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    2024 IMO Bravery Awards honor tanker and tugboat crews for heroic acts

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    Panama

    BMA: Sanctions imposed against Russia

    Work,Safety,Concept.,Wooden,Cube,Blocks,With,Icon,Of,Safety

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SAFETY4SEA

UAE: VAT implications on shipping and logistics

by The Editorial Team
July 9, 2019
in Shipping
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Above image is used for illustration purposes only

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A robust compliance system and the use of tax automation would enable large logistics companies to comply with specific VAT requirements with regard to the information requested by the Federal Tax Authority (FTA) during VAT Audit, according to a new report analyzing VAT implications on shipping and logistics sector of the UAE.

WTS Dhruva Consultants, part of tax and regulatory services organization Dhruva Advisors LLP, issued a report analyzing VAT implications on shipping and logistics sector of the UAE.

Often, due to voluminous transactions, the authenticity of the tax data gets compromised and is not properly reviewed, the report reads.

An urgent matter is to allocate adequate budgets to the implementation of a robust IT infrastructure in order to support VAT compliance.

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It is imperative that Management not only ensures that the correct VAT treatment is applied on their supplies, but also that this treatment is reflected in the VAT returns.

While there are certain transactions whereby the position may differ amongst industry players (due to lack of clarity, etc.) and in such a scenario, it is advisable to seek clarification from FTA at the earliest possible time.

If the response from FTA is different, i.e., taxable or exempt, in comparison to the tax position taken by the company for past transactions, this change would impact previous VAT returns and payments, and would lead to penal consequences.

 

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UAE: VAT implications on shipping and logistics

UAE: VAT implications on shipping and logisticsUAE: VAT implications on shipping and logistics
UAE: VAT implications on shipping and logisticsUAE: VAT implications on shipping and logistics
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