Understandably businesses in the UAE surmount several challenges. When coming to Value Added Tax (VAT) compliance, and most of them make errors that result in penalizations and legal hassles. As experts in accounting and tax services, we have created a comprehensive guide to help you avoid the most common VAT-related mistakes in UAE. This guide …
The introduction of VAT in the UAE has completed five years, and it has brought mandatory record-keeping and FTA audits into the spotlight. As a result, many companies have already received a notice to start the VAT audit process, which requires them to maintain records for additional years, as per the FTA requirement, from the …
VAT Audit Notifications in UAE on the Rise: Are You Prepared for FTA Audits? Read More »
Corporate Tax comes to UAE – Summary The newly implemented UAE Corporate Tax will now apply to all businesses in the Emirates, with the exceptions of mining industries and any work involving extraction of natural resources, which would still remain subject to Emirate level corporate taxation. All foreign entities and individuals likewise shall be …
What are Corporate Tax benefits that businesses avail in UAE? Read More »
In the recent few years, the UAE experienced significant tax changes with an objective to streamline its tax system and bring it in tandem with international best practices, also diversifying its state revenue. Starting with the implementation of Value Added Tax (VAT) in January 2018, and followed by the introduction of economic substance rules (ESR) …
What are the taxable and accounting profits of corporate tax in Dubai? Read More »
In the UAE VAT is broadly classified as taxable supplies in businesses, which include both zero-rate supplies and exempt supplies. Taxable supplies are levied a standard rate of VAT at 5% whereas on zero-rated and exempt supplies, no tax is levied. However, the VAT treatments for zero-rated and exempt supplies are quite different. The applicability …
How does VAT vary for different businesses in the UAE? Read More »
Excise Tax in Dubai Excise Tax was introduced across the UAE in the year 2017. It is a form of indirect tax levied on injurious goods that are typically harmful to human health or hazardous to the environment. These goods are also referred to as “excise goods”. When considering whether a product is deemed as …
What is Excise Tax in Dubai and how is it calculated? Read More »
Accounting & Bookkeeping in Dubai, UAE. Here Are Some Interesting Facts That Maybe Be Unheard Of. The UAE, and Dubai specifically, are active business hubs. Owing to the fact that Dubai’s economy has been flourishing, there are millions of aspirants who not only wish to work here but also plan to set up their permanent …
Interesting fact about Accounting and Bookkeeping in UAE Read More »
Tax has finally arrived on the shores of UAE and it’s sure time to study up! Tax has been such a small, little unassuming word – but armed with the power to strike fear and anxiety amidst the hearts of all who hear it. But what’s the reason behind this unassuming madness? Many people unknowingly …
Everything you need to know about UAE tax legislation Read More »
Each passing day, the world’s shifting gears towards a unified collaborative model amidst all industry sectors and fields aiming to achieve different goals while carving tangents at a wider level. Setting up a business with investments and stakeholders worldwide, is a great growth opportunity for every investor post pandemic. Currently, AE is advancing its taxation …
What are the corporate tax regulations in the UAE specific to the oil and gas industry? Read More »
After Qatar, Oman, Saudi Arabia and Kuwait, the UAE has now introduced the Corporate Tax, which will be applied across the Emirates. On 9th December 2022, the United Arab Emirates issued the Federal-Decree Law No. (47) of 2022 regarding the taxation of corporations and businesses. This law provides the basis for the implementation of …
