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
Auditing is basically an official examination and verification of the accounts and financial records of an organization. A financial audit is an objective, which is used to evaluate the financial or economical statements to ensure that the records are accurate and a fair representation of the transactions, which the organization has claimed to represent. There … Read more
The IFRS 9 Financial Instruments new standard has been present for a while now and most audit services in Dubai, UAE have familiarized themselves with the new changes. Here is a recap: The IFRS 9 standards require audit firms in Dubai, UAE to recognize an impairment of all financial assets held at amortized cost and … Read more
Most governments provide grants or other assistance to support certain businesses and companies. There is an obvious benefit to this assistance compared to other Dubai, UAE companies. Audit firms in Dubai working for entities or company audit professionals should properly report it in financial statements. How you may ask? Let’s go over the rules first … Read more
The VAT registered businesses in the UAE are supposed to fill out a voluntary disclosure form provided by the Federal Tax Authority in case they find any discrepancy with the previous tax assessments and tax returns. These voluntary disclosure forms enabled the business entities who are registered for VAT to notify the FTA about any … Read more
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