A legal procedure, statutory audit helps ascertain and understand the correctness of the financial records and statements of an organization. Since all government departments and organizations need to report their performance, it is mandatory that they must conduct statutory audit from time to time. Often, statutory audit is conducted for the public...
Due diligence auditing is carried to appraise the financial performance of a business via a series of assessments. Since the auditing can provide deeper insights into the earning capabilities of another business, the competency of its management, its potential customers, and its suppliers, a clear picture of the overall financial stature of the company can be had by a client.
There are diverse types of Value Added Tax that a business needs to take care of while conducting their business. No matter if you sell services or products, you need to ensure that the both input and output VAT is timely registered and files. Failing to comply with a variety of VAT provisions can attract legal consequences and penalties from government bodies against you. As such, it is really...
Inventory control or stock control is an activity of checking your company’s stock. Inventory control practices and policies should apply to more than just finished and raw goods. Areas where businesses incur expenses or lose sales that inventory control practices and methods could address include: Spoilage Deadstock Excess storage costs Cost-efficiency Excess stock Losing track […]
VAT or Value Added Tax is an indirect taxation system that has been adopted by more than 160 countries around the world. In 2018 January, UAE has decided to implement the same in the country with the base rate 5% tax. This has required all the businesses coming under the taxation purview to adhere to the guidelines and mandates of the tax system. The VAT Lax required...
After VAT was decided to be implemented from January 2018 in the UAE with the rate of 5.00%, businesses are mandated to follow the new tax system and comply with the same unfailingly. This has ensured that all businesses my implement VAT in their business operations and stay compliant to the tax regime as demanded by the VAT Law...
As a business when you are paid tax to the VAT authority, every quarter you need to file VAT returns to the authority explaining to them how much tax they must refund the business. This become really important for a business since failing to comply with VAT regulations can result in revenue loss and stringent legal penalties. In addition, if you are a business...
VAT or Value Added Tax has become one of the most common tax system accepted by almost all countries across the world. If you are a business that looks for professional support and advice in a range of aspects of VAT in UAE, then AM Audit is one of the best places that you can get all the help you need. Ever since the government of UAE has accepted...
Since VAT has become the most tax system in UAE from January 2018, it is imperative that a business understands everything about VAT and the importance of being compliant with a variety of its requirements. However, that’s not an easy thing to do since VAT is extremely extensive and often confusing...
Carrying out VAT documentation is no doubt an extensive and highly tiresome job to carry out. With bigger and more extensive business transactions, more complex VAT documentations come. And most businesses may not have the full expertise and understanding to take care of all the VAT documentation processes. That’s the reason you need expertise hands on the deck to
UAE National can claim a VAT refund on the construction of a new residence built for personal use. A person who constructs a building is liable to pay VAT for the expenses incurred during construction which includes building materials, contractor’s bills, and many more. UAE nationals can reclaim the tax paid on constructing their new […]
VAT Health Check is essential for your business to ensure that it complies with the legal requirements of the VAT in the UAE. It helps your company understand whether it is ready to adhere to all the VAT provisions and conditions. VAT Health also checks asses and warrants the accuracy of the information submitted to […]
To report errors and changes in VAT Returns and VAT Refunds, FTA provides a VAT Voluntary Disclosure Form. VAT Form 211 or VAT Voluntary Disclosure form assists you in correcting the mistakes made while submitting a VAT Return. Within 20 business days of discovering the error, you should file your VAT Voluntary Disclosure or request […]
A VAT-registered business that charges 5% VAT reasonably can claim the refund. VAT-registered business owners must submit an annual VAT return. To clarify you, the money you collect on the sales is the output VAT, while the funds payable to the supplier that adds to the expenses is the input VAT of your business. If […]
Do you believe that your company has been not liable for the penalties? Or do you not agree with the Federal Tax Authority‘s (FTA) decision over your penalties? FTA, as the regulatory body for United Arab Emirates VAT Laws; takes charge of managing and collecting federal taxes and fines. And knowing tax laws has its […]
FATCA is a federal law of the United States (“US”) aimed at combating offshore tax evasion by US persons. The law approved by the US in 2010. According to FATCA, Foreign Financial Institutions (“FFIs”), must report financial information about US persons. The UAE signed an Intergovernmental Agreement with the United States of America on 17 […]
The CRS was developed in response to a request by the Organization for Economic Co-operation and Development (“OECD”) during the Global Forum in Berlin and entered into force in October 2014. The UAE signed the Convention on Mutual Administrative Assistance in Tax Matters (“MAC”), the Declaration of Multilateral Competent Authority Agreement on Automatic Exchange of […]
According to Federal Decree-Law No. (7) of 2017, from 1 October 2017, the excise tax legislation will come into force. The authorities had announced that as of 1 October 2017, Excise Tax would be in full effect. Because the Nation introduced the Excise Tax, it will allow companies and corporate houses to be more transparent […]
Tobacco products, energy drinks, and carbonated drinks are subject to excise tax. The nation had chosen to levy an excise tax on all e-cigarettes, e-liquids, and sweetened beverages that signed and ratified this January. A significant change found in firms that produce, supply, or export them. The Federal Tax Authority of UAE has made an […]
The FTA is committed to providing comprehensive resources and advice to help with this, however, the duty is on the organization to ensure that all necessary regulatory requirements are met. The FTA conducts audits of taxable businesses and imposes disciplinary action against those who do not comply with the legislation. The due date to file […]
Federal Tax Authority wants all the Warehouse keepers of one or multiple Designated Zones to appoint a certified external auditor to audit the Opening Stock as of 1st January in each Designated Zone per Excise Tax Registrant. Submit audit report before filling in the Opening Stock Declaration Form. Deadline to submit the Opening Stock Declaration: […]
A registered individual may request that the tax authority discontinue the registration of excise tax if he is no longer liable for excise tax as provided for in the law. This is deregistration. Who Has to Apply for Excise Tax De-Registration in the UAE? When the taxable individual ends taxable practices such as importing, manufacturing […]
No business in the world is entirely safe from a variety of internal and external threats such as fraud and misrepresentation. As such, it is really important for a business to carry out regular fraud and forensic accounting services to ensure that everything is well in their accounting and book-keeping processes. Since fraud activities cannot.
Company liquidation and bankruptcy services in Dubai always require exceptional experience and process knowledge to ensure that the services are carried out as per the legal requirements of the same. Though it is a painful decision to dissolve or liquidate your company or file bankruptcy, you need to do it as per the framework established in the country for the
One of the most important management functions of any business, book-keeping helps a business ensure that they meticulously tracks, updates and maintains their books of accounting to help them make intelligent and informed decision for a range of business purposes. Due to the very complex..
If you are running a family business, it is quite possible that you might be unaware of various legal requirements that your business needs to comply with. In addition, since these requirements can change from time to time, it is quite impossible for a business person to both take of the business and follow these changes to be complaint with them. This is where you need a permanent.
As a business that can impact the economy of the country, you are always required to adhere to a set of laws, acts and guidelines put forth by the government from time to time. Since the government has a range of wings to monitor, make recommendations and implement these compliance requirements, it would easier for them. But complying with all of these statutory requirements
Value Added Tax is one of the most comprehensive and widely-used indirect tax systems across the world and in UAE. Ever since the constitution of VAT Law in UAE in 2018, businesses, that come in the tax bracket, in UAE must file and register for VAT to ensure compliance with the statutory requirements. However, this is not a simple, single process and it can..
Over the years, auditing has grown beyond just ensuring if the financial records and documents of the company are correct. In today’s uber-competitive world of business, auditing helps businesses make decisions, course correct and improve the efficiency of the business operations of the company. In addition, auditing helps a business ensure that the company stays compliant.
Every business needs efficient and effective accounting and book-keeping systems that can improve the efficiency of the business operations and accounting transactions. Without top-notch accounting and book-keeping systems, the entire business operations can go haywire. No matter how big or small your business is and where you operate in the industry in UAE, you need to have the.
Starting a business and running the same in Dubai are not an easy task. If you ask some of the businesses operating in Dubai, you will get the best answer for it. But they would also tell you that if you have someone with right business experience and acumen to guide you, it will be easier for you find you rhythm and place in Dubai..
Are you trying to form an LLC business in Dubai? Let us help you with all your registration and legal certification requirements. Since Dubai is one of the most preferred and sought-after markets in the world by businesses to start their operations, there are numerous companies that try to register their businesses every other day..
As a client-centric and expert business consultant in Dubai, AM Audit can provide all the required professional help that you need with your mainland business formation in Dubai. Since mainland companies are considered by the government to be the most developed and priced business entities in UAE, it brings a plethora of benefits to the company..
Are you trying to establish an offshore business in Dubai to expand your business operations and serve your clients better? You can take your business to the next level in Dubai. However, the formation of offshore business in Dubai requires the client to take care of numerous business and legal compliances from the government of UAE to create a favorable.
Managing the reputation by timely communicating with the public is an integral part of any business and without effective PRO services no business can create the kind of good-will and reputation it aims for. In addition, the PRO must also be in constantly communication with various government organizations and departments to ensure clearances of various papers..
If you have a business idea that you want to start your Start-up with, we can help you see it bear fruit. With more support and business-friendly nature, UAE has become one of the most preferred places by entrepreneurs to come and start their start-ups. However, it takes a lot of processes and legal permission..
One of the major reasons for many businesses trying to stay away from starting their company in UAE is due to the legal requirement that says the need of a local national sponsorship. However, in order to attract such businesses, the UAE government has brought in a new business registration option with UAE freezone..
If you are a person trying to incept a business in Dubai, UAE, you need a local sponsor who can support you in your company’s inception. Since it is a mandatory requirement the government of UAE, you must have an eligible person who can act as your local sponsor. Since the person will be an integral part of the inception.
Designed to evolve with the needs of a business, Our payroll services help you save time and money and streamline payroll processes to attain greater payroll accuracy across the board. We have been providing payroll services to numerous countries over the decades and our client base includes some of the leading multinational companies.
Identifying business unit and corporate objectives will be easier with acquisitions and mergers (M&A) practice. Before undergoing a merger or acquisition, your company needs to think strategically. In order to determine if the transaction can contribute to the growth of your organization, evaluate your business units, external markets, and competitors. Experts from our firm will […]
The business valuation process involves determining the company’s current worth. There are many techniques to determine the value. For valuation to be truly beneficial and useful, it must reflect and comply with the latest accounting, regulatory, and tax codes. A business valuation requires high-quality financial analysis by professionals with appropriate credentials. it is always advisable […]
AML refers to laws, regulations, and procedures intended to prevent criminals from disguising illegally obtained funds as legitimate income. Even though anti-money laundering laws cover a limited range of transactions and criminal behavior, their implications are vast. The minister of justice issued ministerial orders in November 2020 to establish money laundering courts in Sharjah, Ajman, […]