What is Value Added Tax (VAT)? VAT (Value Added Tax) got effective in UAE on January 1st 2018 in order to provide UAE with an extra source of income for improvising public services. The rate of VAT is 5% in UAE. What Does VAT Refund Mean? The Federal Tax Authority of UAE has introduced a scheme … Read more
The incidences of fraud on businesses across the globe are on the rise as fraudsters and scammers are constantly devising means to perpetuate their fraudulent activities. Their common fraud targets on companies are the companies’ bookkeepers such as the accountants, payroll specialists, and other finance members because they occupy sensitive positions and deal with the … Read more
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
Hold On!
For audit, accounting, tax, or VAT, our team is here to help.
Need Expert Advice on: