It’s essential for UAE business owners to stay current on VAT compliance obligations, since the Federal Tax Authority (FTA) enforces a structured, largely automatic penalty framework that applies the moment a deadline is missed, no audit or investigation required to trigger it. Understanding the actual current penalty amounts, not just a vague sense that penalties … Read more
There is a mixed bag of news around Covid-19. A number of sports stadiums are back to full capacity, masks have been taken off, and life is returning to normal in a number of places. Other areas, which are often the least prepared to deal with the virus, are facing worse problems than ever. What … Read more
Most accounting service providers in the UAE overlook insurance contract accounting entirely, since they aren’t in the insurance business themselves. With IFRS 17 now the applicable standard for insurance contracts, chartered accountants working across a range of industries should still confirm they aren’t inadvertently issuing arrangements that actually qualify as insurance contracts under the standard. … Read more
It is important for audit firms in Dubai to find embedded leases in contracts to avoid miscalculating the balance sheet, and plenty of judgment is involved. In this article, we shall walk you through the process of identifying embedded leases within a contract in Dubai. Embedded Leases: What Are They? In an embedded lease, a … Read more
It’s the era of creators, and the UAE government has taken several steps in recent years to ease and enhance the working platform for freelancers. The Abu Dhabi Department of Economic Development announced the freelancer visa in November 2020, allowing any qualifying professional to work in the UAE as a freelancer without requiring dedicated office … Read more
If you’re in the early stages of running your business, you’ve likely already built a loyal, solid customer base, and you have some budget to bring in help for specific aspects of the business. Like a natural multitasker, it’s tempting to simply put in extra hours yourself and save the money for a rainy day … Read more
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