DMCC Free zone has launched promotional offer on license renewal on expired licenses-waive off your late penalty and save up to AED 9040 till 16 May 2019. Also get 5% discount on renewal for 2 year and 10% discount for renewal of 3 year.
Changes in VAT for Gold & Jewellery Group, Dubai
According to the Dubai Gold & Jewellery Group they have been informed by DMCC that the sector may receive some special considerations for VAT and it will be implemented in a few months’ time:
1. Wholesale/B2B: for the wholesale jewellery trade (all B2B transactions), VAT will be charged with 5% on full value but to be implemented via the ‘Reverse Charge Mechanism’, hence no actual payment of VAT on B2B transactions. Under the Reverse Charge Mechanism.
2. Retail/B2C transactions will attract 5% VAT only on making charges/value additions and not on the gold value.
3. Designated Freezone: Almas Tower will be declared a Designated Zone for VAT,which will enable Almas Tower to obtain all concessions/special treatments as per the Executive Regulations.
It is to be noted that these changes have been agreed to at the highest levels of the Executive Council in Dubai; the Federal Authority approval is expected shortly. The time frame expected to reflect the above changes in the VAT implementation is about 3 months.
How to register
Please use automated online registration process via: www.planetpayment.ae It will require your company name, Tax Registration number, business trading name, address, and the number and locations of your stores. “Planet” will then send you your Merchant Pack and start your onboarding process.
What does it cost to you
There are no start-up, subscription or license fees, or upfront hardware costs. You will be invoiced monthly for the total VAT, and you can adjust your VAT return to effectively recover the VAT amount refunded. “Planet” will provide you with a smartphone with the app pre-loaded, QR code tags, Point of Sale material, and training for your staff.
How the system works
1. A shopper makes an eligible purchase
2. The shop assistant captures tourist information using our app
3. Then enters the transaction purchase price
4. Place our QR code tag on the back of the sales receipt
5. Scan the QR code to link the transaction with the tourist’s passport details
6. A digital Tax Free form is then created.
Time limit to get export validation
90 days from the purchase date.
What goods are eligible for tax refunds
Taxable goods except for:
• Goods that have been consumed, fully or partly, in the UAE or any Implementing State
• Motor vehicles, boats and aircrafts
• Goods that are not accompanied by the Overseas Tourist at the time of leaving the Emirates.
How much does the tourist get back?
The tourist will receive 85% of the total VAT amount paid, minus an admin fee of 4.80 dirhams per Tax Free form.
What the tourist has to do ?
1. The tourist takes goods and tagged receipt to the airport, seaport or border crossing
2. The tourist goes to a Planet Validation point: - For airports: Before checking in and going through security
3. Once validated, the tourist chooses a refund method (cash or card refund) (AED 10,000/- is cash refunds limit)
4. Planet processes the refund.