VAT Health Check in Dubai A VAT health check is defined as an independent review of the VAT procedures of a business by an experienced VAT consultant. The purpose of doing a VAT health check is to check the effectiveness of the V.A.T procedures, documentation, and control processes that are being followed by a business … Read more
IFRS 16 applies to annual reporting periods that begin on or after January 1, 2019. However, earlier applications are permitted, provided audit firms in Dubai and other users of financial statements also use IFRS 15. What is IFRS 16? IFRS 16’s purpose is to help UAE company audit specialists accurately represent lease-based transactions and support … Read more
Expo 2020 is finally here! Indeed, the UAE Government has ensured that the ease of doing trade during Expo 2020 relieves the stress out of the participating countries. The Federal Tax Authority (FTA) has issued a Cabinet Decision on VAT Refunds for Expo 2020 participating countries and organizations. The VAT refund for Expo 2020 is … Read more
Financial forecasts are one of the most crucial parts of business planning, operations, funding, and budgeting. They are what leaders and stakeholders rely on in order to make informed business decisions. A financial forecast provides an estimate of a company’s future financial or economical outcomes. It is an integral stage with the annual budgeting process. … Read more
It has been a long time now that Gulf economies have kept their taxes low or zero to attract international investors and company owners. The GCC continues to be an attractive location for global investment owing to the region’s generally favorable tax regimes. Nonetheless, several changes have been implemented to diversify the region’s income streams … Read more
An amendment to IFRS 16 Leases related to Covid-19-related rent concessions has been published by the International Accounting Standards Board (IASB) to guide audit firms in Dubai in extending the application date of the amendment from last year – in May 2020 amendment – to enable lessees to account for Covid-19-related rent concessions beyond June … Read more
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