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4 TipsTo Keep In Mind When You Renew Bike Insurance Online

In India, it is mandated by law to have at least the minimum insurance cover for your bike. With online services provided by multiple insurance companies, you do not have to spend time visiting actual offices to get what you are looking for. Now, you really can save on precious effort and energy while getting the best insurance policy. To help you out, here are some tips to bear in mind when you renew bike insurance online.

Research wellbefore you buy
With the availability of different choices for insurance cover, finding out what best suits you is important. Today, almost all insurance companies have websites where people can buy or renew bike insurance online. Several people switch between insurance companies to find the best cover for their bikes. You can do this too. Make sure to read the terms and conditions and make the right choice of the policy best suited to your needs and budget.
Choose coverage wisely
When buying bike insurance, there are two options of cover that you can choose from. These are third-party insurance and comprehensive bike insurance. The third-party bike insurance is the minimum cover that the law mandates. With this, you get proper legal assistance and also an appropriate cover for damages that may also have a third party involved.

The comprehensive bike insurance provides a broader cover and is comparatively more expensive than third-party insurance. With the comprehensive cover, your insurance can provide financial cover for the damages sustained by both parties involved in the accident. If your bike is a luxury vehicle, it is always preferable to take the comprehensive cover option so that you are better protected.
Do compare quotes

After you have decided on the cover, the next important thing is comparing quotes online. When doing this, a lot of people look for the cheapest premium. Avoid that mistake. Instead, look for a cover that provides the best financial support. This is because when you are stuck in a road mishap, you would want your insurance to back you up financially. So, compare quotes and look for insurance that not only fits your budget but also gives your bike the best possible cover. Additionally, comparing quotes might help you get a great deal on your premium and save money.

Consider gettingadd-ons
In case your current policy does not give you the cover you really need, another way of improving your bike insurance policy is through add-ons. Add-ons are optional coverage choices that you can get by paying a slightly extra premium when you renew bike insurance online. An add-on to definitely consider is the no-claim bonus or NCB. This is an add-on that helps you get a discount on your next renewal if you have not made any claims for the entire span of the insurance.

Finally, do make sure that you read through your policy to see that everything is in place. After you are sure that your bike insurance policy is exactly what you need, you can go ahead and pay the premium. Insurance companies have made it easy to renew bike insurance online with absolutely no hassles. Then why delay? Go get renew your insurance on time and drive safe!
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Tax record regarding tax due on excise goods imported/manufactured by the taxable person in the UAE. Tax record regarding tax due on excise goods that are purchased or produced for the purpose of stockpiling. Proof of tax deducted on tax paid and submitted on excise goods sold outside the UAE Statement of item-wise details of excise goods physically kept by the taxable person in the context of value and quantity. Statement of information concerning average monthly inventory held by the taxable person. Statement of information concerning average monthly sale for each excise item. Statement of details concerning excise products manufactured by the taxable person. Statement of details concerning excise products purchased from outside the UAE (Import) by the taxable person. Item wise details of Excise goods produced by the taxable person. Item wise details of Excise goods imported by the taxable person. Item wise details of Excise goods sold locally by the taxable person. Item wise details of Excise goods sold outside the UAE (Export) by the taxable person. Item wise details of Excise goods released from the specified designated zone. Details of the companies and retailers the excise products are sold by the taxable person. Tax Compliance and Penalties  FTA has the authority to conduct audits of taxable businesses and then impose penalties on those that do not comply with the law.  FTA’s database is linked directly to the customs department and the taxable items under excise list have item codes that can be easily identified. Following the implementation of excise duties on the newly added items, importers will not be able to clear any of the taxable items through customs if they are not registered with the FTA. The failure to register for excise duties within the deadline invites a penalty of Dh20,000 The failure to register excess existing stocks of taxable items as of December 1, 2019, ahead of January 15, 2020, could invite a penalty of Dh20,000.
Excise Tax Registration - UAE
Excise tax registration A person who conducts (or intends to conduct) activities like producing, importing, transferring or stockpiling of excise goods should pay excise tax.  They must register within 30 days after either the onset of business, or the effective date of the law, whichever is earlier. They cannot be a part of any transaction involving excise goods until they have registered for excise tax in the UAE. There is no registration threshold for excise tax. Exceptions to excise tax registration A person who does not import excise goods regularly will not have to register for excise tax. They will need to prove that they do not import excise goods more than once in six months or four times in twenty-four months. Excise tax will still be due on imports where the value of the excise goods exceeds the duty-free threshold. Excise tax deregistration If a person who has registered for excise tax is no longer dealing with excise goods, they can apply for deregistration. Questions to ask yourself before completing the registration form Should I register for excise tax? Do I plan on supervising a Designated Zone as a warehouse keeper? If yes, you will need to complete additional forms. Do I have all the supporting documentation & information that I’ll need to upload? Am I an authorized signatory of the business being registered (a director, an owner, or someone with the power of attorney to sign on behalf of the business)?
Corporate Tax Registration in UAE
In January 2022, Ministry of Finance announced that it will introduce federal Corporate tax (CT) on the net profits of businesses. The tax will become applicable either on 1 July 2023 or on 1 January 2024, depending on the financial year followed by the business. CT will be applied across all the emirates. Introduction about Corporate tax What is Corporate tax (CT)? Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business. Objectives of CT By introducing the CT, the UAE aims to: cement its position as a leading global hub for business and investment accelerate its development and transformation to achieve its strategic objectives reaffirm its commitment to meeting international standards for tax transparency and preventing harmful tax practices. Scope CT will apply to: all businesses and individuals conducting business activities under a commercial license in the UAE free zone businesses (The UAE CT regime will continue to honor the CT incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business set up in the UAE’s mainland.) Foreign entities and individuals only if they conduct a trade or business in the UAE in an ongoing or regular manner Banking operations Businesses engaged in real estate management, construction, development, agency and brokerage activities. Exemptions from CT Below are the rules regarding exemptions from the corporate tax. Businesses engaged in the extraction of natural resources are exempt from CT as these businesses will remain subject to the current Emirate level corporate taxation. Dividends and capital gains earned by a UAE business from its qualifying shareholdings will be exempt from CT. Qualifying intra-group transactions and reorganizations will not be subject to CT, provided the necessary conditions are met. Additionally, CT will not apply to: an individual earnings salary and other employment income, whether received from the public or the private sector interest and other income earned by an individual from bank deposits or saving schemes a foreign investor’s income earned from dividends, capital gains, interest, royalties and other investment returns investment in real estate by individuals in their personal capacity dividends, capital gains and other income earned by individuals from owning shares or other securities in their personal capacity. CT Rate As per Ministry of Finance, CT rates are: 0 per cent for taxable income up to AED 375,000 9 per cent for taxable income above AED 375,000 and a different tax rate (not yet specified) for large multinationals that meet specific criteria set with reference to 'Pillar two' of the OECD Base Erosion and Profit Shifting Project. Federal Tax Authority (FTA) will be responsible for the administration, collection and enforcement of the CT. FTA will soon provide more references and guides about corporate tax and information on how to register and file returns on its website.