(In Arabic: سجلات محاسبية) All documents, books, and accounting entries that contribute to preparing the financial statements including records of assets, liabilities, and supporting documents, such as checks, payment receipts, receipts, and invoices.
(In Arabic: نظام محاسبة) is a system a company uses to manage financial records and operations, and this often includes tracking revenues, expenses, and other financial activities such as accounts for assets, liabilities, and equity. The accounting system usually includes a system for recording financial transactions, financial account management systems, a system for managing customer and supplier accounts, a system for preparing reports and financial statements, and a system for financial analysis and decision support.
(In Arabic: نشاط) Any business established for the purpose of earning money, whether it is in the commercial sector, industry sector, or services sector …..etc.
(In Arabic: نسبة الاستخدام الفعلي الخاضع للضريبة) It refers to the taxable usage of a Capital Asset during a twelve-month period, as a portion of total usage during that twelve-month period. This percentage is compared to the Initial Recovery Percentage to determine if an adjustment is required.
(In Arabic: فترة التعديل) The period in which the Taxable Person shall adjust previously deducted Input Tax in relation to a Capital Asset in cases where the Taxable Person’s Input Tax decreases or increases as a result of a change in the way the Taxable Person uses the Asset, or a change in the VAT status of such use.
(In Arabic: اجراءات الفحص والربط) The tax authority right to conduct assessment and examination procedures to make sure that the taxpayer has fulfilled the obligations imposed on him by the tax law, and to correct or amend the tax indicated in his declaration to make it compatible with the provisions of the law. The taxpayer is obligated to cooperate with the Authority inspectors by providing them with all information and documents upon their request. Inspectors have the right to make a tax assessment if the taxpayer does not submit his declaration.
(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.
(In Arabic: محاسبة على الأساس النقدي) An alternative method for calculating and reporting VAT based on the payment date for each supply.
(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.
(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.