Many economists and top audit firms in Dubai predict that the economic effects of the pandemic, which had devastating consequences for economies around the world, were to be apparent sooner than expected. Gold served as a means of wealth preservation. This is why many institutions in Dubai and UAE and individuals started to invest in … Read more
In this article, we will discuss an Audit Services overview of IFRS 15 related to the real estate industry. IFRS 15 and the Real Estate Industry in Dubai and UAE The IASB IFRS 15, a converged standard for financial audit and statements, prepares to recognize revenue from customers’ contracts. This replaces all existing IFRS revenue … Read more
No more hiding for violators and evaders. The UAE’s Federal Tax Authority (FTA) formally launched a dedicated whistle-blower program —Raqeeb— as a means of discouraging evasion and other violations. The goal of the new program is to alert the public to a platform where they can report businesses, entities, or companies that engage in fraudulent … Read more
Conducting accounting procedures on servicing equipment, spare parts, and other similar items is one of the biggest challenges that audit firms in Dubai face in relation to property, plant, and equipment. This topic is not covered in the IFRS standards. This guidance is very limited. Companies must rely on their own judgment and careful assessment … Read more
The business entities also referred to as the taxable persons are required to follow the FTA guidelines for all kinds of transactions in the UAE. VAT refunds are a way of recovering the extra tax paid by the taxable persons from the government. This write-up shall be discussing the possible VAT refunds for taxable entities … Read more
UAE Tax Audit is a procedure by which the Federal Tax Authority inspects commercial records and any other information related to a Person Conducting Business. The FTA conducts tax audits in UAE to ensure that the government can assess whether a taxable entity has met the requirements and adhered to the VAT Laws. The FTA … Read more
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