Every business in the UAE involved in importing or exporting goods must follow customs regulations, along with applicable taxes and duties. Complying with these rules requires effective management and careful planning, the regulations can be complex, and remaining fully compliant with the movement of goods can be genuinely tricky, especially for larger businesses. Shipping requirements … Read more
Why Internal Audit in UAE Banks Is Distinct From General Corporate Internal Audit Internal audit functions in UAE banks operate within a regulatory framework that imposes requirements well beyond those applicable to general commercial businesses. UAE-licensed banks are supervised by the Central Bank of the UAE (CBUAE), which has issued specific prudential standards, consumer protection … Read more
Why Choosing the Right Internal Audit Firm Matters More in the UAE Now Internal audit has moved from a governance box-ticking exercise to a substantive assurance and advisory function for UAE businesses. The introduction of Corporate Tax under Federal Decree-Law No. 47 of 2022, combined with existing VAT obligations, AML compliance requirements, and the heightened … Read more
What Is the UAE VAT Refund Scheme for Business Visitors? The UAE Federal Tax Authority (FTA) operates a Business Visitor Refund Scheme that allows qualifying foreign businesses, those with no place of establishment in the UAE and no VAT registration here, to reclaim VAT incurred on eligible business expenses during their time in the country. … Read more
Public clarification EXTP007 has recently been issued by the UAE Federal Tax Authority to explain how to get the approval of excise tax relief in UAE for shortages or deficiencies of goods within UAE Designated Zones. It also laid out the official process on how to destroy excise goods within UAE Designated Zones. There are … Read more
Reducing VAT liability legitimately isn’t about avoiding what’s owed, it’s about making sure a business actually claims everything it’s entitled to and doesn’t leave recoverable VAT unclaimed simply because a deadline was missed or a supporting record wasn’t kept. There are practical, well-established steps every VAT-registered business can take, and some options available only to … Read more
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