Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Note: Please give the correct answer and also please all 4 mcqs answer please Will UAE entities owned by UAE or GCC nationals be

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

.

Note: Please give the correct answer and also please all 4 mcqs answer please

Will UAE entities owned by UAE or GCC nationals be subject to UAE Corporate Tax? No - entities owned by UAE or GCC nationals are exempted from the UAE Corporate Tax. Yes - Juridical persons that are incorporated or resident in the UAE, or that have a permanent establishment in the UAE, will be subject to UAE CT. This applies irrespective of the residence and nationality of the individual founders or (ultimate) owners of the entity. But, the entities owned by UAE or GCC nationals have a higher threshold of AED 750,000 - meaning they will be taxed only on income exceeding AED 750,000. Yes - Juridical persons that are incorporated or resident in the UAE, or that have a permanent establishment in the UAE, will be subject to UAE CT. This applies irrespective of the residence and nationality of the individual founders or (ultimate) owners of the entity. 1 point Which of the following is (are) true in regard to the application of VAT in the UAE? Zero-Rated Supplies are those supplies on which the rate of VAT is lower than the standard rate. But in zero rated supplies, input tax cannot be deducter Zero-Rated Supplies are those supplies on which the rate of VAT is 0%. But in zero rated supplies, input tax cannot be deducted. Zero-Rated Supplies are those supplies on which the rate of VAT is 0%. But in zero rated supplies, input tax can be deducted. Zero-Rated Supplies are those supplies on which the rate of VAT is higher than the standard rate. But in zero rated supplies, input tax can be deducted. Assume that you are a UAE resident and importing goods (other than tobacco, tobacco products, e-cigarettes and nicotine liquids) valued at AED 700 for personal purposes in September 2023. In this case, which of the following is (are) right: If the item's value exceeds Dh 300 , you have to pay 5% import customs duty charge and 5\% Value Added Tax (VAT). All goods imported for personal purposes are exempt from customs duties, irrespective of their value. If the value of the item exceeds Dh 300 , you have to pay 5% import customs duty charge only You have been banned from importing goods into the UAE for personal purposes since January 2023. If you (as a Taxable Person) are transferring your excise goods from one Excise Tax designated zone to another, what filing/reporting obligations do you have? I may opt to file a designated zone reporting declaration annually. I have to file a designated zone reporting declaration every time a transfer of excise goods takes place. I do not have any filing or reporting obligations as the warehouse keeper has to file a designated zone reporting declaration. I have to file a designated zone reporting declaration at the end of the tax period. I do not have any filing or reporting obligations

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Management Theory And Cases An Integrated Approach

Authors: Charles W. L. Hill, Melissa A. Schilling, Gareth R. Jones

13th Edition

0357033841, 978-0357033845

More Books

Students also viewed these Accounting questions

Question

Should job descriptions be abandoned in recruitment and selection?

Answered: 1 week ago