Proportion of deductible input VAT relating to mixed used buildings is generally determined based on an area based allocation formula. With judgment dated 7 May 2014 (V R 1/10), the Federal Fiscal ...

When have you made the right choice by deviating from a longstanding practice? This may be challenging but rewarding if guided by the right principles. Undeniably, this holds true in tax cases decided ...

Accounting for VAT by a business should be a simple exercise. You simply take the VAT charged by you on your sales, deduct the VAT charged to you by your suppliers, and pay the difference over to the ...

Hotelbeds UK Ltd operates as a wholesale supplier of hotel accommodation, purchasing rooms from UK VAT-registered hotels and reselling them to travel businesses. Due to industry practice, Hotelbeds ...

The legal provisions on refunding input value-added tax (VAT) upon dissolution of the company or upon the change of VAT status was unaffected by the TRAIN law. However, the TRAIN implementing ...

Potential fraud such as the “missing trader” scheme, identify-theft tax evasion or claiming input VAT for non-qualifying expenses are probed. To address economic pressures, the government is ...

Businesses often forgo input VAT credit if the purchase/expense invoice is more than 6 months old (or, 2 months in the case of monthly tax periods). Needless to say, such a tax position results in a ...

The Federal Tax Authority (FTA) has issued a public clarification (VATP028) on mobile phones, airtime, and data packages ('MP, A, DP' for ease of reference) made available to employees for business ...

Manama, Bahrain: Value Added Tax (VAT) has been implemented in in the Kingdom of Bahrain from 1 January 2019. This tax regime differs from corresponding legislation in UAE and Saudi Arabia in some key ...