Printer Friendly

Are proper tax invoices critical?

Summary: Filing of returns is mandatory for taxable persons and entities

Babu Das Augustine, Banking Editor

Dubai: Suppliers of taxable items are required to issue proper tax invoices to customers on amount collected as tax. According to the Federal Tax law, any person who receives an amount on issuing a bill following a supply must pay this amount to the tax authority within the specified time.

A tax registrant shall issue a tax invoice within 14 days of the date of supply. The UAE tax law and the Executive Regulations on the law specify information to be included in the tax invoice; conditions and procedures required to issue an electronic tax invoice; instances where the registrant is not required to issue a tax invoice to the recipient of goods or services; instances where other documents may be issued in place of the tax invoice.

A tax invoice must include the name, address, and Tax Registration Number (TRN) of the registrant making the supply. An invoice must have a sequential tax invoice number or a unique number and date of issue which enables identification of the tax invoice and the order of the invoice in any sequence. While the invoice should have a clear description of the goods or services supplied, it should also mention the unit price, the quantity or volume supplied, the rate of tax and the amount payable expressed in UAE dirham should be specified.

Each taxable person must also prepare the tax return for each tax period and for each tax while being registered. They must then submit the tax return to the authority and pay tax as specified in the return or any tax assessment within the time limit. The tax authority reserves the right to turn down any incomplete return.

[c] Al Nisr Publishing LLC 2017. All rights reserved. Provided by SyndiGate Media Inc. ( Syndigate.info ).

COPYRIGHT 2017 SyndiGate Media Inc.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2017 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Gulf News (United Arab Emirates)
Date:Dec 18, 2017
Words:311
Previous Article:India poll results: BJP loses seats but still wins in Gujarat.
Next Article:T10 cricket League hits pessimists for a six.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters