Every country has their own taxes. It is a mandatory financial charge imposed upon a taxpayer individual or any legal entity by the government in order to fund the government. Recently UAE introduced the Value Added Tax (VAT) on the 1st of January 2018. According to the law, a 5 per cent tax is levied upon the majority of transactions in goods and...
Taxation is still fairly new in the United Arab Emirate and if you will tell yourself the truth, you have no clue as to what tax is all about and how to do the filing. The truth is, filing taxes is a complicated process. So if you are like most smart business owners, you have already hired a tax consultant to handle all aspects of filing your...
A good tax consultant will not only help you to avoid paying heavy taxes that arise from wrong filing but can also develop a suitable strategy that can save millions over the life of your business. In this post, we shall be looking at the qualities of a good tax consultant and things to keep in mind when hiring one for your business.&nbs...
The Federal Tax Authority (FTA) has published the updated version of the “Guide on VAT Refunds for Business Visitors.” According to the guide, there are specific procedures to be followed by foreign visitors applying for VAT including the timeline for submission of applications and the minimum amount that visitors are allowed to claim.The guide als...
The Federal Tax Authority (FTA) has issued a publication to shed light on certain aspects of the VAT implementation, including Federal Law No. 7 of 2017 which covers the major aspects of tax procedures and Federal Decree-Law No. 8 of 2017 which covers the various aspects of value added tax and executive regulations.Furthermore, Khalid Al Bust...
Bookkeeping is a real challenge for all types of business. From recording the economic activities of the company to summarizing the business transactions in an orderly manner all in which aid the survival of the organizational. Whether it is a start-up, small business or an established firm the main priority is always the growth of the organization...
All Businesses in UAE must be prepared for official and obligatory audits in 2019, as it has been one year since the VAT has been implemented in UAE. VAT auditing is conducted for all kinds of businesses to ensure the accuracy of accounting, bookkeeping, and filing of VAT returns.But before preparing for a VAT audit it is important to gain a clear...
In today’s competitive arena, a company needs to generate profitable results in order to be successful. Whether you’re running a small or a large business, it becomes essential to determine if the revenue earned by the company is more than the expenditure incurred by the entity or not. This is where the need for accounting firms in Dubai arises.Tho...
Value Added Tax is a recent initiative step taken by the GCC countries. As a new implementation on the businesses conducted in the UAE, the idea behind launching this was to bring out a new source of revenue to the government. Before elaborating the process of VAT return filing, let’s further explain the basics of VAT.What is a Value Added Tax?The...
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