Blogs
How Much Do You Know About Standard VAT Accounting Scheme?
March 6th, 2023With the introduction of VAT in UAE in Jan of 2018, there is a 5 percent tax levied on all goods and services that are not VAT exempt. Companies dealing with the said goods and services needed to register themselves under the law. With VAT part of all the financial transactions for any company, it is important to learn more about VAT Accounting Sch...
Tips To Survive An External Audit
February 18th, 2023Whether your company is a recent establishment or a really old one, regular audits are necessary to keep your organization’s accounts updated and in compliance with the laws. The process provides third-party assurance to the stakeholders that the company’s financial statements are in an order allowing them to evaluate and improve risk management, c...
6 Ways To Keep Away From VAT Penalties
February 4th, 2023Every 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...
Signs Your Business Needs Tax Consultancy Services
January 23rd, 2023Taxation 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...
Qualities to Look Out for In a Tax Consultant
January 10th, 2023A 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...
Update on UAE’s VAT Refunds for Business Visitors
December 19th, 2022The 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...
Is Outsourcing Your Bookkeeping Process the Best Option?
December 8th, 2022Bookkeeping 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...
FTA Publishes Clarification on Bank Interest and Dividends
November 19th, 2022The 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...
Super-Effective Accounting Checklist for Exceptional Financial Growth of Business
November 7th, 2022In 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...
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