All news by: Terri Bruce

GCC: it's time to register for VAT

With less than three months to go before businesses in the GCC are expected to start accounting for VAT, businesses should be well on the way to being ready. Whilst the Executive Order has not yet been released, the Federal Tax Authority (FTA) is still pushing ahead with its plans to implement VAT.

VAT framework agreed by GCC


All Gulf Cooperation Council (GCC) countries have now signed the Unified Value Added Tax (VAT) Agreement. The framework will form the basis for the national legislation which will be introduced in each GCC country. The framework will be made public shortly.

VAT exemptions for eligible bodies

The Upper Tribunal decision in the case of St Andrew’s College Bradfield (the college) could have ramifications for any not for profit entity which treats its supplies as exempt from VAT on the basis that it does not distribute profits or it only passes profits to an associated non profit making body. 
 

Is a 'fractional interest' in a property a holiday let?

A recent First-tier Tribunal decision, in the case of Fortyseven Park Street (the company), has concluded that the supply of a ’fractional interest in a property’ (similar to a time share), should be subject to VAT at the standard rate of 20%, on the basis that the supply is one of accommodation provided by a hotel or ’similar establishment’, a supply which is specifically excluded from exemption further to the VAT Act 1994, Schedule 9, Group 1, item 1(d).

This recent VAT case may have significant implications for exhibition organisers

A recent decision in the Upper Tribunal case of Kati Zombory-Moldovan t/a Craft Carnival has found that an exhibition organiser’s services went beyond the passive supply of a pitch or a licence to occupy land, which would have been exempt from VAT, and was actually the provision of ‘a service of participation as a seller at an expertly organised and expertly run antiques and collectors fair’ and, as such was liable to VAT at the standard rate of 20%.