people’s will.

Minister Gargash Please

gargash- AnwerGargash

The statement from UAE minister Anwer Gargash on Friday have given a new spin to UAE PAKISTAN relationship. The threatening statement sparked a wave unrest among expats.

Never said but silently known to all, UAE is being part & partner of ongoing instability & terror wave inside Pakistan. Gawader & Coastal belt of Balochistan is infested with terrorist. Funded & harbored by UAE. The world intellgensia knows about it in open.

UAE being tax free heaven for all kind of corrupt & criminal people of subcontinent is on verge of blackmailing the people in power. UAE shall never forget the terrorist they harbored the safe heaven they provide to criminals from Pakistan aka UZAIR Baloch may turn the tables against them anytime.

UAE must understand such threatening statements will damage UAE from within. The expat community is quiet resentful of statement by Dr. Gargash, to which no denile has been issued by the UAE Govt.

Look from within the UAE as whole & KSA in particular [ to which UAE has become loudspeaker issuing such venomous statements ], is suppressing human rights, silencing the people demanding more freedom of speech, more human rights, a system of local common men representative bodies , a feel of democracy which is totally absent. The UAE shall stop making noise for the foster father KSA and be part of dialogue campaign to resolve the YEMEN – KSA conflict which is turf war of tribal & sectarian clerics.

UAE & KSA shall acknowledge The decision of Pakistani Law makers – Elected Public representatives of People of Pakistan in Parliament. They have collectively decided not to be part of WAR campaign between KSA & YEMEN, and suggested a peaceful dialogue to end the sectarian and regional conflict of Tribes.

Pakistan shall not & must not be party to KSA & YEMEN conflict. Pakistan Army is not group of mercenaries.

Pakistan armed forces are most organized well trained well equipped well disciplined Armed forces in region, of a soverign democratic country.

If needed & if time close-by to protect MAKKAH & MADINAH The Pakistan Army Navy & Airforce will not need any invitation or request. it will act on will of its people & ummah collectively.

UAE must immediately call an OIC conference, get all players KSA YEMEN IRAN QATAR on one table for resolution of KSA – Yemen conflict. war is no solution to a problem, negotiations & discussion are. Pakistan & Turkey can play vital role for such discussion and UAE shall HOST the event sooner then later. The troika of UAE PAKISTAN TURKEY can play a positive decisive role to end such conflict without further loss of human life.

Spirit of the Union 2014

Dubai Executive Council, has directed the prompt implementation of a new art and cultural project, entitled ‘Our Journey’, marking the UAE’s 43rd National Day celebrations.

Expected to enter Guinness Book of World Records as the world’s longest graffiti, ‘Our Journey’ is 2,180 metres long and will be executed by the Crown Prince Office in collaboration with Brand Dubai, and initiative launched by the Government of Dubai Media Office

this is source here

uae

Savings is almost Impossible in UAE

In the UAE, a severe absence of a savings culture, that’s been said and proven time and time again. The image of a tax-free salary and comfortable lifestyle continues to attract thousands of expatriates from all over the world to leave their homes, jobs and even families, to come to UAE for a better life.

But are we saving this ‘extra’ money we’re supposedly earning here? The results of yet another survey say otherwise.

Souqalmal.com, a leading price comparison site in the Middle East, says that 65 percent of their 900 respondents admit they want to be saving more than they actually are. So, on the bright side, at least there’s a desire to save, but half of them claim they save absolutely nothing at all, while 44 percent complain that they’re saving less than they did three years ago.

“The combination of high living costs, the perception of “being rich” due to no taxes and a lack of education on how to manage income and debt could explain the results of our survey,’ says Ambareen Musa, Souqalmal’s founder.

“While enjoying a good quality of life now is important, saving adequate amounts for the future is even more so, especially as people typically do not accrue social benefits while working in the UAE,” says Musa.

The next bit of the study groups the best savers in the country according to their nationality – and if you’d allow Kipp to slightly digress – we must say we aren’t completely fond of segregation by nationality. But here are the facts if you’re interested.

Apparently, western expats are the best savers; being able to put 10 to 30 percent of their monthly income away, followed by Asian expats, with one third of them saving within that same range. Thirty percent of nationals in the UAE do not save any money at all and, lastly, the study suggests that ‘Arab expats seem to find it harder to save’ with 12 percent admitting they don’t even know how to save and 32 percent claiming they save nothing at all.

Why people fail to save ? It is the Plastic money culture which is on boom again. Banks have smartly trapped people by allowing a limit of 1.5 times the actual pay cheque. means if a person is making AED 5000 the credit card limit is AED 7000. Such entrapment is the root cause of Zero-Savings culture across local & expatriates equally. While the locals manage to get a waiver for fees & markups, and can pay off in easy installments after settlement, while the expats end up in jails. Thats called Discriminated Economic Lynching ! :)

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