Vat Deductions on Obligatory Payments UAE FTA Clarification

Vat Deductions on Obligatory Payments [UAE FTA Clarification], a payment to settle a dispute, a contractual payment to compensate for loss, compensation upon a specific breach and early termination of a contract or a late performance, include where a contract allows a Hotel Guest to cancel a booking in return for a cancellation charge, as such charges are considered a cessation of a right, a payment is awarded to a party, it is necessary to consider the reason behind the payment in order to determine the VAT treatment, Where a payment is in the nature of damages or compensation for any loss suffered by a party the payment is not consideration for any supply and is outside the scope of VAT, the payment is consideration for the supply of the right to use the property.True fines and penalties are not consideration for any supply and therefore outside the scope of VAT, here in this you will learn that what type of obligatory payments are subject to VAT and which payments are outside the scope of VAT. damages , breach of contract fines other payment received against intellectual property or amount paid against obligation to transfer the title of the goods, UAE FTA has issued clarification on the same obligatory vat deductions,
VAT ON COMPENSATION TO CHANGE THE PRICE OF THE GOODS, VAT ON PAYMENT FOR LOSS SUFFERED, VAT ON A CONTRACTUAL PAYMENT TO COMPENSATE FOR LOSS

FTA Clarification:

How to file Vat return:
If Condition:
Scrol bar :

Mail Merge:

Pivot table:

Numbers to words:



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