Accounting & Auditing
- Open the door to success
The Federal Tax Authority (FTA) is the governing body for issuing all guidelines for the Value-Added-Tax registration, return filing, and other general VAT related amendments in UAE. FTA has published a guide on Value Added Tax in Designated Zones. It aims to provide clarity on the way VAT is applied to companies in the Designated … Continue reading
For a start-up to survive in a dynamic business environment, Financial Management is a crucial element. Benefits for Entrepreneurs – Scaling up a Startup There are many benefits for an entrepreneur like being your own boss, work on your passion, reap significant rewards if the business succeeds, etc. However, entrepreneurship comes with its own list … Continue reading
It’s been two years since the VAT is implemented in the UAE. VAT implementation is progressing in the right direction with more companies registering for VAT indicating a positive market scenario. The Federal Tax Authority (FTA) has stated that the number of businesses registered for VAT in the UAE has increased to 312,000 since 2018. … Continue reading
Every business running successfully in the UAE requires a structured financial auditing and accounting practices to manage the daily accounts and avoid losses. SMEs and Financial Management Small businesses are considered as the economic backbone of the UAE. They are major growth drivers as they help in generating jobs that contribute to the local economy. … Continue reading
The Company Setup in UAE is tailormade to suit the investor requirement of saving Tax. UAE levy fewer taxes from the residents and foreign investors. UAE has mainly two business jurisdictions for the Company Setup – The Mainland and the Free Zone. It is governed by different business laws and levies certain taxes accordingly. There … Continue reading
UAE is removed from the European Union (EU) blacklist and all thanks to the introduction of Economic Substance Regulations. The United Arab Emirates (UAE) was removed from the European Union’s blacklist by the Code of Conduct Group on Business Taxation on October 10, 2019. UAE had introduced the Economic Substance Regulations under the specific guidance … Continue reading
UAE has grown into a key financial hub of the Middle East. The banking sector in UAE is a major contributor to the progressive economy, growth in business establishments, and the flow of investors into the UAE. The banking sector is a major component that supports and drives business operations and daily life in the … Continue reading
A tax haven or Offshore jurisdiction offers minimal tax liability for the investors. Many multinational companies operating in the United States and Europe have their Offshore counterparts in a tax haven country. It is a legal tax-saving strategy many companies follow to avoid paying heavy taxes levied in their home countries. By shifting the base … Continue reading
Tax Residency Certificate is issued for eligible Companies and Individuals to take advantage of the Double Taxation Avoidance Agreement (DTAA) Treaty entered by UAE with different Countries. To ensure that businesses based in UAE are not paying double the tax, UAE has entered into a Double Tax Avoidance Agreement (DTAA) with almost 76 Countries in … Continue reading
The arrival of 2018 saw the onset of the VAT era in the UAE. This phenomenon has given rise to mixed reactions among the residents and businesses in the UAE. Consumers feel that their buying habits have altered and that they have cut down the spending on luxury items. It can be observed that they … Continue reading
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