Capital Asset Scheme UAE VAT| Which are the Assets Considered Under CAS?- CA. Manu, CEO Emiratesca

[@MuhammadIqbal-lz5bt]

This means that at the initial stage we will claim the input of tax. But in future, if there is any chance that already claimed input need adjustments due to the change of such Capital Assets usage, then it should be reimbursed to Govt. by adjusting in VAT return. Am I right ?

[@Emiratescagroup]

Yes Sir, you are right.

[@MuhammadIqbal-lz5bt]

@@Emiratescagroup Thank you very much. You are doing a great job. Stay blessed.

[@Emiratescagroup]

@@MuhammadIqbal-lz5bt Thank you for the appreciation!

[@PritpalSingh-bg8tx]

Yes sir... it's right

[@zakirhussain33]

I saw your other videos on capital asset where you have shown in put van recovery in the first year itself

[@mohammedtajuddin5436]

Our company buy vehicles in Nov 2020 and forget to claim the tax and after 2 quarters can claim or not

[@rasheedaliparammal]

If the asset ia not comes underr this scheme he has not taxable supplies in the last 12 months he applicable for de registration or he can keep the undil the commercial property sell off Can you explain to me that as well

[@IbrahimKhan-xf9mg]

What if the asset got impaired and how does it treated in VAT?

[@fasithanoorudheen6289]

1st supply of residential building is zero rated, input tax is recoverable in UAE. So no need to reverse. Pls correct this mistake

[@zakirhussain33]

Could not understand why we recover input tax in 3 years eis 18/19/20 at the rate of 25%, 37.50% for other 2 years? Can't we claim total of 400k at the first year of 2018 itself

[@rajeshkavati2211]

Case : I have Building constructed in 2018 but I did not claimed input tax , Can i claim it in 2019 ?

[@Emiratescagroup]

Dear Rajesh Kavati, Case 1: If the person was registered in 2018,he should have claimed the input VAT based on the eligible tax period. Case 2: If the person got registered in 2019 and the invoice date received from supplier dated 2018 he can claim the input VAT incurred prior to Tax registration as per article 56 of VAT Law.

[@sajjadm7582]

Article 60 of Federal Decree Law No.(8) Of 2017 as explained in article 57 & 58 of Cabinet Decision No. (52) Of 2017, a fixed asset more than AED 5 ml shall be claimed over the period of 10 years in case of Buildings & 5 years for other capital assets. But you mentioned in your video that VAT could be claimed/Adjusted in the same period return when VAT invoices recived. My understnaidng is that we could claim vat over the period mentioned in the above articles and formula of vat cliamable per period is also given in that articles. Please correcrt me if there is other interpretation of the law. Thx

[@Emiratescagroup]

Hi Sajjad M, as per the provision of the law and clarifications issued, input tax has to be claimed in the tax period in which the conditions are satisfied if omitted it can be claimed in the subsequent period as well. The provisions which you discussed above is not in line with the actual interpretation. Apportionment of input tax over a period of year is applicable only in case of Capital Asset Scheme. Requesting you to contact Mr. Navaneeth, Tax Manager for clarification, [phone].

[@awais070489]

When you say first year recovery? It means in 1st return we recover input.

[@theword1424]

As first conversion of building from commercial to residential is Zero rated even that time we need to payback the input tax . Please guide

[@pawanpaudel5409]

same thing its totally wrong as illustrated by sir. for conceptual clarification of cas we can be ok. but as per Decree 8 Article 45 clause 11. The first supply of buildings converted from non-residential to residential through sale or lease according to the conditions specified in the Executive Regulation of this Decree-Law. so its zero rated alwys

[@nithinvp873]

So in the video you said that 16K per year needs to be adjusted.. so if am doing VAT return Quarterly can we adjust this 16/4 = 4K per return or 16K together .. Or will it be Okay in any which ways??

[@rahulmadhav352]

Is this same for Oman VAT also? Will be helpful if it's clarified?

[@mikhail4030]

Hi. Please confirm if the value of asset is below 5 Million. Then how will the asset be treated.? Can we recover the paid vat to the contractor.?

[@zakirhussain33]

As he said to record a capital asset the value should be minimum aed 5 mln

[@nishaprabhu23]

Is the capital assest scheme optional to the tax payer?

[@Emiratescagroup]

contact Mr.Sachin 050 246 5850