Businesses usually have a very busy time near the end of their tax year as they need to carry out the required end-of-the-year tax adjustments. And the Capital Asset Scheme is crucial for businesses that own capital during the tax adjustments. The UAE VAT Law allows the businesses to recover the input VAT paid on the procurement of capital assets and the Capital Asset Schemes is designed to regulate the input VAT recovery on the larger value of the capital assets that have long-term usage.
Source: jcauaeaudit.com
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