What Audit Firms in Dubai Should Know About The Updated Audit Procedures Under ASC 842? We’re counting down to ASC 842 compliance. As of 2019, companies will have to report most operating leases on their balance sheets thanks to the new lease accounting standard from the Financial Accounting Standards Board. Essentially, ASC 842 is all … Read more
Before understanding the Excise Tax for Warehouse Keepers, it is essential to understand who a stockpiler is? A business that deals with excisable goods and cannot determine if the excise tax has already been paid for the same is known as a stockpiler. An excise warehouse is a place where goods are held in a … Read more
For the first time since the UAE tax laws came into effect in October 2017, the legislation now: Grants permission to pay tax penalties in installments. Specifies reasons that permit penalty waivers. * Prohibits installments or waivers if litigation is ongoing. Allows for a class action against tax penalties. Permits waiver of penalties paid during … Read more
It’s essential for UAE business owners to stay up-to-date on the latest tax regulations and requirements. This includes understanding penalties for non-filing of VAT returns in UAE that may be levied by the Federal Tax Authority as part of its efforts to ensure compliance with VAT laws. In this blog post, we will provide an … Read more
There is a mixed bag of news around Covid-19. A number of sports stadiums are back to full capacity, masks have been taken off, and life is returning to normal in a number of places. Other areas, which are often the least prepared to deal with the virus, are facing worse problems than ever. What … Read more
To register for VAT in UAE, taxable persons have to primarily establish their taxability. Further, it is essential to keep track of the documents and records related to sales, purchases, and other transactions to avert complexities upon VAT return filing in UAE. This includes transaction dates, description of goods or services provided/received, the value of … Read more
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