HIGHER COLLEGES OF TECHNOLOGY Description: Project has two sections. The first section requires students to study the VAT related requirements and procedures for registered businesses in United Arab Emirates. In the second section, students assess the corporation tax liability of a company, SECTION ONE (15 marks) In order to diversify sources of government revenues, the United Arab Emirates has introduced value added tax (VAT) with effect from 1 January 2018. Established in 2016, Federal Tax Authority (FTA) is responsible for administering, collecting and enforcing VAT in UAE. Now when you have studied UK value added tax in the course, you are required to evaluate certain aspects of UAE valued added tax and present a written report to your instructor. Your reports should cover the following: a) Highlight various types of supply in UAE for the purpose of VAT, and examples under each (3 marks) b) Examine the requirements and process of VAT registration in UAE (5 marks) c) Explain the process of filing VAT returns and taxes to FTA (4 marks) d) Identify non-recoverableon-claimable input VAT as per the prevailing VAT regulations in the United Arab Emirates. (3 marks) You are required to use multiple sources of information and data collection such as but not limited to discussions with licensed tax consultants, accountants in the industry and FTA officials if possible. The expected length of this section is 7 to 8 pages (Arial 12, 1.5 line spacing), (3200-3500 words). Detailed grading rubric for this section is available on the next page HIGHER COLLEGES OF TECHNOLOGY Description: Project has two sections. The first section requires students to study the VAT related requirements and procedures for registered businesses in United Arab Emirates. In the second section, students assess the corporation tax liability of a company, SECTION ONE (15 marks) In order to diversify sources of government revenues, the United Arab Emirates has introduced value added tax (VAT) with effect from 1 January 2018. Established in 2016, Federal Tax Authority (FTA) is responsible for administering, collecting and enforcing VAT in UAE. Now when you have studied UK value added tax in the course, you are required to evaluate certain aspects of UAE valued added tax and present a written report to your instructor. Your reports should cover the following: a) Highlight various types of supply in UAE for the purpose of VAT, and examples under each (3 marks) b) Examine the requirements and process of VAT registration in UAE (5 marks) c) Explain the process of filing VAT returns and taxes to FTA (4 marks) d) Identify non-recoverableon-claimable input VAT as per the prevailing VAT regulations in the United Arab Emirates. (3 marks) You are required to use multiple sources of information and data collection such as but not limited to discussions with licensed tax consultants, accountants in the industry and FTA officials if possible. The expected length of this section is 7 to 8 pages (Arial 12, 1.5 line spacing), (3200-3500 words). Detailed grading rubric for this section is available on the next page
