Accounting Record keeping & Auditing Other than in case of TAX group (Consolidated), UAE entities need to prepare and maintain stand-alone FS for CT purposes Penalty for Non-Compliance If…
UAE Corporate Tax – Qualifying Free Zone
QUALIFYING FREEZONE PERSON – CONDITIONS Corporate Tax on Free zone Business- Qualifying & Non qualifying, (Cabinet Decision no. 55 & Ministerial Decision no. 139) Corporate Tax on Free…
Internal Control over Financial Reporting (ICFR)
Preparing reliable financial information is a key responsibility of the management. Management’s ability to fulfill its financial reporting responsibilities depends in part on the design and operating effectiveness of the…
Is Audit Mandatory for Free Zone Companies?
In the UAE, mandatory audit/audits requirements can vary based on factors such as the type of company, its legal structure, its size, and its business activities. To comply with the…
Common Issues Faced by Accountants in The UAE
Changing Regulatory Landscape: The UAE’s regulatory environment for accounting and finance may evolve, requiring accountants to stay updated with changes in laws, regulations, and reporting standards. This can lead to…
Understanding Tax Invoices in UAE VAT
Introduction: Value Added Tax (VAT) is a consumption tax levied on goods and services in the United Arab Emirates (UAE) at a standard rate of 5%. Only VAT registrants are…
DATA REQUIREMENTS FOR VAT FILING
As you embark on the journey of value-added tax (VAT) filing, having a comprehensive understanding of the necessary data requisites is your foremost advantage. This blog serves you as a…
Dispelling the Myth: Why Owner Withdrawals Won’t Reduce Corporate Tax in the UAE
Introduction: As a business owner in the UAE, it’s natural to wonder if withdrawing funds from your company can help reduce the burden of corporate tax. However, this common misconception…
Administrative Penalties for Corporate Tax Law Violation
The Ministry of Finance has announced the issuance of Cabinet Decision No. (75) of 2023, regarding administrative penalties for violations related to the Federal Decree-Law No. 47 of 2022 on…
How to Get Your VAT Refund as a Tourist in the United Arab Emirates
As you embark on an exciting journey to explore the wonders of the United Arab Emirates, you’ll likely indulge in shopping for unique souvenirs, exquisite goods, and delightful experiences. While…
Corporate Tax on Business in UAE Mainland & Freezone – YouTube Video & PPT
Spectrum Auditing recently conducted an enlightening webinar on “Corporate Tax on Business in UAE Mainland & Freezone,” which focused on the implementation of Taxation of Corporations and Businesses. As part…
Permanent Establishment & Qualifying Free Zone Person under UAE Corporate Tax – YouTube Video & PPT
On 12th July 2023, Spectrum Auditing, UAE, in collaboration with Welltax Limited, United Kingdom (UK), hosted a highly informative webinar via Zoom. The webinar delved into the intricate topic of…