Artificial Intelligence – A Game changer for Accounting Sector AI is empowering Accounting Sector to focus on the value-based businesses while attracting more customers and boosting the revenue within less…
Redefining Accounting with Artificial Intelligence and Machine Learning
Redefining Accounting with Artificial Intelligence(AI) and Machine Learning(ML) Is Artificial Intelligence just a science fiction or a real phenomenon? For decades accounting professionals were persistently hungry for new technological innovations…
Time-frame for recovering Input Tax
Time-frame for recovering Input Tax Article 55 of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (“VAT Law”) prescribes the time-period within which input tax should be…
Accounting, Auditing and VAT services in UAE
Key stages of standard auditing process
Key stages of standard auditing process Auditing or audit accounting is a prime method for ensuring a company’s finances are being used efficiently and compliant to the rules laid by…
Payroll Software – a simple IT solution with several benefits
Any size of the business runs on one basic concept; there should be enough profits or Return on Investment for the business to run smoothly and grow efficiently. For this…
ESR in Dubai
The ESR in Dubai allow a business to outsource their major or other activities to third party service providers. But the third party must be reside in Dubai and they…
Intellectual Property Business under ESR in UAE
Intellectual Property Business under Economic Substance Regulation in UAE Definition: High Risk IP Licensee is a Licensee which carries on an Intellectual Property Business and in respect of which any…
Distribution and Service Centre Business under ESR in UAE
Distribution and Service Centre Business under Economic Substance Regulation in UAE Definition of Distribution and Service Centre Business: Any of the following businesses: (a) purchasing from a Foreign Connected Person…
offences and penalties for non compliance of ESR in UAE
Offences and Penalties where the Economic Substance Test is not met under Economic Substance Regulation in UAE An amount of administrative penalty of not less than dirhams ten thousand (AED…
Requirement to provide information under ESR in UAE
Requirement to provide information under Economic Substance Regulation in UAE A Licensee shall notify the Regulatory Authority annually of the following – whether or not it is carrying on a…
Holding Company Business under ESR in UAE
Holding Company Business under Economic Substance Regulation in UAE Holding Company: shall have the meaning as set out in the law governing such activity in the State. Definition of Holding…