It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket9 hours ago
Dubai - All those UAE companies and individuals who raise tax invoices in a currency other than the UAE dirham will have to use the exchange rates approved by the Central Bank as on the date of supply.
Pratik Shah, Partner, WTS Dhruva Consultants, said apart from mentioning the foreign currency, the tax invoice should also mention the gross amount and VAT amount in UAE dirham along with the exchange rate applied.
He noted that businesses, which import concerned services from outside the UAE, are required to account VAT under reverse charge mechanism on the invoice amount in foreign currency into UAE dirham as per applicable exchange rate.
"In this regard, the Central Bank of the UAE has recently made available facility to access exchange rates against UAE dirham for VAT related obligations in its website. With this, businesses need to ensure that due VAT has been accounted as per the applicable exchange rate notified by the Central Bank are followed. In the event of failure to comply with the aforesaid, it may entail penal consequences related to maintenance of required records as per the Tax Law, failure to account due tax on imports etc.," Shah added.
The currency exchange rates are updated Monday to Friday and are based on forex rates prevailing at 6pm UAE time each day. In instances where specific markets are closed due to local holiday, then the relevant rate will be the prevailing rate of the previous day at 6pm. All rates used are the mid rates of the concerned currency pairs, the apex bank said.
-waheedabbas@khaleejtimes.com
It was Chennai's fifth win from nine matches as they moved to third place in the points table with 10 points
cricket9 hours ago
Earlier, Arsenal held on for a pulsating 3-2 win over arch rivals Tottenham
football10 hours ago
Samsung cuts through the flaff with its Galaxy Tab S6 Lite, providing all the essential features you need at an affordable price
tech reviews10 hours ago
The country has several beaches and with that comes countless options to indulge in a hearty breakfast
food10 hours ago
In a touching Instagram post, Bipasha shared adorable pictures of themselves
entertainment10 hours ago
In this opulent saga, Bhansali delves into the world of Basra pearls
entertainment10 hours ago
The news comes just two days after his rape conviction was overturned by the New York Court of Appeals
entertainment10 hours ago
The AFI Life Achievement Award is the highest accolade granted by the American Film Institute
entertainment10 hours ago