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
VAT has now come into force in Oman, which started on the 16th of April, 2021. A five percent standard VAT rate applies on majority of goods. Exempted items include the following: Food items such as fresh eggs, poultry, fish, meat, milk, fruits and vegetables, olive oil, coffee and tea, bread, sugar, nutritional products for … Read more
Non-core functions are often seen in a company. When you say non-core function. It means that it is a department or a part of your business wherein it doesn’t generate any revenue. But is simply there because it is part of what makes up a company. There is a number of non-core functions in a … Read more
Government authorities in UAE mandate businesses operating in the country to comply fully with tax regulations. Businesses that are struggling in matters related to VAT compliance in UAE are to seek the help of regulated tax agents in UAE to sort out all tax-related issues. If you don’t know already, the FTA, the country’s tax … Read more
Intimation of VAT on Exclusives Value-Added Tax which is considered as all-purpose utilization tax which is valid to the mainstream of business in supplies/goods and services. Therefore taxable must consult about VAT Registration in UAE in order to pursue business activities within a legal framework. Intimation of VAT on Corporations Companies that are involved in … Read more
What You Should Know About Management Accounting It is not easy to make business decisions even when there is a group of you (although that is also helpful) when you are not provided with enough information that you should have in order to weigh in important things that could either earn gains or incur losses … Read more
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