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The UAE currently has 4,000+ healthcare facilities, its healthcare market is also expected to exceed USD 43 billion by 2030. With the rise in hospitals and private clinics, taxation needs a balanced approach. That's why the government introduced VAT.

VAT in UAE was introduced on 1 January 2018 at a standard rate of 5%, making it one of the lowest VAT rates globally. Now, if you’re selling products or offering services like consulting or marketing, VAT is straightforward - you charge 5% and move on. But not every earning in finance is a “fee.”

I remember sitting with a client a few weeks ago. He runs a decent-sized distribution business in Al Quoz that deals with energy drinks. He was stressed because he had just shipped a large order to a buyer in Saudi Arabia, and it hit him - he had already paid excise tax on those goods when he brought the...

I understand where this question comes from. When you are running a fast-paced company in the UAE, the last thing you want to deal with is a new set of complex accounting acronyms. But as a tax expert who has seen the "before and after" of these regulations, I can tell you that IFRS (International Financ...

That is where audit reports enter the discussion. However, no blanket rule says every company must submit an external audit report with its corporate tax return. For many businesses, corporate tax filing can be done without attaching an audited financial statement. But the rule does not mean audits have...

I still remember a client who came to me a few days ago, saying, "Our sales are steady, payments are coming in, vendors are working on time, yet profits are decreasing, and we don't know why."I told him that modern supply chains are very complex. There are multi-layered ecosystems that are shaped by glob...

Deductible expenses are the expenses that are reduced during the calculation of CT from the gross income whereby taxable income can be calculated. As per the CT regime, the expenses that are incurred as a part of normal business and that are not of a capital nature are deductible.

The carry forward of the tax losses is one such benefit and provision that has been provided under the corporate tax regime, which most businesses are still unaware of. In this blog you can get to know about the rules and benefits of implementing the carry forward of the tax losses regime.

Within the increasingly digital economy that is being witnessed today within the UAE, ranging from projects based on visionary thinking and with strong financial markets as driving forces, it needs to be realized that no successful business can be based on physical infrastructure and financial reserves b...

The absence of finance leaders with a flexible set of skills that encompasses technology, strategy, and management has been a long-standing problem in UAE firms, which are now aggressively pursuing their strategies for economic diversification. This has effectively opened a gap for a new standard of fina...

Dubai is known for its tax-friendly rules and regimes, which attract businesses from all over the globe. The businesses are expected to stay compliant with these regulations and to follow all the applicable rules. There can be some circumstances where the businesses or individuals will have disagreements...

The authorities of the UAE have been striving and implementing all the possible strategies, plans, and policies to enhance the transparency of the tax system and to provide a clear and fair insight to the public and taxable entities. The UAE has again issued some major updates regarding the tax procedure...

There are many businesses in the UAE that provide services and deal with offshore clients. Some of the businesses can avail the double tax benefits with the clients of the countries with which the UAE has the DTT, or Double Tax Treaty. KSA is one of the nations with which UAE has the DTT, and hence the b...

The United Arab Emirates is gearing up for the most extensive revision of its financial framework since the implementation of Value Added Tax (VAT) in 2018. A set of critical changes to the main VAT laws and the Tax Procedures Law will take effect on January 1, 2026.

Traditionally financial reporting has been focusing on providing only the financial information to the stakeholders, which primarily focused on the economic performance and how profitable the business was. The modern-day reporting framework has been evolving along with the change in the environment in ge...

The UAE has been known as the tax-friendly landscape for businesses around the world. The tax framework of the UAE is designed in such a way that businesses established in the UAE can get multiple benefits. Even being stringent with the tax regulations implemented, the UAE has provided multiple opportuni...

The UAE has been implementing all the possible options to enrich itself as the best tax-friendly landscape across the globe. Along with being stringent regarding the tax compliance, the UAE has adopted automation and technology in order to facilitate the taxpayers to file their returns and make the tax p...

Most of the clients have been asking me regarding the procedures and the eligibility to get the TRN for their businesses in the UAE. Some of the entrepreneurs are still confused between TRN and TIN regarding the differences and still do not know if they are eligible to get the TRN. In order to avoid any...

If the businesses follow the regulations and the AML laws issued by the authorities, they can be on the safer side and could avoid critical circumstances. The businesses can easily implement the AML-CFT framework if they follow the key procedures and processes highlighted in this blog.

Recently there has been a major tax framework that has been implemented in the UAE for the businesses operating in the land, starting from the implementation of CT. That is not the case for the foreign banks; as for the banks, there has been another taxation law that has been introduced by His Highness S...

In the past, we talked about "going green" as something separate from finance. But now, working closely with UAE companies, I'm watching the sustainable finance movement unfold, driven by an urgent push to reach Net Zero 2050 and the country's commitment to weaving ESG (Environmental, Social, Governance)...

I still remember the first time a client walked into my office with a double taxation issue. They had already paid tax in one country, and another country was asking them to pay tax on the same income. The frustration they were experiencing was because double taxation doesn’t just drain money; it creates...

When I first started helping UAE businesses with regulatory compliance, goAML always felt like a big, looming checkpoint. Many had heard about it, but very few actually understood what it was, why it mattered, and how to get it done correctly. I believe if you run a company in this country, you owe it to...

Most of the time as a tax expert I come across many situations where I see many businesses struggle to get their payments or may receive notices for penalties due to not including the TRN in their invoices. Most of the businesses are either unaware of where to get the TRN or may not understand the import...

In the UAE, compliance with AML-CFT law is by virtue of Federal Decree-Law No. 20 of 2018, Cabinet Decision No. 10 of 2019 and Cabinet Decision No. 74 of 2020. The regulators have been handing out hefty fines across the board. As of today, approximately 339 million AED have been collected in fines from e...

In the ever-changing world of tax, many individuals and businesses face complicated situations where the enforcement of the law might not be clear. The UAE Federal Tax Authority (FTA), in order to promote compliance and resolve such confusion, has put in place an orderly clarification process. This syste...

Navigating the complications of tax rules can often feel like discovering a maze. Even with hard-working research and professional advice, specific tax cases can be immersed in uncertainty. This is where the invaluable service of "clarification" comes into play, giving the taxpayers a direct channel to a...

When the Federal Tax Authority (FTA) announced the move to mandatory e-invoicing by July 2026, I knew that many of my clients were going to be a little anxious. For some, “e-invoicing” sounds like yet another layer of compliance. Others found it difficult in a business environment that was already comple...

The Federal Tax Authority (FTA) had facilitated VAT refunds for tourists with the introduction of an entirely electronic, tax-free shopping program in the latter half of 2018, hardly months following the UAE's implementation of VAT in January of that same year.Overseas visitors have a paperless, trouble-...

For families and individuals planning to build their dream house, this scheme ensures that they receive back value-added tax on vital building expenses as long as the project meets official specifications. In essence, it translates into you having more money in your pocket, available to spend on building...

When I first heard about the UAE’s announcement of new tax rules for Qualified Investment Funds (QIFs) and Qualifying Limited Partnership (QLPs), my phone did not stop ringing. Clients, colleagues, and even friends in the industry wanted to know what this meant for them. And honestly, I get it. Tax updat...

Previously the UAE has attracted global businesses with its low-tax benefits and open economy. But the global tax scene is changing. And as a business operating in the United Arab Emirates, you may have already noticed a lot of talk around international tax reforms. One of the biggest shifts recently has...

The UAE is a business-friendly hub owing to its advantageous location that connects the East with the West. And so, running multiple businesses in the country is exciting—until tax season rolls around. Since managing taxes can sometimes feel like solving out a complicated puzzle, a question that may occu...

The introduction of the UAE corporate tas in the year 2023 has led to many changes in the economic environment all over the UAE. The businesses meeting the threshold are now expected to be registered under the new regime before it would cause any penalties. The new tax regime has also resulted in more co...

The introduction of corporate tax has resulted in many changes in the tax environment in UAE. When it comes to submission of the CT return, the Federal Tax Authority (FTA) requires a detailed submission of information about the "taxable person" - a natural person (individual) or a legal person (company,...

The UAE has been known for its tax-friendly policies and framework, which made it a tax haven for businesses from around the world. Entrepreneurs and business owners can acquire these benefits in the UAE, whereby they can prosper in the competitive market. The tax-friendly policies have been devised in o...

Running a business is no easy task. There are countless rules and regulations that shape how companies operate and how they handle their finances. It means keeping track of various expenses—from rent and salaries to operations and advertising. But what if some of those expenses are tied to illegal activi...

The Federal Tax Authority (FTA), under the oversight of the UAE Government and the Ministry of Finance, has launched an initiative to waive or recover the administrative penalties. The initiative targets companies and certain exempt entities that failed to comply with corporate tax registration requireme...

Navigating through the intricacies of corporate tax is challenging for companies operating in UAE. Following the implementation of the UAE Corporate Tax (CT) Law, compliance blocks for tax returns necessitate careful assessment. From a compliance and business management perspective, professional assistan...

UAE has been making all the possible moves to make itself one of the best global destinations for the entrepreneurs from all over the world. The strategic location and the tax friendly environment have made it more attractive to the businesses. The compliance to the prevailing legislation is also one of...

As usual, the UAE has been making all the required amendments and adopting all the required measures to make itself a global hub for businesses from around the world. With the motive of boosting the cross-border businesses and strengthening the bond with the other nations, the UAE has entered into Double...

The UAE has been implementing multiple policies and rules with the motive of supporting the business entities in the land. With the motive of ensuring the growth of the businesses and to align with the global regulations and standards, the UAE has implemented the Domestic Minimum Top-Up Tax (DMTT) from 1...

If you're a business owner in the Emirates venturing into digital currencies, setting up an efficient crypto accounting system is not something you can ignore. It isn't just about keeping track of transactions; it also involves establishing trust, complying with regulations, and making wise financial cho...

The UAE has been making many changes and amendments in its tax regulations with the motive of making UAE the best place for business around the globe. Once such major amendment regarding the VAT laws relating to the precious metals, stones and jewellery has been made.

The UAE has been known for the tax-friendly legislations and regimes that it has introduced, thereby making it an attractive business landscape for investors and entrepreneurs all over the world. 

Paying taxes on time is any law-abiding citizen’s first duty; it doesn't matter whether you live in your native country or abroad. But paying taxes twice in two countries? Now, that wouldn’t be very financially promising. 

It’s time to get more proactive, because remaining compliant with VAT requirements has become more than a matter of just being on time now; it's about getting the facts and amounts correct. Read below to understand what it entails and how you can steer clear of attracting penalties due to honest errors o...

The audit report serves as the ultimate benchmark for determining an organization's financial stability. It's not merely a file consisting of numbers and technical phrases; it's a tool that helps investors, shareholders, and management determine whether their company's records are reliable and accurately...

Corporate tax, like any other tax, causes panic among the business community; it affects mainly start-ups and technology-based companies relying on cash reinvestments and growth speed. Yet in an established economy, corporate tax surprisingly offers potential benefits, mostly indirect ones, that stimulat...

The Cabinet decision applies to businesses and certain categories of individuals subject to the new UAE corporate tax law. It exempts them from previous arrears arising from late registration, subject to a very critical condition: submitting the tax return or annual declaration within seve...

The financial system in the UAE operates under a strong regulatory framework, which is intended to create a stable, transparent environment that adheres to international best practices. Auditing has a primary role in keeping such integrity. Various recent amendments and continuous developments are shapin...

Here in this blog, we will analyze how this corporate tax will affect their operations, profitability, and compliance requirements, which are now of top priority for stakeholders of the UAE's vibrant digital economy.

The businesses in the UAE are expected to provide the sustainable reports, ensuring that there is no drastic impact of the operations of the business on the environment. In this blog, you will be able to understand the importance of sustainability reporting for the businesses in the UAE.

The tax residency certificate is one such legislation that is important for the resident entities and businesses in the UAE, which is required to confirm the individual’s or business’s tax residence in the UAE. The main aim of this certificate is to avoid any double taxation under the treaty that has bee...

A growing number of Dubai business owners ask themselves whether they need to hire a CFO for their company. What are the appropriate indicators for a business to recruit its first CFO services in Dubai? These are important questions. The correct choice will greatly influence how your business expand...

A significant alteration occurred in the UAE through the implementation of Federal Corporate Tax (CT) in recent times. Companies that participate in foreign transactions and wish to evaluate UAE business investments need to understand the adjustments related to CT. The introduction of this new tax system...

The United Arab Emirates (UAE) has announced a new emblem for the Dirham, which promises to enhance the identity of the currency and the economy. The Central Bank of the UAE (CBUAE) informed us that the symbol will be integrated into the UAE's financial and digital payment systems. This will enable bette...

There are certain highlights that are to be considered while the taxable income of an entity is calculated, as it requires strong expertise and knowledge of the regulation regarding the CT. In this blog, we have shed light on the query of whether the service fees paid to the local or federal government a...

Usually, if there is any change in the information related to the tax records submitted to the FTA, it needs to be informed to the authorities within 20 business days from the day of any such changes. If the entities fail to do so, then it would result in penalties and further violations of the regu...

The taxable entities must be aware of the regulations and the criteria in order to avail the exemptions and deductions whereby it could reduce the tax expenses. In this blog, we have shed light on the participation exemption and the conditions that are to be met to be eligible for the participation exemp...

The UAE has been known as one of the leading landscapes for business due to its infrastructure and the business-friendly regulations that have been implemented to support such businesses. UAE authorities have been striving continuously to make the UAE one of the best and most attractive places for conduc...

In this blog, the key highlights related to the UBO regulations have been included, as there are many business entities that are still not compliant with the UBO regulations and not aware of the framework pertaining to it.

Coping with market competition and compliance with the tax regulations might be hectic for the businesses in the UAE, but they can approach professionals like CDA, who can provide them with assistance regarding the regulations. In this blog, we have demystified the complex amendment regarding the service...

The same is for the charities in the UAE; as VAT is a consumption tax, the charities in the UAE must be aware of the implications and the application of the VAT on the activities of the charities. In this blog, we have highlighted the implications of VAT on the designated charity in the UAE. 

The entities registered under the tax regimes can avail themselves of these services and can facilitate easy registration and deregistration, amendments in relation to any tax matters, etc. It is important for such entities to be aware of such services, which are provided by the tax authorities; hence, i...

The United Arab Emirates (UAE), which has always been favorable to business, is getting ready to implement a major tax reform. From January 1, 2025, the standard UAE corporate tax rate for large multinational companies (MNCs) will be 15 percent, while for normal businesses, it will remain at 9...

The UAE’s acceptance of cryptocurrency has led to a massive popularity of cryptocurrencies in the land, and there has been a recent surge in the use, trade, and mining of the cryptocurrencies. Along with that, there have been certain queries regarding the implementation of the VAT over the cryptocurrency...

Businesses established and operating in the UAE are required to be aware of the tax regulations prevailing and the certain tax provisions that can assist the businesses to reduce their tax liability. The UAE has been implementing certain tax reforms with the motive of enabling the business entities to ca...

The UAE has initiated the process to digitalize the invoicing systems by implementing innovation in business transactions and enhancing the transparency of tax filings and returns. The multi-faceted objectives of the implementation and the key highlights of the eInvoicing are included in this blog.

Finally, we intend to let you know the most relevant regulations covering this and the reasons for compliance. This blog sheds light on the importance of the audit and accounting requirements for the businesses in DIFC.

This blog will explain the real significance of the accounting and auditing standards in the ADGM. The best way to embark on this journey will be to examine key statutory requirements, how compliant behaviour and non-compliance create values, and to learn the audit activities in the ADGM.

All the business entities operating in the UAE, along with the entities planning to start a business in the UAE, must be aware of the basic tax demography of the land. The introduction of the UAE CT law has made the tax framework of the land more complex. It is mandatory for the businesses to ensure that...

Compliance with the regime is mandatory; otherwise, it would attract penalties and fines, which could affect the reputation of the business. In this blog, we will focus on the UAE corporate tax compliance requirements for the investment funds.

The main objective of the exemption being provided is to avoid the triggering of the UAE corporate tax liability for the foreign investors or foreign investment entity. In this blog, we have highlighted the conditions that are to be met for being eligible for the investment manager exemption un...

The fiscal landscape of the UAE has drastically changed since the introduction of the corporate tax in 2023, particularly for businesses operating from the Free Zones. The idea was to encourage business in the UAE by leveraging 0% corporate tax for Qualifying Free Zone Persons (QFZPs) and 9% corporate ta...

Entities in the UAE who are planning to establish their businesses, and the entities already operating in the UAE are expected to be aware of the CT regime and its implementation on the businesses. The corporate tax laws have different implications on different types of business, which includes certain c...

In this blog we will highlight the certain conditions that are to be met in order to get the Qualifying Investment Fund status and the effect of non-compliance with these conditions.

Investment funds can be referred to as an entity or group of entities that maintain a pool of funds collected by the potential investors and aim to invest such funds. These investment funds can have a corporate structure similar to a business entity like a joint liability company, limited liability partn...

In the UAE, taxation processes are seeing a major shift. With the recent development of the corporate tax, it is presently a new dawn for the Emirates’ fiscal policy. The introduction of EmaraTax is yet another innovative step in the UAE tax administration system. EmaraTax has been perfectly poised...

The implementation of the corporate tax regime in the UAE in 2023 has resulted in vast changes. The business entities now that are eligible for getting registered must mandatorily get themselves registered. If the entities fail so, it could result in penalties and further legal proceedings by the FTA. Th...

Many small businesses find staying on top of these challenges costly. As a result, they often turn to the best accounting companies in Dubai instead of handling accounting in-house. And, whether it is a small or large enterprise, it is better to hire a reputed accounting firm to handle the accounts and a...

Especially for the taxable persons, when they undergo any significant change, let it be in the business structure or in any other aspects, these changes might seem to be complicated to be updated. But no worries, as UAE's FTA has issued the guidelines and instructions lately, which can help the taxable p...

DMCC Approved Auditors ensure the accuracy of financial reporting within the free zone by tight oversight and adherence to best standards, instilling confidence in both investors and stakeholders.

The FTA has, in order to assist the registered entities to get their CT registration amended, issued certain guidelines, which could enable the tax persons to navigate through the emara tax portal and get the CT registration amended.The key point that is to be kept in mind is that not all fields in the p...

UAE has been known for its world-class amenities, which it has been providing to the businesses established there. This innovative infrastructure and the business-friendly policies have made the UAE one of the global destinations for entrepreneurs all over the world. 

As a team of experts, it is our responsibility to enrich the clients and the business owners regarding multiple money laundering risks and the ways to combat them. This blog highlights the different stages of money laundering that are to be kept in mind and the various ways through which it can be combat...

Recently, the UAE FTA has released a public clarification pertaining to the manpower and the visa facilitation services under the VAT. The taxable entities have been finding it difficult to classify the services that they provide and to determine the values of the taxable supplies.Hence, in this blog we...

The businesses eligible for conducting the virtual asset activities require the licenses and other approval from the concerned authorities. In this blog, we will shed light on the certain procedures to be followed by the new firms to get the VARA license.

The UAE has been known for its extravagant development and the premium amenities that it provides to individuals. The businesses around the globe make efforts to establish their businesses in the UAE to enjoy the world-class facilities and create a global identity for the businesses. 

The introduction of the CT regime has resulted in a significant change in the overall business demography in the UAE. The businesses must ensure that they follow the compliance requirement under the new regime. The complexities of the new tax regime might be overwhelming for the businesses, but the FTA h...

The introduction of the CT regime has resulted in various changes in the business operations. The businesses are now required to ensure their compliance with the new CT regime. There are certain transactions that are not under the purview of the CT regime and to promote the businesses in the UAE. One suc...

In this blog, we will discuss the determination of the taxable income for the unincorporated partnerships based on the clarification issued by the FTA. The business entities operating in the partnership structure must be aware of the taxable income and how it is determined.

Dubai has been promoting the virtual asset transaction with the motive of strengthening its position as a global hub for the virtual assets. In order to ensure its smooth functioning and provide protection to the users and the investors, the authorities have implemented the VARA regulations to ensure a s...

Implementation of the new CT regime in the UAE has caused a vast shift in the business landscape, requiring entities to understand the new complexities and implement the regime within their businesses. FTA, in order to simplify the implementation of the regime, has issued multiple guides that have provid...

The implementation of the new CT regime has led to significant changes in the overall business environment. The businesses are now expected to comply with the new regime and ensure the timely registration and payment of tax returns. There are still many clarifications required by the business entities pe...

In order to simplify the compliance framework and guide the entities, the FTA has lately released a guide on business restructuring relief, enabling businesses to understand the relief and claim if they fall under the category. In this blog, we shed light on certain conditions that are to be met by such...

The Federal Tax Authority in the UAE recently released a Corporate Tax Guide that lists down several points on the transfers that take place within a qualifying group and the relief that can be availed of. While this guide was introduced to simplify the transfers of assets and liabilities within a group,...

Since the Federal Tax Authority has issued a comprehensive corporate tax guide on qualifying group relief, there has been a lot of insight into many topics surrounding the transactions of entities in business. These are mostly related to the scope of the relief, the eligibility conditions for the same, s...

Qualifying Group Relief is one of these opportunities, allowing tax-neutral transfers of assets and liabilities within a strategically formed group structure. A lot of businesses in the UAE are considering establishing Qualifying Groups- for the potential cost savings, and the operational efficiencies th...

Potential business firms with high net worth are always challenged to protect and grow their wealth in a competitive market that has multiple risks. The main objective of a business with potential wealth is always to safeguard and expand the wealth without any hindrances. Avoiding such hindrances include...

The Ministry requested stakeholder feedback towards shaping policies that will align with global standards and regulations as part of its ongoing efforts to ensure compliance internationally. This action demonstrates the government’s dedication to taxation transparency and collaboration.

It is important to know how foreign banks are taxed in the UAE because this helps both financial institutions and individuals who may want to invest in its banking sector. The aim of this article will be, therefore, to provide all the necessary information regarding the taxation of foreign banks under co...

The ever-expanding realm of e-commerce presents an abundance of growth opportunities for businesses operating in the UAE, but it also increases their tax-related complexities. UAE as a supreme ecommerce landscape has already implemented VAT (Value added tax) regulations for businesses to ensure both fair...

In the world of ever-changing technology and multiple financial transactions, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) plays a vital role by ensuring systematic and secure, communication and transactions between the financial institutions across borders. In this blog, we wi...

The federal tax authority of the UAE has been making all the required efforts to ensure the transparency of the tax systems prevailing in the country. With this motive in mind, it has recently issued a Taxpayers Charter in order to guide the taxpayers and provide them with the required awareness of the t...

From the towering skyscrapers to the beachfront properties, the UAE’s real estate market has experienced a surge in demand in recent years. This can be demonstrated by the total value of real estate deals in the emirate in 2023 - Dh634 Billion ($172.6 Billion). This value marked a 20% increase in the val...

An important factor to consider if you are running a business in UAE is that remuneration paid to management will be considered a deductible expense for tax purposes. In this article, we will discuss the regulations and guidelines surrounding this issue to provide clarity and insight for business owners...

The DMCC Free Zone, known as the Dubai Multi Commodities Centre Free Zone, in the United Arab Emirates, has recently introduced a Wage Protection System as part of ongoing efforts to improve fair labour practices and protect the rights of employees. The WPS developed by the Central Bank of the UAE, also...

This article will provide a comprehensive guide on the guidelines for company liquidation in DMCC, covering key aspects such as the required documents, timeline, and legal requirements. If you are considering liquidating your company in DMCC, be sure to read on for a detailed overview of the process.

The UAE has been one of the best places to start a business and prosper. The authorities of the UAE are also providing all the assistance that is required for the businesses. The UAE was once known as a tax-free land, but now, after the implementation of the VAT and the CT, it has changed the whole pictu...

Renowned for its appeal to global entrepreneurs and investors with its tax-friendly environment and streamlined procedures, the UAE has undergone a significant transformation since the introduction of corporate tax in 2023. Having set a new era of tax compliance and regulations within the business landsc...

The United Arab Emirates (UAE) has recently introduced significant amendments to its Excise Tax Executive Regulations, reflecting the government's commitment to refining tax policies and ensuring a fair and efficient tax system. 

The new corporate tax regime introduced in the UAE in 2023 is a game changer for businesses operating within the country. Not only does it outline the rate of interest (9%) that companies are required to pay when their income exceeds a certain threshold (AED 375,000) but it also has introduced transfer p...

The businesses may find it intimidating to sort all the accounts before the end of the accounting year, but this process can be simplified by maintaining an accounting year-end checklist, which can ensure that the entities don’t miss out on any vital areas of accounting.

Financial health checks can enable a business in the UAE to get proper insights into the financials of the business. In this blog, we will shed light on the specific reasons why financial health checkups are important for your business in the UAE.

Knowing the difference between these two items of the statement will give you a clear picture of the operations of the business. Not only the business entities, but related stakeholders and investors must also be aware of the differences so they can assess the performance of the business.

After the introduction of corporate tax in UAE in 2023, the FTA has been issuing further guides and clarifications in-order to help tax payers get clear insights into the application of the new law. One such clarification regarding the determination of qualifying income for the qualifying free zone perso...

The introduction of corporate tax in the UAE in 2023 has forever changed the business landscape. At the core of all business proceedings concerned with corporate tax lies transfer pricing, a set of regulations ensuring fair pricing between related entities to prevent artificial profit shifting.

The 0% Corporate Tax section applies to the Free Zone persons that derive their income from transactions with other Free Zone or Non-Free Zone persons- provided the income isn’t derived from the ‘excluded activities’ list provided by the UAE Governing Authority. 

This blog provides a comprehensive guide to understanding the list of excluded activities and ensuring that your FZ business operates without incurring any unforeseen tax burdens. Join us as we explore the intricacies of FZ regulations and equip you with the knowledge to confidently navigate this tax hav...

Transfer pricing is an important section under the UAE CT law that focuses on the pricing of the various transactions between the related parties or any of the connected persons. The understanding of transfer pricing rules is of high importance due to the increase in cross-border business transactions an...

In the intricate landscape of the UAE's taxation system, businesses need to navigate the complexities of Corporate Tax (CT) to ensure compliance and optimize tax liabilities. However, not all entities find themselves under the tax bracket, which is why understanding the nuances of exemptions is paramount...

Recently, the FTA issued a further clarification on the qualifying income, qualifying activities, and excluded activities, along with an explanation of the de minimis requirements. In this blog, we will shed light on the difference between the excluded and the qualifying activities.

The introduction of corporate tax in the UAE on June 1, 2023, brought with it various questions for non-residents doing business in the country. To address these concerns, the Federal Tax Authority (FTA) has issued a comprehensive guide clarifying the criteria for determining which non-residents are subj...

The implementation of the reverse charge mechanism on electronic devices among registrants in the state for the purposes of value-added tax (VAT) brings about significant changes in the VAT treatment of certain supplies. This article aims to provide a comprehensive understanding of the updates in legisla...

In this blog, we will explore the practical application of the Arm’s Length Principle which serves as a cornerstone of TP, ensuring that transactions between affiliated entities are conducted at fair market values. 

In 2023, the UAE introduced a new federal corporate tax (CT) regime, which introduced a new era of fiscal transparency and responsibility. However, understanding the complexities of this new system can be challenging, especially when it comes to understanding the core concepts of "business" and "business...

The United Arab Emirates (UAE) has recently introduced corporate tax laws with the aim of increasing the scope of tax income and reducing dependency on income from oil and gas. After the introduction of the new regime, there have been a lot of additional clarifications brought forward by the FTA to enabl...

The rising number of companies and strict regulatory demands in the UAE underscore the essentiality of engaging top Chartered accountant firms. Businesses seek comprehensive service providers capable of addressing their needs, encompassing accounting, auditing, and VAT filing. 

The UAE Corporate Tax Law (CT Law) introduces a federal corporate income tax regime for the first time in the UAE. The law applies to all businesses operating in the UAE, with a few exceptions. This blog post will provide an overview of the key tax compliance and administration requirements under the CT...

If any of the exempt persons fail to comply with the rules and regulations of the CT law, then the exempt status of such person may be revoked under the law. Under the UAE Corporate Tax law, the exempt persons as well as the taxable persons are required to keep all the required documents and records for...

Private pensions and social security funds are vital for financial stability in the UAE. In a bold move to foster equality and financial security for both employers and employees, the Ministry of Finance in the UAE has recently made significant changes to the regulations governing private pension funds a...

For international businesses, there are many opportunities still hidden in this business landscape, along with some stringent rules that are to be followed by foreign businesses in the UAE. In this blog, we will unwind the impact of the corporate tax on international businesses.

The Federal Decree-Law No. 47 of 2022 on Corporate Tax (the UAE Corporate Tax Law) introduced corporate tax in the United Arab Emirates (UAE) for the first time, effective for financial years commencing on or after June 1, 2023. The UAE Corporate Tax Law applies to all businesses operating in the UAE, wi...

Corporate tax deregistration in the UAE is a process that allows businesses to cease their liability for paying corporate taxes. The Federal Tax Authority (FTA) is responsible for regulating and overseeing the process of corporate tax deregistration in the UAE. The process of deregistration can be initia...

For all businesses existing in the UAE sphere, things have gotten very real since June 2023, with the introduction of the new Corporate Tax law. This mandate brings in different codes of conduct for different types of businesses in the state. 

In this blog, we will delve into the differences between resident and non-resident persons concerning UAE corporate tax and shed light on the implications of this new tax regime on businesses and individuals.

The UAE tax system recognizes the significance of these enterprises and provides relief mechanisms, such as the Small Business Relief, aimed at simplifying the accounting procedures and offering a more straightforward approach to managing taxes for eligible small businesses. 

One of the key reliefs available to small businesses is the Small Business Relief. This relief allows a small business to be treated as not having derived any taxable income within a tax period.

The UAE introduced a federal corporate tax effective June 1, 2023, to comply with global standards. One of the key aspects of the tax law is the provision related to tax group structures. The UAE CT framework defines two types of groups - Qualifying Group and Tax Group. While Qualifying Groups allow for...

In response, the UAE government has implemented stringent Anti-Money Laundering (AML) regulations to protect the integrity of the financial system and align with international standards. The real estate sector, in particular, needs to comply with these AML laws due to its potential vulnerability to money...

The introduction of Corporate Tax in UAE aims to diversify government revenue sources in line with international best practices. To ease the tax compliance burden on businesses, the tax laws provide many reliefs, some of which are in the form of Group Relief and Restructuring Relief. This blog discusses...

The application of corporate tax uniformly covers all revenue streams and other net income that has been disclosed in the financial documents of companies; however, the rate for businesses with net profits under 375,000 AED will be 0%, while it will be 9% for businesses whose profits exceed 375,000 AED....

By introducing the new corporate tax regime, the UAE aims to fulfil its developmental goals while maintaining its reputation as a tax-friendly destination. In this blog, we’ll explore how tax credits are applied in the UAE and how they can benefit businesses by reducing their double taxation liability.

In this blog, we will explore the intricacies of the UAE CT system to understand the crucial adjustments that businesses need to take into account when calculating their UAE corporate tax liability.

Transfer pricing is a set of rules and methods for pricing transactions between related parties, such as companies that are part of the same multinational enterprise (MNE). The goal of transfer pricing is to ensure that these transactions are priced on an arm's length basis, i.e., as if they were conduct...

The taxation structure in the United Arab Emirates (UAE) has gained a lot of attention in recent times. There are various speculations regarding whether individuals and business activities registered in the UAE with an annual turnover exceeding 1 million AED are liable to pay corporate income tax. Let's...

The UAE Ministry of Finance recently announced key provisions related to the calculation of deductible interest expenses under the country's corporate tax regulations. One of the important clarifications provided was regarding the maximum net interest expenditure cap that businesses can claim as a tax de...

The United Arab Emirates (UAE), known for its favourable tax environment, made headlines with the introduction of a federal corporate tax (CT) on business profits. This change was effective in the financial year beginning June 1, 2023, leading to questions and concerns among individuals, especially...

Are you a UAE business owner who recently formed a partnership? Are you curious about how the new corporate tax laws apply to your partnership venture? This blog explores the intricate interplay between UAE corporate tax law and partnerships, shedding light on how different types of partnerships are taxe...

In today's ever-changing business landscape, it is crucial to have a solid financial foundation to navigate the challenges and uncertainties that lie ahead. That is where an accounting firm comes in. In this article, we will explore the various ways an accounting firm can assist you in managing the chall...

This blog post will explore the topic of CT liability on real estate and immovable property in the UAE for foreign companies, providing valuable insights and guidance for navigating this aspect of doing business in the UAE.

In recent years, the United Arab Emirates (UAE) has emerged as a powerhouse in the global economy, attracting businesses from all over the world who are seeking to establish a foothold in the region. In this blog, we delve into the impact of corporate tax on businesses with a PE in the UAE, shedding ligh...

Free zones in UAE offer numerous benefits for businesses, including 100% foreign ownership, exemption from import duties, and quality infrastructure. However, with great power come great responsibilities, such as compliance with the regulations set by the free zone authorities.

As a small business operating in the UAE, we are sure you have come across many situations that affect you on a daily basis. One of the most common complexities that many businesses face is when the VAT charged on goods purchased (input tax) is more than the VAT on the amount generated through sales of p...

Amidst this thriving sector, businesses involved in the import, export, wholesale, or retail of pharmaceuticals, medical devices, and other healthcare supplies play a critical role in ensuring a smooth flow of healthcare products across the region. 

In the heart of the UAE's philanthropic landscape lies the concept of family foundations, which empower wealthy families to make impactful contributions to charitable causes. These foundations perform various activities like receiving, holding, managing, and investing funds and assets associated with sav...

Have you ever thought about why companies request auditing services in the UAE? So many different reasons arise for performing an audit. A vast majority of them narrow down to three key reasons regulatory purposes, statutory purposes, or examination of the performance of operations.

Did you know that fraud costs nearly 7% of the yearly income of businesses in the Middle East? Well, that is quite a startling figure, and small businesses in Dubai are no-brainers to this! That brings us to our question – what is fraud?

With the introduction of corporate tax in UAE, the Ministry of Finance has issued guidelines that help businesses register for corporate tax and its related information. Considering the importance of corporate tax registration and other related services, many tax consultants are now providing c...

The United Arab Emirates, a land brimming with opportunities, has become a magnet for investors and entrepreneurs worldwide, thanks to its pro-business environment and tax-free policies

As the UAE gears up for the implementation of its new Corporate Tax regime, businesses in the country are required to familiarise themselves with the new rules and regulations set forth by the UAE government.

To create new revenue streams and decrease dependence on conventional sources of income, several reforms have been implemented over the years. Therefore, businesses planning to invest or establish operations in the GCC must have a thorough understanding of the tax laws and regulations to fulfill their ta...

The Gulf Cooperation Council (GCC) region has always been a sought-after jurisdiction for foreign investors, thanks to the tax-friendly policies implemented in most GCC countries. However, as part of the GCC's efforts to diversify their economies and reduce reliance on revenue from hydrocarbons, the indi...

Tax groups are a cluster of companies or firms made by a parent company with its subsidiary companies with the motive of creating a cluster and maintaining consolidated financial statements and documents for the purpose of tax filing and other tax requirements. Hence it will be considered as a single tax...

Knowledge of taxation is essential for running any business. Businesses operating in the UAE are required to have working knowledge of the system of taxation there, which includes the newly introduced corporate tax. In this article, we will delve into the details of corporate tax, its tax period, and the...

Transfer pricing in the UAE is the process of determining fair prices for goods, services, and intellectual property exchanged between related parties in a multinational organization. To ensure compliance with UAE Corporate Tax Law and OECD principles, companies engaging in cross-border transactions with...

Do you know the financial records for corporate tax registration and filing returns? Before heading into that, get to know more about UAE corporate tax. he UAE Government announced on January 31, 2022, that the UAE would be enacting legislation to levy federal Corporate Tax (CT) on company profits, which...

The UAE Ministry of Finance has announced a proposal to introduce a new corporate tax regime from June 2023. Learn all about corporate taxes

The Gulf Cooperation Council (GCC) is a provincial intergovernmental economic and political alliance consisting of all Arab states in the Persian Gulf, except for Iraq. Its member states are Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Oman, and Qatar. The GCC was established in 1981.

The UAE is renowned for its tax-free regime, which has resulted in an influx of entrepreneurs and businesspersons from around the globe looking to establish their businesses in Dubai. However, starting from or after June 1, 2023, a new Federal Corporate Tax will be imposed on business enterprises based o...

UAE is a desirable location for entrepreneurs and businesses looking to establish themselves. However, the tax-free environment that has elevated this jurisdiction to the status of a premier financial centre is anticipated to alter with the introduction of UAE Corporate Tax, which is set to go into effec...

As a business operating in the United Arab Emirates, knowledge of corporate tax, tax losses, and their implications on corporate tax is of the utmost importance. In this blog, we explain corporate tax loss and its impact on businesses in the UAE, as well as the implication of tax losses on corporate tax

The scope of UAE corporate tax extends to all business and commercial activities within the seven emirates. There are various other further exemptions under the corporate tax structure that are a relief for businessmen and individuals alike. In this article, we discuss how corporate tax is calculated in...

The new corporate tax in UAE is expected to alter the tax and compliance requirements for a huge number of UAE firms. The CT law establishes tax obligation and annual compliance requirements for taxpayers and offers reliefs and exemptions to certain categories of businesses that will be subject to 0% tax...

Given that the current taxation system is bound to change with the introduction of corporate tax in the new fiscal year of June 2023, it is important for individuals and businesses to understand the nuances of the same. Through this article, we will explore income exempted from corporate tax in UAE and h...

As per the regulations of corporate tax in the UAE, any taxable income exceeding AED 375,000 will be subject to Corporate Tax. This tax system will also be applicable to freelancers and independent contractors in the UAE who work for themselves if their income goes beyond the AED 375,000 limit

UAE is a desirable business region for overseas investors primarily due to its strategic location, progressive business policies, diversified talent pool, and tax-free environment in the Free Zones. Yet, as the country shifts away from an oil-dominated economy, UAE Corporate Tax on Free Zones is set to b...

Corporate tax in UAE is a tax imposed on the profits generated by companies and businesses. In a ground-breaking statement, the UAE's Ministry of Finance announced that the region would begin to impose corporate taxes from or after June 1, 2023.

Taxes are one of the many mandatory expenses that a company must pay in order to keep its business running legally. However, a Corporate Tax in UAE will exempt certain types of income from taxation in order to avoid double taxation.

The UAE Government announced on January 31, 2022, that the UAE would be enacting legislation to levy federal Corporate Tax (C T) on company profits, which would be effective for the tax period beginning on or after June 1, 2023. 

Auditors and auditing firms are important aspects of any business market, anywhere in the world. The use of auditors is necessitated by international business transactions. In this way, you get the assurance that you are dealing with reputed businesses and that you are a worthy business associate for pot...

There are mainly two important taxes that a businessman in UAE will have to be aware of: corporate tax and VAT. With the help of this article, we aim to shed some light on the meaning and difference between these taxes.

UAE’s Federal Tax Authority (FTA) has issued a law introducing corporate tax from June 1, 2023, onwards. The decision has been made to ensure a sustainable and diversified economy in the UAE.

Corporate tax can be defined as a tax charged on the profits of a company in UAE. The rate of corporate tax varies for different countries. There are many perks to implementing a corporate tax law in the UAE.

With the rise in popularity of crypto assets around the world, one might wonder how these assets are accounted for. Crypto asset bookkeeping is an important aspect of any company's accounting.

The United Arab Emirates, heaven for businesses and a hub for global commerce, has introduced a new corporate tax regime.

The UAE is committed to transforming the desert city of Dubai into a cryptocurrency powerhouse. However, several challenges stand in the way of the UAE's aim to become the epicentre of the cryptocurrency world.

In this day and age, all of us have heard of crypto assets, cryptocurrencies, etc. But, how many of us actually understand the meaning of these terminologies?

In this article, we will discuss the three essential factors that you need to consider when starting a business in the UAE.

Financial reporting is the process of communicating financial information about a company to stakeholders, such as investors, creditors, and employees.

Every entity in UAE registered under VAT must ensure that it follows all the VAT laws laid out by the FTA. The FTA may, at frequent intervals, conduct audits and examine the tax structure and payments of a firm.

Today, there is a professional available for every problem or for any type of help that you need. If you are looking for someone to manage your money, there are professionals like accountants, wealth managers, financial consultants, and financial Planners. 

It is crucial to stay on top of your accounting, regardless of what type of small business you own or intend to start. If you fail to do so, your business may experience unnecessary issues and obstacles down the road, resulting in a slowed or even stopped growth rate.

IT companies spend countless office hours and, in many instances, extra hours to provide their customers with the best IT services possible. In this article, we will look at how bookkeeping services can help IT companies. Let's get started!

In simple terms, bookkeeping refers to keeping track of the financial transactions of your business and systematically recording them to know where your money is flowing and where you earn profits. 

As accounting is important for all businesses in Dubai, UAE similarly the firms in UAE have to perform payroll processing activities to pay employees on time and keep all their records.

Hey, are you a freelancer? That’s a very hectic job, especially with the finances involved. Being a freelancer, you are all over the place, and so are your financial records.

Dubai, being one of the greatest business hubs in the world, attracts a lot of investors due to its business-friendly policies and regulations. As a result, there is an increase in business setups in Dubai, UAE.

Business finances aren’t everyone’s cup of tea, but this won’t change the fact that finance plays a major role in your business’ success

Every business' main objective is to gain maximum profits by providing services and goods to customers. Every business entity undertakes all the possible measures it can, to maximise profits.

Accounting is a term that describes the process of summarizing, analyzing, and recording financial transactions in a business. Accounting evaluates the results of an organization’s economic activities.

The UAE VAT consequences apply to the supply of products and services in the e-commerce sector just like they do to other supplies. At each stage of the supply chain, the UAE applies VAT at a rate of 5% on taxable supplies of goods or services on tax-registered firms.

Annual external audits are a difficult time for UAE businesses, and the auditing process is typically very time-consuming.

According to UAE tax laws, services sent from the UAE mainland to a Designated Zone are taxed. At each stage of the supply chain, the UAE assesses VAT on enterprises that have registered for taxation. 

Internal audit preparation checklist items include introductory audit planning, preparing a document request list, risk and process subject matters, and more. All documents pertaining to the company's incorporation must be easily accessible during the internal audit process in Dubai, UAE

With their proficiency, in-depth understanding of VAT registration, and stellar track record, CDA, VAT consultants in Dubai, can handle all VAT-related services.

Without money, no startup can endure over the long term. Even while startup entrepreneurs frequently have brilliant ideas, they frequently lack the funding necessary to turn their ideas into successful businesses.

Annual auditing is one of the important feature for a successful business. This will help the organizations to succeed in the business without any hurdles.     

Internal Auditing evaluates a company's internal controls. This includes its corporate governance and accounting processes. Performing an internal audit will eliminate the risks of the organization.    

Accounting is crucial to tracking the income and expenditures of any small business. Learn more to know the best ways to simplify and optimize your small business's accounting system.

DPMS are particularly susceptible to money laundering and terrorism financing threats. Read more to know about the risk of money laundering to which dealers of precious metals are exposed to?

An internal audit is a periodic review performed by businesses to ensure their procedures are being followed and are fit for purpose. Read more to know the importance of an internal audit & how to decide the frequency of internal audit in your organization.

A strong accounting system is essential for any business to build a strong foundation. In this guide, you are going to learn tips for developing and improving an accounting system for a new business in the UAE

For a business, inventories are a valuable asset. Accounting for inventory is crucial in the retail sector. Here are some important insights for effectively accounting inventories.

Risk-based audits focus exclusively on risks instead of conventional audits. In this article, CDA, helps you understand the steps involved in a risk-based technique for internal audits.

In order to have good control over business finances, you need to learn how to do it. Here are 5 strategies you can implement to survive your financial stress in business.

Financial managers typically keep an eye on a company's finances and work to maintain its sustainability. In this blog, we will talk about the main responsibilities and the roles played by the financial manager in this blog.

Motivated by the ongoing debate over corporate income tax? Read more to explore shareeholder's perspective on corporate income tax.

Need to know more about taxes in UAE? Read this article to learn more about the precautions that can be taken by the business entities in the UAE before the implementation of tax?

A corporate tax, also called a corporation tax or company tax, is a form of direct tax levied on corporations and other businesses' net income or profit. Read more about corporate tax and the impacts of corporate taxation on business entities.

VAT on the automotive sector in the UAE: There are many VAT  obligations for car dealers and service centres in 2022. Read ahead for more details:

The non-recoverable tax is the VAT on the cost incurred for a legitimate business purpose. Learn more about the non-recoverable tax on entertainment services in the UAE.

Are you a provider of digital marketing services in Dubai? Learn more about the application of VAT on digital marketing services in Dubai

For most businesses, the major expenses that entrepreneurs ignore to prepare are costs related to the payment of tax returns; expenses related to insurance policies and premiums; emergency repair costs; personnel expenses; expenses concerning software subscriptions; and utility expenses.

MIS Reports help to assess the performance of the organization and allow organizations to make effective decisions. Learn more about the use of MIS report in a firm and the types of MIS reports.

Incoterms are often regarded as the most efficient means of communication. The fundamental goal of incoterms is to reduce the chances of misunderstanding and uncertainty when conducting international trade. Learn more about Incoterms and how it plays an important role in a UAE business.

Due to the effects of VAT, many changes will take place in the education sector in the UAE, because certain goods and services which are charged VAT at the standard rate of 5%

Obligations and roles of a registered tax agent in the UAE include helping to gain tax benefits and reduce tax liabilities, carrying out legal activities, managing financial records related to tax transactions, prepare and file a VAT return, etc.

The VAT application on the export of services to countries outside of the GCC territory will be zero-rated under VAT in the UAE

Auditing firms help SMEs in seeking business finance in 2022. There are major steps to be followed by accounting firms to provide financial opportunities to SMEs like qualification, Quantification, Presentation of the Loan Application, and Meeting the Compliance requirements.

Here is a list of 8 outsourcing business ideas for aspiring entrepreneurs to get started in 2022. Check out these high-profit ideas for inspiration for your next venture.

The UAE Ministry of Economy has announced the list of fines and penalties for money laundering and terrorism financing in the Emirates. Read more to know the list of 26 penalties.

Accounting plays a crucial role in the business planning and decision-making process of the company. The role of accounting services is not limited to ascertaining the financial state of a business but it also helps in making detailed plans of the business.

There are a number of specific challenges faced by companies when carrying out audits like Mediocre bookkeeping and lack of accounting expertise, Revenue ascertainment issues, etc. CDA explains these challenges to companies that must be tracked during an audit.

Data analytics is important in auditing because it helps businesses optimize their performances. Data analytics in auditing improves confidence of stakeholders, secure future, better risk analysis, High level of accuracy and Transparency of data

How to Amend VAT Registration in UAE? If you want to amend the VAT registration in UAE on the FTA portal,  follow the steps mentioned in our blog, and do accordingly.

A Peek into the Different Types of Accounting Practices in the UAE - Financial Accounting, Management Accounting, Tax Accounting, Forensic Accounting and Cost accounting.

Key Things to Consider in AML Training Program for Employees 2022. In this blog we shared with you the major factors that must be taken into account whenever you plan and provide an AML training program for Employees

An effective internal audit structure includes a company's plan of organization and all the procedures and actions. Good internal audit function can be profoundly important to the survival and prosperity of any organization

Before conducting an audit, you will have to understand your needs for an audit and select the appropriate approach as per the needs, for that the firms must know the difference between forensic and financial audit.

Business firms must dig deep into the records and documents to find accurate information about the activities of the business, and this job responsibility is performed by the audit accountant.

Accounting and bookkeeping are one of the core functions of a business and it must be analyzed from time to time to ensure that it meets the expectations of the business. Accounting system analysis provides for such requirements of the firm.

With the help of MLRO document the UAE regulators supervise the companies in order to determine whether they follow the regulations consistently.

VAT system is based on the consumption of goods and services in UAE. It was introduced to compensate the decreasing revenue from the Oil Industries and which was reinvested to develop the infrastructure.

Risk management enables the business to evaluate thoroughly its plan for tackling the risks and to develop a strong structure to mitigate and improve the odds of becoming a successful firm.

Here are some tips that can guide you to overcome the economic downturns and help your company to prosper in future years

Even though there are many stringent, companies still end up paying huge penalties to the government authorities due to violations and deficiencies occurring in their compliance programme. 

The important factor which should be kept in mind before getting ready for an audit is that the firm must always keep the records of all the transactions from the beginning itself and it must be up to date.

The main aim of conducting such an audit is to ensure that the financial records and information provided by the companies to the public are true and fair as it represents the financial position and performance of the company.

It is important for the auditors to understand their obligations under UAE Anti Money Laundering Law because of the unique nature of their profession of evaluating the accounts of the clients, examining records, papers, control procedures and policies etc. with the help of which they can probably detect...

The main objective of a forensic audit is to prosecute any party who is involved in fraud, malpractices, or any embezzlement. Forensic audits can also be conducted to regain public confidence which may be reduced due to false allegations imposed by other parties on the firm.

It is important to know the applicability of VAT and its respective implications to follow the required accounting and reporting procedures. Here we discuss the various aspects regarding that. Read to know more

To make it easy to interpret the related VAT provisions, FTA has explained in detail the VAT impact on disbursements and reimbursements in a public clarification statement, highlights of which are discussed below.

Supplies involving building, whether they be sales or leases, are one of the common types of business transactions in UAE mainly due to the prominence of the real estate sector in the region. Apart from the frequently encountered residential type of supplies, there are scenarios that involve a mixed natu...

Dubai has always been in the forefront as distinguished for its economy rich in real estate investments and related business activities. Investors and owners of properties in this region also feel it very convenient to have the privilege of an organized and systematic way of getting the real estate trans...

Recent amendments on administrative penalties as issued in April 2021, as ardently welcomed by the business enterprises, have for certain brought in major alleviation to many entities of the region. Apart from the significant reductions and relaxations instigated in some of the penalties, a procedure for...

The current pandemic situation has impacted us all in a big way and the efforts made by the government of UAE to support the business enterprises here in various genres is noticeable. One of such attempts in the tax arena, which was the temporary zero rating on supplies and imports of certain medical equ...

Payroll processing is one of the tedious tasks which are performed by every kind of businesses irrespective of their nature or size. It is not only a time consuming process but it is one of the most intricate processes. Mostly the firms allocate such processes to the HR department or the finance departme...

Similar to any other regulation, VAT law in UAE also consists of provisions for administrative penalties which will be levied against non-compliances of various specified natures. In the public clarification issued by FTA in April 2021, there were multiple changes introduced in terms of penalty amounts a...

Remote working process was in the picture even before the pandemic. Majority of accounting firms were adopting cloud based accounting systems and encouraging their staff and accountants to train themselves to work and perform their duties and tasks from any computer or device. Technological advancements...

There are numerous farmhouses and farm lands in UAE, which are used for various commercial or non-commercial purposes including vacation rentals and staycation destinations. Investors or owners of farms need to know about the implication of VAT before making any decision on the supply of such properties....

Dividend income is one of the major income streams for many in the region and there are also companies here which pay excellent dividends every year. Being a major contributor within the investment income, receiving the dividend income and accounting it properly as per the applicable laws, will be of con...

Tax Invoice is the quintessential record issued by a VAT-registered person to the recipient when a taxable supply of goods or services is done.  Article 59 of the Executive Regulations on VAT directs the requisites for a Tax invoice and when it must be issued. A tax invoice must include certain impo...

There can be many scenarios in the business, where a supplier has to opt for a write off of a receivable amount from a customer for which VAT has already been paid to FTA. In such circumstances as the write off amount including applicable VAT hits the accounts of the supplier as an expense, there is an o...

Many times it is observed that small businesses try to avoid or underestimate budgeting and forecasting processes as it involves huge costs. They rely upon opinions and guess work instead of conducting a systematic forecasting. But in reality the business is exposed to huge risk of uncertainties without...

Options are often found to be part of financial management and investment decisions by entities in the modern business world. There are frequent transactions involving Options in large organizations, where it is essential to know about the VAT implications and related monetary impact to apply the right t...

Many times, transactions that involve transfer of business from one party to another happen in the interest of investment opportunities and it is crucial to know about the VAT implications to ensure compliance and to plan the deals properly. FTA has published a clarification document exclusively to expla...

Given the amount of unprecedented changes that the world has experienced in 2020 a lot of firms are forced to change, they are forced into some sort of transformation whether they like it or not and along with that comes restructuring more often. Many companies during the pandemic recognized that they we...

In recent years financial industries and non-financial industries have been facing one of the major problems relating to money laundering and terrorist funding.  All the nations, associations and companies are putting all their efforts to combat these challenges by introducing and complying with rel...

Financial crimes have been one of the pivotal issues in the global arena for several decades. It is always a cat-mouse game between the authorities and the criminals as authorities are constantly trying to detect and prevent the financial crimes in the firm

Emily was Dr. Watson's office manager who was with him for 20 years, and he always considered her as a life saver because she dealt with all the administration and bookkeeping responsibilities which helped him to focus on his profession and provide service to the people peacefully. After some time Emily...

The UAE Federal Tax Authority (FTA) had made available a convenient VAT refund facility for business visitors in UAE from foreign countries. The authority recently published in April 2021 an updated version of the guide for this VAT refund scheme for business visitors. In this updated VAT guide from FTA,...

Business valuation is a subject that is of interest to a wide range of stakeholders especially, the investors. The process of business valuation can sometimes be challenging when too many uncertain factors are involved. Nevertheless, it stays as a distinguished tool to draft and make informed investment...

Any new technological opportunities have been perceived as challenges initially and the blockchain led solutions are also not different. Opening more scope for advisory services in its developing stage, the new perspectives that have been brought about by this digital transformation are enormous and yet...

Lease accounting drew more puzzlement and uncertainty as the new IFRS 16 replaced the existing accounting standard IAS 17 in the year 2019. Though most of the entities have now completed the transition as required by the standard, accountants across the industries often face many challenges in applying I...

Cryptographic assets, especially bitcoins are getting lots of attention and interests recently among investors across the globe. Even in UAE, there are more and more exchange platforms getting established to facilitate the trading of cryptographic assets. The subject of Cryptographic assets is very new t...

Zero rating on export services means that the services which are rendered or exported outside the UAE are charged VAT at ZERO rate i.e. the supplier doesn’t have to pay output tax on the export of services and the registered entities can reclaim the input tax on the services provided by them. If you make...

More than a compliance requirement, ICFR engagements are being recognized and seen as opportunities to enhance the efficiency and effectiveness of the operating models by the companies, uplifting themselves to the global leading practices. Indeed, the regulators across the globe have been increasing the...

IFRS 9 has been perceived as one of the complex financial reporting standards, considering the fact that many companies still face challenges in updating the assessments even after completing three reporting years, since the requirements of the standard became effective and mandatory. Also, it is apparen...

Introduction of goAML platform has been considered as one of the major regulatory strides in the fight against money laundering and terrorist funding. Based on the national risk assessment conducted in UAE and the enforcement of AML (Anti-Money Laundering) /CFT (Countering Financing of Terrorism) legisla...

Rapid innovation in the field of accounting has made accounting tasks simpler and less burdensome. The updates made in accounting systems enabled the companies to get professionalized services at low costs. In the present scenario accounting is both a complex as well as a simple task. Various companies a...

A tax advisor is a person who has complete knowledge about the tax laws prevailing in the state and helps its clients to file tax returns on time. He always ensures that the firms or clients always adhere with the tax laws and manages to pay the taxes on due time. A competent and qualified tax advisor pr...

Time is the wisest counselor of all. It is the most important element of all the business activities; every individual tries to use it in an efficient and productive manner. Every business adopts all the available strategies and technologies to save their precious time. And when it comes to accounti...

For companies of UAE mainland and free zones, the regulatory requirement became effective in 2020 for updating details relating to Ultimate Beneficial Owner (UBO) in the designated registers and portals in order to be made available for reference to the public. Notifications were being issued by several...

Auditors are the entities who strictly check the working of a company, and ensure whether they comply with the rules and regulations of the state and follow all the required procedures while performing the business activities. They conduct investigation, attestation, reporting processes and communicate t...

Real estate development and supply of properties by way of leasing out or sale of properties is one of the prime business segments in UAE. The overall economic growth and emerging investment opportunities in the region drive the demand here for real estate properties, especially the commercial real estat...

Whenever you feel weak or ill, you approach a doctor for a health checkup, and the doctor examines your whole body to find out the reason for the weakness or illness. Similarly when your business undergoes any challenging circumstances, it needs to be evaluated to find out the faults, this process is ref...

Cost audit refers to the complete verification of the cost records, statements and data. It also ensures whether the cost accounting is carried out according to the prescribed cost accounting procedures and plan. It keeps a check on all the cost reports and statements, to avoid any mistake, fraud or any...

As the social media platforms are getting more and more audiences these days, there has been a significant increase in the professionals who recognize themselves as artists or influencers. With the far reaching attention that they have, such artists or influencers now play an inevitable role in promotion...

Robotic Process Automation has now been transpired and endorsed as a revolutionary initiative in various business platforms of UAE. While digital transformation has subjugated every aspect of our lives here, its sways over the business world is also discernable. If you are evaluating the possibilities of...

The process of reclaiming VAT expenses or input VAT recovery is one of the crucial aspects in the VAT governance of an entity which can have substantial impact on the cash flows and working capital of the business. Understanding the various elements with respect to reclaiming VAT expenses will give an aw...

There can be various circumstances under which a registered VAT entity becomes eligible for cancellation of its VAT registration. Similar to VAT registration procedures, the regulation for UAE VAT has provided the details of procedures to be followed in the cases of VAT Deregistration. Here we discuss th...

Suppliers often engage in promotional activities and offerings to customers for attracting more business. It is important for them to be aware of the applicability and impact of deemed supplies, to go by the VAT accounting and reporting rules. The UAE VAT regulation includes specific cues to check on the...

Errors or omissions in a submitted VAT return is possible and they can be identified in a later stage which arises concerns for any available chances of their rectification then. FTA has allowed an option of voluntary VAT disclosure for tax payers to amend the amounts of a previously filed return. Though...

Filing VAT return is one of the key activities within the tax function of any organization. The return filing period as assigned to each taxable person has a significant impact on the processes involved in successful preparation and submission of the return on time.

VAT services in health care industry include a variety of separate transactions which have different tax treatments for themselves based on the nature of the services and parties involved. A general statement that ‘all healthcare services are zero rated’ is not possible considering the various aspects fo...

We often notice that competitive market situations urge the retailers to come up with various sales promotion strategies such as “VAT free sales”, “VAT on us” etc. to attract more customers. It is the responsibility of the sellers to make sure that these business development activities are in line with t...

The Federal Tax Authority (FTA) has recently started issuing the tax-related certificates including commercial activities certificates which were previously issued by the Ministry of Finance, UAE. Since FTA has all the details of the VAT registered individuals and corporates, this change has made the pro...

Natural persons having different business establishments can follow the provisions of sole establishments under UAE VAT law to optimize their time and efforts in completing the tax-related functions. FTA has published specific guidance with respect to sole establishments which is further discussed in det...

It refers to all the assets which are owned by the company and use it to generate revenue. These are not meant to be sold within a financial year, instead, these are utilized for a longer period of time. These assets are the core part of a company which is to be maintained very well to generate sufficien...

Accounting plays a vital role in every sector; it is a process through which every individual can analyze his expenses, revenue, profit, loss, assets or liabilities. Every institution which deals with cash needs a systematic accounting facility to record all the transactions. The hospitality industry als...

UAE has signed the Double Taxation Avoidance Agreement with many countries across the world. In this context, tax residence certificates are used widely to get the benefit from these agreements with other countries. Here we discuss mainly the inference of tax residency certificate for individuals in UAE.

Rebates or discounts are the concessions that suppliers offer as part of their sales and marketing strategies to attract customers. These are always considered as among the appealing factors in the gamut of shopping experiences for any customer for that matter.  As these are part of regular business...

Banks in UAE charge VAT on their certain services as applicable at a standard rate of 5%. As an account holder, it is important to know about those taxable services, in order to manage the expenses, to record them properly and to claim for input tax recovery, if possible. Here we discuss the implications...

Along with the provisions of tax rules in UAE, FTA has included some relaxations and refund schemes for certain transactions by eligible individuals. Tax refund scheme for construction of residence is one of them.

FTA has issued specific guidelines to facilitate the UAE nationals to obtain refund of VAT incurred by them on building new residence. Such refunds are processed by the authority after a process of thorough verification of details submitted by the applicant. It is to be noted that the refund option is av...

All taxable persons in UAE are mandatorily required to file the VAT return on a timely basis as stipulated by FTA and make the payments due if any to FTA within the prescribed time period. FTA has issued guidance regarding the process of making tax payments and the taxable persons shall be aware of the s...

The Federal Tax Authority (FTA) in UAE has implemented the tax refund scheme for the convenience of the tourists visiting UAE. This has been a remarkable initiative in line with the continuous efforts by the UAE government to promote the trading activities and for the development of tourism in the countr...

Following the introduction of VAT in UAE, FTA has made the tax refund possible for the tourists with the help of an integrated electronic framework. To make your shopping experience in UAE much enjoyable, the entire process of tax refund is facilitated in a convenient and prompt way which is discussed be...

NPV and IRR are terms regularly used in the world of financial management and they play a crucial role in the allocation of available funds in a way to obtain optimum results. Financial feasibility study helps you assess the success or failure probability of your business. Here we discuss in detail the c...

As effective from 2010, direct taxes in Oman mainly compose of Corporate Income Tax and withholding tax. There are companies in UAE having routine transactions with their counterparties in Oman and it is important for them to know about the tax implications and provisions relating to withholding tax in O...

Overdue invoice refers to the amount that a company should receive or pay to its clients or customers, which is already delayed or failed to make the payment within the due date and should be cleared as soon as possible. If a client purchases any product or gets any service then, the company rendering se...

UAE VAT law stipulates specific steps to be followed by Expo 2020 participants with respect to their claim for any VAT refund on expenses incurred by them during their participation in the exhibition. The participants should consider the various aspects of VAT in UAE for effective tax planning and compli...

Along with the preparations for their participation in the Expo 2020, the official participants of the Expo shall give due care in maintaining proper accounting records for their activities. Here we discuss various aspects and challenges relating to the accounting function of Expo 2020 participants.

Considering the fact that the EXPO 2020 dates are approaching, the entities involved in the global exhibition in their various capacities are expected to assess their tax responsibilities and ensure compliance with the VAT in UAE.

Implementation of IFRS 15 - ‘Revenue from Contracts with Customers’, sometimes can involve lengthy deliberations in companies which handle multiple products or services. A detailed review of revenue generating transactions and agreements with customers is always recommended to ensure compliance with the...

Most of the companies face difficulties in developing and updating the ECL (expected credit losses) calculation models, especially at these uncertain economic times where finding reliable information is challenging. Implementation of IFRS 9 mandates the proper calculation, accounting and disclosure of ex...

In view of various accounting frauds that have been coming to light, establishment of a good governance framework is a decisive need of the hour in the corporate world and the same has been brought in as a regulatory requirement in many countries. The ultimate responsibility for establishment of an effec...

There can be so many possible circumstances that can drive into a tax audit of a business entity by FTA. Here we discuss a few major factors among them, which can potentially lead to a tax audit. It is to be noted that the proper functioning of tax related activities in a company is one of the fundamenta...

The possibilities of input VAT recovery is implied within the name of the tax itself which is “Value-Added Tax”. The ultimate tax impact to the companies is supposed to limit to the extent of their part of value addition involved in their respective stage of the supply chain and thereby companies can rec...

Have you ever thought about a transfer pricing system? As the process trend continues, transfer pricing problems still be a key focus for multinational companies. Establishing transfer pricing tax ways permits multinational companies to optimize operations, whereas at an equivalent time ensuring complian...

It is important to be aware of the tax registration rules in UAE, for any business entity in the region to take care of its tax-related responsibilities as mandated by the regulator and also to efficiently plan its resources and cash flows. Especially if you are thinking of starting a business entity in...

Mainly due to its geographical standing and the proximity to sea waters, UAE has been destined to witness business transactions relating to shipping and vessel management in an extensive way. It is crucial to note that the tax treatments on each of those transactions in the marine sector may differ based...

Once you incorporate a legal business entity in a Designated Zone of UAE, which is a qualified Free Zone, there falls a responsibility to apply correct VAT practices. There are so many misconceptions over the applicability of VAT and tax treatments on the context of business transactions within a Designa...

Planning to open an import/export business in the UAE? Designated Zones let you save in several areas including taxes. The Designated Zone is a VAT-free zone which is supposed to be outside the State of UAE for the scope of VAT. Hence, VAT will not be levied on any transfer of goods between Designated Zo...

Reverse charge mechanism has been always hashed out as one of the distinguishing practices embedded in UAE VAT law. It is such a vital piece of the ruling especially for the entities engaged in import transactions to study the features and implications of this particular regulatory provision in UAE.

Do you want to know how to make business more efficient, effective and competitive? Is it possible to work on global problems with people from all over the world? Yes!!!!Management Information System (MIS), an innovative, cutting-edge technology solution which created a dramatic change in organizations o...

Nowadays organisations are running towards to satisfy their aspiring targets and emphasis on reaching their ultimate goal. It not only deviates them from the focused path but also diverges the thirst of observing and learning, which are an inevitable element of the business services. The most effective w...

Are you a restaurateur? Day by day, the ambition of the restaurant has been striking to hike. Food industry is a game of capability where they have to deliver the consistency and quality that diners expect. It is imperative that restaurant homeowners boost the performance of their operations by reducing...

Whether the adoption of strategic management accounting contributes to decision making? Let’s take a look!! In the current business scenario, organizations are experiencing greater challenges, increased complexity, and changes within the global economy, increased competition and rapid diffusion of data....

Dubai introduces many welcomed resolutions to take care of UAE’s position as a world-leading trade hub, it enhances the economic stimulus of the state towards transparent business functioning. UBO (Ultimate Beneficial Owner) Cabinet Resolution No. (58) of 2020 is the latest resolution introduced by UAE i...

It is indeed another progressive element to note that, as part of adopting the global best practices, FTA has included the facets of tax group also into the fast-evolving niche of VAT in UAE. Two or more persons conducting businesses may apply for tax registration as a tax group in UAE. Taking into accou...

With its advancement in logistics facilities and easy access across the world, UAE has been a focal point for the trading transactions in the Middle East. Also, the favourable efforts from the UAE government have played a decisive role to support the exports and imports by the companies in a controlled e...

E-commerce has been sustained as one of the favourable turnouts from advancement in technology all over the world. Apparently, the comfort and convenience offered by many vibrant virtual markets have highly changed the expectations and choices of the customers. Also as it can be seen, the recent pandemic...

Expo 2020 hosting vibes have been waving around all across Dubai for a long time now. The region is getting prepared for this most awaited event that is coming up with much eagerness. When the participating countries are actively busy putting up their exhibition spaces, it is extremely important to be aw...

Payroll can be referred to as the number of employees getting paid by their employer for the work they carry out. It is also related to the tasks involved in paying the employees such as calculating the tax, deducting it, making federal contributions such as in different insurance policies etc.  It...

Do you know about the accountant’s role as monetary interpreter or advisor in law firms? Since lawyers are not accountants, there must be an accounting department to handle the accounts. While many small businesses can handle the books themselves and get away with hiring a part-time bookkeeper, your busi...

Does the technology influence decision make of top-level management? Today, the business environment is changing ever faster and organizations must be more responsive to it. Companies want to be flexible, compensation schemes and control mechanisms are rigid. With the help of technology, managers will be...

Are you a freelancer or solopreneur? Do you need a strategic plan for attaining your financial objectives? No matter the dimensions of your start-up, you can enjoy the benefits of employing a firm that helps to organize your finance. When you’re a solopreneur you’re liable for not so thrilling business o...

Ever since the announcement in the year 2013 on the hosting location, Dubai has been eagerly looking forward to welcoming the Global exhibition in 2020. To add on to one of the pandemic impacts, the event has been postponed to start by October 2021. In spite of the rescheduling to the year 2021, the auth...

What are CIGAs? How income under CIGAs is treated are some of the recent queries received from the business owners since the ESR implemented in UAE. Before answering these queries, you should be aware of ESR regulations and examine if any UAE entities are within the scope of the economic substance requir...

Are you struggling to balance your business transactions during this pandemic? For many businesses, small and large, the measures taken to reduce the spread of the pandemic have led to shifting workplaces, declining revenues and, in some cases, workforce reductions, among other effects of varying scale....

Is IFRS an inevitable concept in Emirates? prior to beginning the pros and cons of IFRS let us assess it. Conceptual framework of IFRS is an asset of theoretical principles that underlie the preparation and presentation of financial statements. In the absence of the accounting standards, it is more likel...

In UAE, an audit is a very extensive and complex task as it is mandatory for the companies to be audited annually. An audit is the independent examination of the financial report of an organisation by a third-party. The purpose of an audit is to form a true and fair view of the financial reports presente...

Before analyzing the role of a tax consultant let us examine who is a tax consultant, and what does he do for a firm? A tax consultant is a person who looks after all the business transactions regarding the payment of tax and tries to minimize those payments abiding by the laws and regulations. He must h...

Do you know, oil and gas industry has contributed high revenues to UAE national economy as well as high per capita income. The resources from the oil and gas sector are invested in other industries. Thus, the oil and gas sector in the UAE contributes to the well-developed infrastructure and attracts fore...

Free Zone is a trade Zone, designed to market the international business in UAE by providing 100% foreign enterprise ownership. Free Zones offer attractive incentives like no requirement for a UAE national as an area partner/shareholder, tax exemptions on duties and taxes like Corporate, income Tax, all...

To remain on the safe side of the VAT law, one must get the simplest VAT firms in Dubai to assist with filing the returns. Today, we shall check out what to think about when hiring a VAT firm in Dubai. The implementation of the Value Added Tax within the United Arab Emirates may be a reasonably new chang...

Have you ever dreamt about expanding your business? Business growth and expansion is a big dream of the small business owner or start-up entrepreneur, who wants to take his company to the subsequent level. All multinational corporations that we see today began as a small local business, which grew and ex...

The UAE healthcare authorities focus on providing high-quality healthcare services to all the residents that contribute to their better living. As a result, UAE has made the majority of the healthcare services subject to zero-rated VAT. There are also healthcare services that are 5% standard rated. Healt...

Being a business owner, you need to keep an eye fixed on everything. Being liable for your company’s success and ensuring everything happens as you've got envisioned may be a tough job that you simply had best. But there's one specific area that ought to be an equivalent for all companies, something that...

Most companies have long term plans to expand their businesses but don't have the acceptable funds to ascertain these plans through. Under such circumstances, the corporation chooses loans or borrow money from various other sources to fulfil their plans. Off late, debt is considered as a fundamental part...

Taxes are significant for the rustic functioning of an organization. The revenue from taxes is the continuing source for the growth and development of the country. Thus, a rustic organization must periodically conduct a tax audit for the varied businesses within the business environment. The tax audit he...

Every business, at any time, has the possibility of falling victim to cash flow issues. It could be a case of late payments or any issue of oversupplying for low demand, within which any business problems of cash flow could occur. A reliable source states that almost 90% of the failures in business are d...

Before discussing what the amendments to IFRS 16 Leases are, what exactly does this IFRS relate to? Mainly, the IFRS explains how to recognize, measure and disclose leases. It provides a single lessee accounting model for all leases unless the lease term is 12 months or less or the underlying asset has a...

As we are living in a data-driven world it's very essential to adapt to the mundane of technology. Internal audit with the help of analytics helps to ensure the effectiveness of risk management and compliance processes. Integrating and properly embedding data analytics into internal audit approaches the...

The COVID-19 outbreak is causing widespread concern across the world, many companies are striving to module proactive measures like stress tests to tackle the unprecedented supply chain disruption and risks. During this recession looming time, cash and liquidity are paramount for the business. Operating...

As you know the tax system is one of the strongest assets of the UAE Federal Government, it was implemented to improve the standard of living and services. The VAT group registration is when two or more persons conducting businesses may apply for a single taxable person as a tax group. A company can get...

Yes, we vouch you for the best outsourced accounting services. When the novel coronavirus outbreak arrived in UAE, most of the enterprises found it as challenging and depriving. Businesses were forced to shut office spaces and terminate their services with poor cash flow. This has been especially problem...

As the world is going through the pandemic crisis the financial uncertainty in the economy badly affected the business functioning. Which adversely impacted the business and investor community across the planet. It has shuttered businesses and disrupted supply chains around the globe, forcing companies t...

As long as the time runs for doing ESR Compliances it's knocking at the doorsteps of businesses, it might be prudent for the companies in UAE to start out getting ESR Impact Assessment. To measure the impact a brief study on ESR is an inevitable part. UAE Economic Substance Regulations (ESR) was introduc...

Yes, Maintaining the books of accounts and necessary supporting relevant records of businesses are highly essential requirements for efficient management and control of the business operations. This may facilitate the right receipt and payment of money and other transactions entered by the corporate. Hen...

Is accounting software typically used in a mid-sized enterprise? Yes, Accounting Software plays a key role in the expansion of a business in UAE where it handles and provides complete information about your business financials. The right accounting software helps to manage the income and provides real-ti...

A company's financial statements provide vital information about its financial health. Financial Statements accurately reflect business performance and financial position of the corporate. Additionally, it helps all stakeholders including management, investors, securities analysts etc. to gauge and take...

The profit margin scheme is a way of VAT calculation certainly on a product and services. Beneath this theme, you'll calculate VAT supported the ratio rather than the whole worth of the sale. This theme was introduced to avoid double taxation on the second-hand product. The merchandise eligible for the p...

Almost like customer due diligence, a vendor due diligence in UAE is vital because it provides reassurance for the potential buyer that the prospect for the transaction is healthy financial-wise. So as to conduct vendor due diligence in UAE properly, a business has got to understand all the sorts of data...

As we all know, the disputes among the partners are common and often lead to loss. In every firm audit is a compulsory one. There are many advantages of getting the accounts; audited, nowadays many firms make a provision for audit in their Partnership Deed. In partnership firms, the accounts are audited...

As you know, amidst this business revolutionary era the CFO roles are changing. It’s becoming more focused on strategy, value and future. But the role in the service and utility sector is changing faster than the most. The ambit of the service sector is being reshaped by the general transformation that's...

Nowadays opinions matter a lot, one such opinion in a statement is an Audit report. An audit report is the end product of the audit process, a mode of communication on the output results of the audit work. It acts as the written opinion of the auditor relating to the company’s financial statements. It ce...

Running a construction company and want to avoid the common accounting‌ errors committed by construction‌ firms? Yes, Construction is a growing industry in the United Arab Emirates, the growth of which is measured by its project efficiency and the time taken to complete a project. In most of the cases, a...

The IT industry in Dubai is an ever booming sector. Information Technology firms in Dubai are already making a big mark on a global level by employing a large number of techies from around the world. Dubai is focusing on hosting many global level technical events that will increase the participation of i...

Each time the management of the company dreams to maximise the company’s worth and shareholders wealth. If you ever commit to get a brand-new business or sell associate, the primary and foremost issue you wish to try and do is to seek out the worth of the business. It’s conjointly applicable to grasp the...

The recent guidelines on UAE VAT Administrative Exceptions indicate that the economic scenario is changing from time to time, complying with VAT rules. You may face some complexities and challenges to get fully compliant with VAT law. These challenges can be related with sorting of tax invoices of the su...

How useful is real estate accounting? As we all know the Real Estate industry is one of the booming sectors for the United Arab Emirates. As stated by the Khaleej Times, in 2019, more than 35,000 residential units were completed, and that has marked the highest number delivered in a single year in Dubai....

Effective accounting is equally essential as having a good chef to run your restaurant successfully. After all, one of the most important parts of travelling to a foreign country is to indulge in local and global cuisine. Setting up a restaurant instil food safety standards and it is equally important to...

You may be interested to know the various VAT recovery expenses for your tax planning. The thought of VAT payments itself pulldown the head. If you often get confused about the VAT treatment in business check it out here you will find something new on the VAT recovery expenses while tax planning. The bes...

Why companies require tax consultants in the UAE? A tax consultant can help the individuals as well as business concerns to advise on the taxability of transactions and to ensure that the business is complying with the UAE VAT Laws. The tax regimes vary from country to country along with the complexities...

Is your company prepared for the UAE VAT? As a small word tax often strikes a little bit of fear in the minds of people and creates a dilemma regarding the tax to be paid from the point of origin- point of consumption. So herewith sharing the views, concepts and ideas behind the UAE Vat penalties in ligh...

Is your business thriving to survive? Are you in need of someone who keeps an eye on your cash flow? All these questions can prevail in your mind but remember apart from accounting there are other aspects which help in ticking over your business as life support. Sometimes the business owners are forced t...

Nowadays, there are countless pieces of queries on the excise tax and its calculation. The frequent enquiries regarding excise tax in the UAE put forward includes: how to register for excise tax? How to get prepared for excise tax? And how to make sure your business is 100% compliant with UAE excise tax?...

Sometimes your company shows a creep due to the dynamic economic situation in the market. These issues grow and make the company go through a situation that never saw coming and hitting its flow. Simply hoping that these issues get fixed by themselves, helps to see the company crumble from it. Financial...

Have you ever thought of how internal auditing is a value-adding component to an organization? You might know that internal audit is conducted by the internal bodies of an organization to verify the accuracy of business control procedures, governance structure, risk management and overall operations syst...

Before choosing an auditor for your business, a few questions can come to your mind such as trust, guarantee on their capacity to handle your audit within the timeframe, and deadlines you require. You need to feel confident in the auditor that he shows a genuine understanding of your business and industr...

If you want to make sure that your business is compliant with UAE VAT law, don’t worry. Here are some ways to meet the unique needs of your business ensuring complete, VAT compliance. Value Added Tax is an indirect tax on consumption and it is mostly applied on goods and services at 5% standard rate. GCC...

Still, you find issues with your accounting software? Here is the rundown of the top mistakes you perform while purchasing accounting software. As you evaluate your company’s needs, avoid the common pitfalls that undermine the potential growth of your brand value. The best way to avoid mistakes in your s...

Is your business striving to roll on higher efficiency? To get your business rolling, you need help to maintain your finance for ongoing success. In the market, you can find countless pieces of advice on accounting and bookkeeping practices for SMEs.

What's the best way to manage your business finance in tough economic conditions? Considering the big picture of business amidst this pandemic, there is a tendency to attack the problems with vigour. Read more and understand how to strengthen your business finance in serious economic situations. 

Thinking of how a professional accountant can help small-business owner? Read more and understand why a trained accountant is essential for small and medium businesses. Starting a business is an exhilarating task, you need to create a strong foundation to withstand the competition in the market. Business...

UAE Economic Substance Regulations (ESR) is one of the initiatives introduced by the UAE in response to the requirements of OECD. Two resolutions were passed on ESR on 30th April 2019 and 11th September 2019. CDA explains the things one should know about the Economic Substance Regulation of UAE.&nbs...

A professional accountant can help your business grow and flourish in flying colours. Every entrepreneur starts a business with the intension to grow and earn profit. Accounting plays a key role in running a business as it is vital to track income and expenses, ensure statutory compliance, and provide go...

The coronavirus has created chaos and has brought a huge impact on the economy in the UAE. As far the UAE is concerned, the novel Coronavirus will create an immense effect on various sectors including travel, tourism, construction, commodities, hospitality industry, and a lot more. The article describes...

Accounting must be called the ‘key to Social Change’. History says so. In history every country has a story of trade. Trade was/is considered as one of the most influential weapons by many countries. If trade is there accounting will be there. Before reaching the now, developed and technologically improv...

Every businessman’s life is constantly streamed with making decisions. Envisioning your future by peeping through your smart decisions helps in investment of funds. Accounting reports provide prompt information on the financial aspects of the business and functioning. Accounting & Financial Reports a...

Stop thinking and start doing the best way to get out of this messy behaviour of Procrastinating your finance. Most times our finances don’t function within the predetermined timeline and don’t maintain a system to meet the definitive due dates, which creates a last minute rush in closing of accounts lea...

For us Dubai is an omphalos to business, as a land of prosperity. Dubai welcomes all the business intents to start-up their dreams. For any successful business, bookkeeping services are very crucial. Booking the economic activities of the business in summarized entry format is the major part of bookkeepi...

Bookkeeping is the course of recording all business transactions to produce a set of accounting records. Bookkeeping services in Dubai allows the owners of the business to maintain useful accounting information about the business’ sales, expenses, assets, liabilities and equity. The role of a bookkeeper...

Building of a formidable financial infrastructure for the start-ups is an extremely challenging process. The business saying “Time is money” acts as a motto for startups to begin their business journey. In their journey they always dream about a bigger financial picture. The management of your start-up f...

An external audit is the detailed and independent examination of the books of accounts of a company which is prepared by the accounts department or an independent auditor. It is an impartial scrutiny which aims at zero error within the financials.It urges as a form of objective analysis on the financial...

Still you find mistakes with your financials, then it's high time to focus on internal audit services. Internal Audit is a micromanaging independent function within an organization for measuring the internal control procedures and quality check. For the purpose of achieving this objective, the Internal A...

Bookkeeping is the platform for maintaining the track of financials, and it act an integral part of the accounting process. The accounting process includes purchases, sales, receipts, and payments by an individual or an organization. In this era of business revolution, it is necessary to maintain systema...

Most start-ups fail due to running out of cash? If you are among them just start to low your expenses, to remain in longevity. No one knows what’s going to happen next in business better be prepared for any worst situation, so go for financial planning, It creates a timeline to follow your financial goal...

In this burgeoning business world, a better way to start 2020 is by organizing your finance. Planning, the stepping stone to organizing, create a clear picture of a fiscally sound future. The efficiency of any business is portrayed in its smooth functioning without running out of cash and in securing fun...

Compiling appropriate accounting records is naturally an imperative aspect for all successful businesses. Accounting Services is the procedure of meticulously recording accounting transactions and conducting constructive analysis of the results to take rewarding decisions. Nevertheless, the provision of...

When starting your own business, you often ask yourself the inevitable question of ‘where from and how much finance should I invest in my business?’. Especially in a market as competitive as Dubai, with so many established firms and countless sources to obtain finance from, business owners may be emotion...

Businesses must assess certain factors before making a new investment. These include the rate of return from EXPO 2020, the appropriateness of promoting their company through EXPO 2020 and the agreement of the EXPO 2020 environment with their business activities. They should most importantly determine if...

Financial advisor is a professional who has the skill and expertise to provide financial guidance about money decisions to a business allowing the owner(s) to make the most out of their initial capital investment into the business. He or she can help the business assess its financial performance and cons...

Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. VAT is a form of indirect tax and is implemented in more than 180 countries around the world. The end-consumer is ultimately bearing the cost. Businesses collect and account for the tax on behalf...

Dubai was selected as the titleholder to host The World Expo 2020 with the theme 'Connecting Minds, Creating the Future'. As of now, a total of 190 countries have confirmed their participation in the mega event. The international business exhibition is going to be hosted by Dubai from 20th October 2021 t...

CDA has been providing its skillful services to the business world for the last so many years fulfilling the needs of its clients with complete satisfaction. We can assist you deal with the VAT filing of your business in a better way and help you comply with the VAT rules on Reverse Charge Mechanism.

CDA provides highly qualified and experienced chartered accountants as tax advisers who have relevant industry specific experience in taxation complying with UAE Laws to prepare books of accounts and to meet the VAT filing requirements for your business. We are committed to provide the best VAT Advisory...

VAT filing has become an outlandish situation for many businesses due to ignorance of the compliance to law and lack of proper guidance. Any wrong interpretation of the law will lead to any bizarre situation with hefty penalties, loss of goodwill and lack of peace of mind. CDA professionals will examine...

Expo 2020 Dubai will definitely be an entryway into new markets for all businesses, offering them the chance to develop relationships with nations, multilateral organisations, corporations and educational institutions, as well as millions of visitors, reverberating Expo’s theme of ‘Connecting Minds, Crea...

CDA is a pioneer in providing part-time accounting services in Dubai and all over the UAE. It’s a team of highly competent and skilled accounting professionals. CDA offers categorically skilled and professional Part-Time Accountants who are cost effective for your company and in compliance with universal...

The United Arab Emirates Implemented Value Added Tax (VAT) on 1 January 2018 with a rate of 5 percentages on goods & services. VAT provides the country with a new basis of income, donating to the continued facility of high-quality public services in the future. It also helps the government move towards...

In the busy schedule, it may not always be possible to stay up to date with limited knowledge and resources. In this situation, outsourcing is a better option. Since your balance sheet, your bookkeeping and your cash flow forecasts often control your growth strategy, as a beginner, you may be in a dilemm...

An expert auditor can provide you with certified assistance and guide you in all your financial matters to tackle the turtle and gear up; for, the audit report delineates a clear-cut and comprehensive representation of the pecuniary stability of a company. Read more to understand the role and functions o...

The tax-free life of the citizens of the UAE came to an end on 31 December 2017 by the implementation of Value Added Tax by the Emirates. The GCC countries agreed to impose a rate of 5% tax on certain goods and services from 1 January 2018. Though the VAT rate is minimal compared to other countries in th...

The primary purpose of bookkeeping is to keep an entire and exact documentation of all the pecuniary operations in an arranged and organized mode. A book of account reflects the fiscal upshots of these operations or transactions.

Deregistration of VAT in the UAE means business in UAE cancels its VAT registration with the Federal Tax Authority (FTA). VAT deregistration in UAE is as important as registration for a VAT. There could be various reasons for canceling the registration for VAT in UAE. But such reasons should comply with...

A brilliant VAT consultant not only helps your business meet the required VAT standards but also provides inclusive solutions to run the business successfully and productively. A competent VAT consultant improves your business performance, operational efficiency, and VAT compliance.

Business Advisory Services are provided with the intention to support businesses to identify their strengths and overcome weaknesses in precise areas. These services give advice on business strategies like Budgeting and Cash Flow, Business Improvement and Transformation, Buying or Selling a Business, Pro...

There are several benefits of outsourcing accounting services for your business.It may be difficult for a business to manage the Accounting Activities within when compete with others and to comply with the legal requirements in the fast growing economy of the region. So Outsourcing Accounting Services ca...

​​​​​​​Tax is an enforced contribution to a state’s revenue, imposed by the government on workers' income and business profits, or added to the cost of some goods, services, and transactions. Taxation is a method by which governments back their overheads by imposing charges on citizens and business entit...

CFO or the Chief Financial Officer is one among the strategic higher-ranking executives in any private concern and is imperative to an organization’s long-standing success. He is the one responsible for the financial actions of a company. In the past, the CFOs had to concentrate only on the financial ope...

The Federal Tax Authority of the UAE has announced that from 1 August 2019 onwards, the sale or possession of any kind of cigarettes which do not bear the Red Digital Tax Stamp will be banned in the UAE domestic market.

The value-added tax law (VAT) @ 5% came into effect in the UAE from 1 January 2018. According to FTA (Federal Tax Authority) and DLD (Dubai Land Department), the impact of VAT on Real Estate in the UAE will be trifling, as about 85% of the components in the Real Estate are not exposed to tax.

On 16th June, 2019, the UAE Cabinet has approved the decision of tax (VAT) refunds for all international events and seminars conducted in the UAE. This decision specifies that the facilities operating in the seminars, conferences, or exhibitions sector are qualified for VAT refund imposed on the arrangem...

Good News! for tourists in UAE. Visitors and tourists can now claim VAT refund which they have paid on purchases during their stay in the country. Upon leaving, the tourists can reclaim taxes for their purchases from a fully electronic system or self-service kiosks. That means instead of going to an offi...

Here we will see the situations when you need to deregister VAT in UAE. Individuals and companies in UAE who registered with the FTA (Federal Tax Authority) for VAT (Value Added Tax) can deregister from

Under the UAE VAT Law, construction of any type of buildings is a taxable supply. Thus, when an individual build even a residential building, he needs to pay government tax for the construction related expenses which includes contractors’ bill, building materials, and so on.

Almost every business owner understands the need of keeping their financial books right. This is mostly due to the legal implications of failing to do so. For instance, in a region like United Arab Emirates, incompliance towards financial laws would invite serious issues to the company’s existence.

We often think accounting services are quite underrated. Not many business owners understand how useful they can be for their organization. To say the least, the right accounting services can take your business to a new level.