Profit Margin Scheme under VAT in UAE

Profit Margin Scheme under VAT in UAE

Profit Margin Scheme under VAT in UAE

For the purpose of calculation of VAT, the Profit Margin Scheme is really significant. To supply the goods in UAE, there are proper conditions in which all of these things come under the Profit Margin Scheme. But the main question arises here is what actually the Profit Margin Scheme is? Here is your answer.

What is Profit Margin Scheme?

When the person who is taxable gets an option to calculate the tax on the earned Profit Margin Scheme on supplies rather than the sale value, it is considered to be the Profit Margin Scheme.

Availability of Profit Margin Scheme for the supply of goods and services

The answer is quite simple yet all the people need to pay attention to it. the Profit Margin Scheme Is applied to the supply of different goods but it is to be kept in mind that the Profit Margin Scheme is not at all available on the supply of services. If you are providing certain goods, Profit Margin Scheme will be available for you but if you supply services, Profit Margin Scheme will not be applied on you.

Supply of goods under Profit Margin Scheme under VAT in UAE

As we all now know that there are certain goods that can be supplied under the Profit Margin Scheme under VAT in UAE. Now you must be thinking what sort of goods is those that can be supplied under the Profit Margin Scheme. Here is the answer;

Second-hand goods

The second and goods which are considered to be in the tangible movable property come under the Profit Margin Scheme under VAT in UAE. this is because they can be used after repair or as it is after their first owner as used them.

Antiques

Goods that are very old or are over 50 years old …

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In the event you feel the risk could possibly be mitigated and an efficient OCI administration plan might be …

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