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
The majority of accounting services in Dubai and UAE ignore insurance accounting because they are not in the insurance business. Now that there will be a new accounting standard related to insurance contracts, chartered accountants should check to make sure they aren’t erroneously issuing them. Understanding Insurance Contract In IFRS 17, a contract means a … Read more
The excise tax definition states it is an indirect tax levied on harmful goods to the health or the environment. If you are to trace the history of excise tax, they are deemed Pigouvian taxes or sin taxes. In UAE, however, the motive of excise tax being levied is to reduce the consumption of unhealthy … Read more
It is important for audit firms in Dubai to find embedded leases in contracts to avoid miscalculating the balance sheet, and plenty of judgment is involved. In this article, we shall walk you through the process of identifying embedded leases within a contract in Dubai. Embedded Leases: What Are They? In an embedded lease, a … Read more
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the … Read more
Hold On!
For audit, accounting, tax, or VAT, our team is here to help.
Need Expert Advice on: