[vc_row full_width=”stretch_row” css=”.vc_custom_1678349250291{padding-top: 20px !important;padding-right: 10% !important;padding-bottom: 60px !important;padding-left: 10% !important;background-color: #ffffff !important;}” el_class=”service_one”][vc_column][vc_empty_space height=”50px”][vc_custom_heading text=”Tax Knowledge” font_container=”tag:h3|text_align:left” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1574751761802{margin-top: -70px !important;margin-bottom: 10px !important;}”][vc_empty_space height=”50px”][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”1699″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”Scope of VAT” font_container=”tag:h4|text_align:left” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1569242257577{margin-bottom: 10px !important;}”][vc_column_text]VAT is a multi-stage tax imposed on the supply of goods and services that are:
- Taxable.
- Consumed / enjoyed / undertaken in the GCC.
- Made by a taxable person and
- Made in the course or furtherance of any business.
VAT is also imposed on the importation of goods (except covered by specific import relief orsuspension schemes) and on imported services into the GCC.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space height=”50px”][vc_zigzag][vc_empty_space height=”50px”][vc_row_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”Applicable Rates” font_container=”tag:h4|text_align:left” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1569242270840{margin-bottom: 10px !important;}”][vc_column_text]All supplies fall within three (3) categories:
- Standard rated – taxable supplies (applicable to most goods and services).
- Zero rated (0%) – taxable supplies (applicable to exported goods and services, and certain domesticsupplies as specified in the law) and
- VAT exemption (No VAT applicable)
[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”1711″ img_size=”full” alignment=”center”][/vc_column_inner][/vc_row_inner][vc_empty_space height=”50px”][vc_zigzag][vc_empty_space height=”50px”][vc_row_inner][vc_column_inner width=”1/2″][vc_single_image image=”1712″ img_size=”full” alignment=”center”][/vc_column_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”VAT Registration” font_container=”tag:h4|text_align:left” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1569242279236{margin-bottom: 10px !important;}”][vc_column_text]Any person whose turnover from taxable supplies exceeds (under the historical method) or is expected to exceed (under the future method) the thresholds as specified in the law over twelve (12)months will be required to register for VAT. Every VAT registrant is a VAT collecting agent for the Tax Authority.[/vc_column_text][/vc_column_inner][/vc_row_inner][vc_empty_space height=”50px”][vc_zigzag][vc_empty_space height=”50px”][vc_row_inner][vc_column_inner width=”1/2″][vc_custom_heading text=”Input Tax” font_container=”tag:h4|text_align:left” google_fonts=”font_family:Montserrat%3Aregular%2C700|font_style:700%20bold%20regular%3A700%3Anormal” css=”.vc_custom_1569242288401{margin-bottom: 10px !important;}”][vc_column_text]Under the VAT regime, a VAT-registered supplier would be entitled to claim Input Tax on his purchases or acquisition of goods and services if:
- The goods or services are acquired in the course or furtherance of business.
- The purchases on which VAT is incurred is directly attributable to the making of taxable supplies.
- The VAT incurred is supported by valid Tax Invoices or Customs importation documents.
- Subject to meeting other requirements as specified in the law.
[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/2″][vc_single_image image=”1701″ img_size=”full” alignment=”center”][/vc_column_inner][/vc_row_inner][vc_empty_space height=”50px”][/vc_column][/vc_row][vc_row full_width=”stretch_row” el_class=”third_bg_color” css=”.vc_custom_1451889219674{margin-bottom: -60px !important;}”][vc_column][vc_cta h2=”Looking for a tax consultant? Make your business systematic and compliant” h2_font_container=”font_size:20px|color:%23000000|line_height:24px” h2_use_theme_fonts=”yes” shape=”square” style=”flat” add_button=”right” btn_title=”get a quote” btn_style=”flat” btn_color=”theme_style_2″ btn_align=”right” btn_i_align=”right” btn_i_icon_fontawesome=”fa fa-chevron-right” use_custom_fonts_h2=”true” btn_button_block=”true” btn_add_icon=”true” el_class=”third_bg_color” css=”.vc_custom_1580800649776{margin-bottom: 0px !important;}” btn_link=”url:https%3A%2F%2Ftaccompanions.com%2Fcontact-us%2F|title:Contact%20Us||”][/vc_cta][/vc_column][/vc_row]