Thanks for explanation. I would like to ask a questions, We purchases used car spare parts from local market and auctions where they do not issue invoices. As you mentioned we can issue invoices ourselves. This will be considered as a purchased invoice? Secondly we are exporting these items so what will be their treatment, bcz export is zero rated? appreciate your response
Thanks for the video, can you please confirm about the vat implication on sale of business vehicle on which VAT input was not claimed at the time of purchase due to availability for personal use.
Hi Noman Ravi , ur quick bites explaining with examples are great! Trust u reach to many viewers out there. I Got a Question : Can i apply the Profit Margin basis for the used /Salvage cars imported from overseas, who are not registrant for VAT and they fall in used goods,tangible, moveable and holds future use. You may note while filing returns based on our Imported consignments the VAT is populated at SR basis. Your thots please.
Have you maintained the profit margin scheme requirements in UAE? #fta #taxation #uae
Thanks for explanation. I would like to ask a questions, We purchases used car spare parts from local market and auctions where they do not issue invoices. As you mentioned we can issue invoices ourselves. This will be considered as a purchased invoice? Secondly we are exporting these items so what will be their treatment, bcz export is zero rated? appreciate your response
Yes it will be zero rated.
Thanks for the video, can you please confirm about the vat implication on sale of business vehicle on which VAT input was not claimed at the time of purchase due to availability for personal use.
VAT is to be charged on sale.
Sir i need one help, in this profit margin scheme,i select no.. but i received mail regarding this. how to amend
A car model 2017 buy through second hand dealer, profit margin can be applied?
Yes it is possible.
Used mobile also same condition?
Profit margin scheme is applicable on service?
No profit margin scheme does not apply to services.
-MSI Auditors Team
@@MSIAuditorsThank you
Hi Noman Ravi , ur quick bites explaining with examples are great! Trust u reach to many viewers out there. I Got a Question :
Can i apply the Profit Margin basis for the used /Salvage cars imported from overseas, who are not registrant for VAT and they fall in used goods,tangible, moveable and holds future use.
You may note while filing returns based on our Imported consignments the VAT is populated at SR basis. Your thots please.
#tax #uae #dubai
@@ooopsbackups5166 Do you claim back the VAT on your imports as RCM?
-MSI Team
@@MSIAuditors yes
Since the input VAT is being claimed in full I would recommend not to follow the profit margin scheme.
-MSI Team
That means seller comes to know the purchase price🤔