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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.

There is no doubt over that accounting activities are essential in every organization. It does not matter how small or big your organization is, you have to keep everything under transparent eyes. That is why you would have to enable consistent services of accounting and bookkeeping all along.

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.