Value Added Tax (VAT) is essential for businesses operating in the United Arab Emirates. VAT registration is mandatory for businesses meeting specific turnover thresholds. Registering for VAT ensures compliance with…
Common Mistakes in UAE VAT
The introduction of Value Added Tax (VAT) in the United Arab Emirates has brought about significant changes in the way businesses operate. While VAT can be a valuable source of…
EmaraTax UAE PASS
Latest news from the UAE Federal Tax Authority (FTA): The United Arab Emirates Federal Tax Authority (FTA) has issued a latest update and has informed in a recent circular that…
Accounting Record Keeping Under Corporate Tax
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…
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