The assets, business, aim, purpose, and structure of an unincorporated partnership should be viewed as belonging to the partners. Applying corporation tax to the Partnership or association is a common topic of discussion in daily meetings. We’ve divided the collaboration into local and foreign partnerships to help you comprehend it better. What is an Unincorporated … Read more
Among the most vital elements of the taxation system in the UAE is the VAT return that is a to be filled by all VAT-registered businesses but with accuracy. This article will explore why VAT returns are important and hw Farahat & Co. can help you , make VAT return an integral component for your … Read more
Value Added Tax (VAT) is a consumption tax that is levied on the supply of goods and services in the UAE. Since the introduction of VAT in the UAE, the Federal Tax Authority has made three categories based on the nature of the supplies. These three categories are zero-rated, exempt, and standard-rated. The standard rate … Read more
Relevant to onshore or mainland businesses in the UAE real estate industry, the Ministry of Finance (MoF) announced the implementation of the Dubai Real Estate Corporation Tax law starting June 2023. This includes individuals, either nationals or residents, with commercial/trade licenses to conduct business activities in the country. Individuals and businesses must consult with corporate … Read more
There has been understandable confusion about implementing the value-added tax (VAT) system in the United Arab Emirates (UAE). Admittedly, not everyone is aware of what the tax system implies and how it works because the country has not experienced this before. It is the first time in history that the UAE applied the tax to … Read more
A company’s accurate bookkeeping and accounting process reflects the conciseness of its Financial Reporting. Accounting is the function that verifies, records, and communicates the financial and non-financial data of the company. On the other hand, financial reporting is a step further than accounting. Financial and management accounting is what one makes of the accounting information. … Read more
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