Capital Assets
(In Arabic: اصول رأسمالية) Material (Tangible Assets) and immaterial (Intangible Asset) assets that form part of a business’s assets which are allocated for long-term use as a business instrument or means of investment.
قاعدة المعرفة
Cash Accounting Basis
(In Arabic: محاسبة على الأساس النقدي) An alternative method for calculating and reporting VAT based on the payment date for each supply.
Certificate of registration for VAT
(In Arabic: شهادة التسجيل في ضريبة القيمة المضافة) Zakat, Tax, and Customs Authority issues a VAT registration certificate to the taxpayer after processing and approving his application for VAT registration. This certificate includes the name of the taxpayer, his account number (VAT TIN which must be shown in the tax invoices), and the effective date of the registration. Each VAT certificate contains a special number.
Commercial Books
(In Arabic: دفاتر تجارية) a set of commercial books that the tax or zakat payer keeps, in which he records all the details of his business.
Commitment
(In Arabic: التزام) It is the fulfillment of all the obligations, tasks, and duties imposed on the taxpayer or the person subject to tax as per laws, regulations and bylaws issued by the tax regulator.
Compliance
(In Arabic: امتثال ضريبي) Voluntary commitment to the provisions of laws, regulations, and bylaws for Zakat or tax.
Consideration
(In Arabic: مقابل) Everything collected or to be collected by the Taxable Supplier from the Customer or a third party for the Supply of Goods or Services inclusive of the VAT.
Continuous Supply
(In Arabic: توريد مستمر) The provision of goods or performance of services continuously across a defined period.
Controlled Transaction
(In Arabic: معاملة الأشخاص المرتبطين) Means any Transaction involving Related Persons or Persons under common control. Controlled Transactions shall include any national Transactions or consideration exchanged between a Person and its Permanent establishment, to the extent that such Transactions are recognized for the purpose of the Law.
Credit Note
(In Arabic: اشعار دائن) Commercial documents issued by a supplier/seller to a buyer, required by law to evidence a subsequent change to consideration of a Taxable Supply reducing its value.