Canceling an LLC is a step that you need to be sure about when you decide to do so. Having the right person to guide you through it is crucial to avoid such instances of fines and penalties, and we are here to help you through the process. After receiving the final certificate, the LLC will be legally dissolved, and no more legal duties will be necessary.
The procurement department plays different roles in different organizations. These roles can be procuring, acquisitions, relations building, corporate social responsibility or customer service. Though, when it comes to the hotelier industry, the role of the procurement department intertwines with nearly all aspects of the hotel. It goes with all of the roles we highlighted above and further into the inner details like the final customer experience and ways to improve their experiences while at it.
The UAE’s ministry of finance on 31st January 2022, through a press release, announced that it will start imposing federal corporate taxes on profits from business entities within the territories starting June 1st, 2023. As stated by the ministry, this will be a move to help minimize the compliance burden imposed on UAE businesses. This will be the first time businesses will remit taxes on corporate profits after introducing the sales tax in 2018.
VAT refund facility at self-service kiosks The Federal Tax Authority (FTA) has organized field tours to the ‘Self-Service Kiosks’ in Dubai International Airport-part of the Value Added Tax (VAT) Refund Scheme for tourists – to ensure The steadiness with the FTA’s strategy to provide services that meet taxpayers’ aspirations, and its commitment to abiding by Cabinet Decision No. (41) of 2018 on Introducing the Tax Refunds for Tourists Schr.
The FTA asserted that the Cabinet Decision would boost the UAE’s global business competitiveness by establishing a tax legislation environment that encourages self-compliance and offers significant support to the national economy. The Decision outlines 16 types of administrative penalties that have either been reduced or had the method of calculation amended. The amendments include administrative violations related to the application of Federal Law No. 7 of 2017 on Tax Procedures, Federal Decree-Law No. 7 of 2017 on Excise Tax, and Federal Decree-Law No. 8 of 2017 on Value Added Tax.
FTA recently Issued VAT Public Clarification on Mobile Phones, Airtime, and Data Packages Made Available to Employees for Business Use:
A business is entitled to recover input tax in respect of Phones, Airtime, and Packages acquired if these costs are incurred to make taxable supplies and the following requirements are met
FTA has issued cabinet decision No. 88 of 2021 to update the provisions related to specific Zones stipulated in Article 51 of the executive regulation of Federal Decree-law No. 8 of 2017 on value added tax by inserting additional sub-clauses to clause five and adding a new clause 7 with an effective date of 30 October 2021. These modifications clarify components of products and services within the same specific zone, as well as the movement of items from a designated area to within the state.
An external audit is a financial examination that an independent accountant conducts. The sole purpose of an external audit is to provide confidence and assurance to lenders, stakeholders, or investors about the financial statements issued by their company that they are truly and fairly present their organization’s results and financial position.
After the applicant has successfully applied for the reclamation of the refund of the VAT, the Bureau Expo 2020 Dubai performs the initial check on the refund claims received from the Office of the Official Participants in accordance with the forms prepared by the Authority. Where the refund claim is correct, the Bureau Expo 2020 Dubai makes a request to the Authority to refund the amount.
Excise tax is a flat-rate levy on the sale of particular products, services, and operations. It is an indirect kind of tax that means it is not paid by the customer directly. Instead, the producer/company that includes it in the product price will be charged excise tax. It is your obligation to collect and pay taxes to the authorities responsible for any of the items that your firm sells.
”Every company shall keep its accounting books in its head office for a period of at least 5 (five) years from the end of the financial year of the company.’’
Climate change risk must be integrated into corporate planning, finance, processes, and communications by chartered accountants and the companies they deal with.
The UAE has one of the biggest economies in the Middle East. Over time, it has developed from a primarily dependent on oil exports to one that has completely utilized its strategic geographic location and diversified to become recognized as a global centre for trade, transportation, and logistics.
Any freelancer or solopreneur requires a comprehensive plan to achieve their financial goals, including accurate record keeping, increased profitability, and tax compliance. You, too, will profit from hiring an accounting firm to help organize your finances.
There is a lot of buzz about influencers in the UAE right now, representing the global trend. Many regional and foreign influencers easily accomplish a significant involvement and follow-up within the UAE
It is no wonder that payroll outsourcing to software and service providers is becoming increasingly popular with a rising trend towards outsourcing the non-core functions of the operations to organizations
Dwelling inside the complex and constantly changing digital age, with the emergence of an era and the increasing convergence of the world through globalization, businesses must expand active and set goals adaptable to the instances.
Bogged down by the time-consuming nature of the audit, your company’s internal auditors even often suffer from ‘Audit Exhaustion.’ But all it takes is to pick the best approach to make a difference by allowing the consistency and smooth flow of the internal audit process.
Are you a Warehouse Keeper registered with the FTA or an Excise Tax Registrant? Then this article is for you.
Today’s market world’s dynamic nature has contributed to a rise in organizations’ challenges and uncertainties. The growth in consumer interest has led to a dramatic increase in rivalry, as more and more businesses are now seeking to satisfy these consumers’ demands.
We often find it reluctant to set up our own company. But creating a company in the UAE is a reasonably simple and hassle-free process. However, incorporating a business in the UAE involves a UAE resident owning 51% of the firm.
This notice is intended to provide guidance to entities undertaking one or more Relevant Activities that are required to submit a Notification (and/or Economic Substance Report) in accordance with Cabinet Decision No 57 of 2020 concerning Economic Substance Requirements…
As an opportunity for Medium-Sized Enterprise, you can choose to do formal valuations for your business ventures, projects, segments, or the whole corporation.
I understood that establishing my online fashion business would be a long-term investment. It’s something that I’m optimistic about, so it doesn’t sound like a job. Yet I didn’t know how much more time I would have wasted from not getting the correct accounting solution in place from the outset.
Asma Sajid | Narrated by: Sara
The effect of coronavirus on companies has made us aware of the value of diversification. If a specific good or service suffers from a pandemic, you already have some to rely on, and which indeed decreases the risk factor.
Tax time is both challenging and exciting for every company. The corporation’s annual tax return gives useful information into sales and spending and yearly progress.
There is no lack of schools for businessmen of any kind: accountants, engineers, financiers, technologists, knowledge specialists, advertisers, and, of course, general managers, who have hundreds, if not thousands, of MBA programs to choose from.
Customers today can get their hands on a wide variety of consumer products and services, all available with a tap, click or swipe, as the e-commerce industry gains traction regionally and internationally.
Are you continually juggling as a business owner with things like boosting your company and paying off your business debts? You may have taken a business loan to launch a product or expand your business, sometimes having to handle a lot on your plate might have escalated to business debt.
The challenges of recent instances have highlighted how the internal audit feature remains a trusted consultant for corporations. The internal audit functions which have effectively helped the companies navigate via risks during the pandemic
The VAT Refund User Guide for Foreign Business Visitors published by the FTA states that claims made by businesses established.
Aneez Mohammed S.
Value Added Tax in the United Arab Emirates can be complicated. And understanding VAT, while you are busy running your business, can be difficult. Such a situation makes you more prone to making VAT errors and not comply with VAT rules correctly.
Enron, was an American seventh largest of its time company, bankrupt in 2001, destroyed more than $60 billion of shareholders value, more than 5,000 employees fired just after bankruptcy declared.
As the saying goes, “you ask the wrong question – You get a wrong answer. And that certainly implies in everything we say or everything we want to know. So, are you sure you are asking the right question when you tell which is the right or the best accounting software for your business?
An audit is like yearly health check-ups. You presumably don’t look forward to getting one, but they are very crucial for you (and your company) to operate accordingly in the long run.
The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) has released the Cabinet Decision No. (1) of 2019 on the…
The UAE Business fraternity has welcomed measures to partially reopen offices.
UAE introduced Economic Substance Regulations (‘ESR’) under its commitment as a member of the Organization…