Distribution and Service Centre Business means a centre that carries any of the following businesses: Core Income Generating Activities A Distribution and Service Centre Business performs any of the following activities: Special points to consider To prevent duplicate reporting, Licensees engaged in Banking, Insurance, Investment Fund Management, Lease-Finance, Shipping, Intellectual Property or Headquarter Business and …
Banking Business means the business of accepting deposits of money which may be withdrawn, or that are repayable on demand or after a fixed period, or after notice, by cheque or otherwise, and the use of such deposits, either in whole or in part, in: for the account and at the risk of the Licensee …
Definition To undertake a Shipping Business, a Licensee must operate one or more ships in international traffic, for the transport of either passengers, cargo or both. Excluded from definition: • vessels used for fishing; • vessels that are “small” (i.e. tonnage does not exceed ten tonnes); and • leisure vessels (e.g. cruise ships and private …
Definition Lease-Finance Business encompasses Licensees that offer credit or financing* for any kind of consideration**, and includes financing to Connected Persons (e.g., intra-group financing). *Offering credit or financing includes: **Consideration includes: Core Income Generating Activities (CIGA’s) • Agreeing funding terms • Identifying and acquiring assets to be leased (in the case of leasing) • Setting …
Definition The definition of an Investment Fund Management Business encompasses Licensees that provide discretionary investment management services in relation to domestic or foreign “Investment Funds”. It includes making investment, divestment and risk related decisions on behalf of an Investment Fund Core Income Generating Activities (CIGA’s) • Taking decisions on the holding and selling of investments …
Definition A UAE business is regarded as carrying on an Intellectual Property Business if it holds, exploits, or receives gross income from “Intellectual Property Assets*”. An Intellectual Property Asset is defined as any intellectual property right in intangible assets, such as copyrights, patents, trademarks, brands, and technical know-how, from which the Licensee earns separately identifiable …
Issues Addressed: • VAT treatment in case of Sale of Building • Date of Supply Rules in case of supply of building • VAT treatment if the purchaser subsequently changes the permit use of Building 1. The supply of a building may be standard‐rated, zero‐rated or exempt from VAT, depending on the nature of the …
Hi Folks! This morning I came across an interesting question from a friend who had come on a tourist visa to UAE. He had purchased an expensive camera through an online shopping website and wanted to know if he could get the VAT refund while leaving back to his country. UAE Government has a scheme …