Quick Refresh on VAT in UAE It has been months since the value-added tax (VAT) was implemented to the whole nation of the United Arab Emirates (UAE) the last 1st of January 2018. VAT is an indirect tax. Mainly acting as its name that value is added to each supply chain at a respective rate. … Read more
Why Bookkeeping Discipline Matters More for SMEs Small and medium enterprises rarely have the luxury of a finance department with specialists for every task. One person, sometimes the owner, often ends up managing invoices, chasing receivables, and preparing figures for tax filings alongside everything else the business needs. Bookkeeping and accountancy are related but distinct … Read more
Beginning of the Tax Regime in the UAE Before the announcement of Tax Procedures, there has been extensive researches and studies on the part of the government, making sure that everything will be relatively easy for everyone in the country. Since the landmark Federal Law Number 7 of 2017 regarding Tax Procedures was issued by … Read more
Nobody wants a tax audit as it is believed to be draining. There are known ways to avoid this kind of audit without doing anything illegal. You can approach your tax consultant in UAE to ensure that you are indeed taking good steps in going under the radar of being audited. Regardless if you are … Read more
What Is Accounting and Bookkeeping in the UAE? Accounting is the systematic recording, classification, and reporting of a business’s financial transactions. Bookkeeping is the foundational part of this process: the day to day recording of sales, purchases, receipts, and payments that later feeds into financial statements. In the UAE, accounting and bookkeeping cover several disciplines, … Read more
What Is VAT in Oman and When Did It Come Into Effect? Value Added Tax came into force in Oman on 16 April 2021, under Royal Decree No. 121/2020, making Oman the fourth Gulf Cooperation Council member state to implement VAT after Saudi Arabia, the UAE, and Bahrain. The Executive Regulations supporting the law were … Read more
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