Companies worldwide are required by the regulations specific to the country to pay taxes and file corresponding returns with the respective authorities. UAE has been one of the most attractive investment destinations for companies worldwide because of its geographical location, stability and business-friendly regulations. Until 2018, most companies in the UAE are not required to […]
There has been a substantial increase in the number of businesses that have sprung up in recent times. Still, with the increase in the number of companies, there has also been an increase in the dangers of fraudulent activities. This has made the use of financial services such as Auditing, Accounting, payroll services etc., very […]
These days outsourcing bookkeeping and accounting functions helps companies of all sizes shore up their teams’ skill gap by outsourcing a particular activity like accounting or auditing or planning to a third party. Outsourcing boosts the teams’ efficiency and sharpens their focus. Advancement in technology has enabled outsourcing to be an affordable option. Since the […]
In accordance with the UAE VAT Law, it has become a necessity for every registered company in the country to pay the respective tax returns on a quarterly basis by the 28 of the next month. This opened up a whole new area of tax management for which the company management should keep in mind. […]
Banks, Insurance agencies and retail sector units have been using data analytics for analysis, model and design their industry for almost a decade. Audit firms have also started practising this to analyse and verify smaller audit firms for increasing audit quality. Lately, large audit firms have changed their methodology by taking data analytics for 100% […]
After the setting up of a business, the next step for the management should be to expand into new markets and territories. This will allow the company’s products and services to reach new consumers, which will increase the company’s profitability. The decisions for the business expansion depend on various factors, and the management takes this […]
The Federal Tax Authority has issued a new Cabinet Resolution No. 49 for the year 2021, which will replace the provisions stated in Cabinet resolution No. 40 of 2017. Highlight: According to the new Resolution, all the present taxpayers who were already imposed with tax penalties as per penalty structure will be eligible to have their […]
In a much welcome move, the Federal Tax Authority in UAE has announced revisions/reductions in Administrative Penalties applied for VAT non-compliance by issuing a new Cabinet Decision No. 49/2021. This was a much-needed and awaited move from the Tax Authority to provide relief to VAT registrants during these testing times. The main aim of the […]
Setting up and conducting a business can be a very hectic process. A company needs to follow a number of compliance rules as set by the jurisdiction. Similarly, the businesses also need to follow certain rules and regulations for the liquidation of the company in these jurisdictions. The liquidation process can become a little complicated for the […]
Capital assets form a huge part of a business. Without capital assets, it is almost impossible for a business to survive. The UAE government recently introduced Value Added Tax (VAT) at a rate of 5%. The UAE VAT law allows the businesses to reoccur the input VAT, which has been paid for the company’s procurement […]
