- FTA issued Public Clarification No. VATP040 on VAT amendments
- Changes affect registration, tax calculations, exemptions, and compliance
- Updates to rules for VAT registration and deregistration
- Amendments to profit margin taxation provisions
- Clarifications on zero-rated supplies for exports, transportation, and healthcare
- Revised input tax apportionment and adjustment rules
- Updated record-keeping requirements for taxable entities
- New provisions for supply exceptions and tax deregistration
- Guidance provided for businesses on implementing VAT amendments
Source: globalvatcompliance.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
