The UAE Federal Tax Authority (FTA) issued a public clarification (VATP029) to provide gold jewelers or suppliers and registered dealers in the country guidance on the application of Value Added Tax on the supply of gold items, and products, and making changes. UAE VAT consultants can provide further clarity on indirect tax legislation in relation … Read more
A business in Dubai opens a second office in a building and signs a rental contract with the landlord. The duration of the contract is 5 years, and either party can end the contract at any given time by giving a 60-day notice. Both parties can adjust the contract duration if they all agree or … Read more
In this article, we will learn about the tax treatment that applies to the supply of Electronic Services provided via the Internet or similar electronic networks, and how VAT is calculated in terms of such supplies. What are Electronic Services? The term Electronic Services is defined in the Executive Regulations for VAT (the “Executive Regulations”) … Read more
No matter how large or small a Dubai, UAE organization, it must use its technology systems effectively to access data. Technology investment is a must if a company in Dubai and UAE wants to grow and prosper. However, relying on IT may lead to technological risks for the company. This is where an IT Audit comes in handy. IT … Read more
Global financial reporting has witnessed a shift towards International Financial Reporting Standards (IFRS) over the past decade. These guidelines and accounting standards are for Dubai-based audit firms and all other users of financial statements for public sector entities. There are over 120 nations around the world that would allow or enable the execution of IFRS … Read more
The latest guide on Anti Money Laundering (AML) for the legal industry from regulators reinforces their expectation that UAE businesses assess whether or not they should establish an independent audit and determine if it would benefit them in any given case. Regulation 21 of the 2017 Money Laundering Regulations states that an independent audit firm must … Read more
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