The United Arab Emirates and Saudi Arabia have already implemented Value Added Tax (VAT), on 1st January 2018. TheVAT rate is 5 percent which is the lowest tax rate in the world. Although it seems much similar from a particular point of view, still it has some differences between them according to the plan of roll out.Read More
As the name suggests an E-Way Bill is an online bill that will be used for supply of goods under GST. E-way bill will need to be issued before goods are dispatched and it would be important to carry E-way bill for the goods in transit as an authorized officer can intercept the conveyance/trucks to verify e-way bill.Here's a guide to E - Way Bill.Read More
The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporates, individuals, partnerships and other entities. The Code has laid down the effects on the existing proceedings of the entity undergoing the insolvency process.Read More
VAT is implemented in the Kingdom of Saudi Arabia with effect from 1st of Jan 2018. Even the first monthly return was due on 28th of Feb 2018. This being a transactional tax change, it has impacted the way business was done apart from the cash flow and P & L to a great extent. This article lists down the ongoing clarifications, press releases and changes post VAT implementation.