In this series, audit firms in Dubai discuss the foundations for internal audits by industry. It also includes basic definitions and concepts that relate to auditors in particular sectors. Bank Internal Audit Programs Internal audits of banks assess the effectiveness and efficiency of the bank’s processes, policies, and internal control systems. Effective risk management requires … Read more
Auditing giants in the UAE and around the call for an overhaul of conventional audit practices that can expose organizations to fraud. One of the leading audit firms in Dubai, UAE Farahat & Co recently suggested the following fundamental ways to improve auditing procedures. These auditing methods improve fraud prevention and detection. When it comes … Read more
The UAE Federal Tax Authority introduced a VAT refund for unregistered foreign businesses visiting the country. In this article, we’ll help business visitors and foreign businesses check whether or not they’re eligible in making a claim under the newly introduced VAT refund arrangement. Submitted claims for UAE VAT refund under the special recovery arrangement made … 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
At a recent cryptocurrency conference in Miami, the digital representation of the financial stock exchange bull was unveiled. Created by artist Furio Tedeschi, the bull signifies the world moving towards digital transactions and the use of cryptocurrency. What is even more intriguing when one looks at the robot-crypto statue is that it depicts the new … Read more
Before completing your VAT return filing in UAE, you should know there are financial measures that can significantly reduce the amount of Value Added Tax (VAT) you pay each tax period. These include deductions, credits, and more advanced relief or refund strategies. All these are practical steps for businesses to enhance VAT cash flow. There … Read more
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