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What are Direct And Indirect Taxes? – Explained with Examples
The citizens of every country are liable to pay tax under some rules and regulations. There is no exemption for the tax if the people of that country are using services and availing the facilities. The time and the person you pay the tax may vary, but the tax you pay always goes to the […]
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A Complete Accounting Checklist for Startup Businesses
The Sedentary and busy life schedule has bored the young generation, which is driven by passion and ambition. The nine-to-five office routine robes their energy and motivation to keep on with that lifestyle. This a major reason behind the growing trend of startup businesses in developed countries like that of the United Arab Emirates, as […]
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How to Perform Bank Reconciliation?
Banks are one of the primary units of the accounting and financial activity of any business organization. In this advanced age of electronic banking, most of the business transactions payments involve online or traditional banking. Although banks are quite vigilant and careful in their processing, there is little room for error in every field of life. What […]
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UAE Issued Ultimate Beneficiary Owner Resolution (UBO)
UAE Cabinet of Ministers issued a new Resolution #58 dated 28th August 2020 to regulate the procedure of a Real Beneficiary for a Corporate Entity. The objective of the Resolution is to set a procedure for Reporting and Registration of the Ultimate Beneficiaries Owners (UBOs), Beneficial Interest, and shadow directors in the UAE companies, including […]
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Types of Audits in UAE that Organizations opt in Business
Every organization, no matter public or private, has to deal with financial transparency to ensure success. In this regard, business companies always adopt a vigilant approach in the form of audits. So, the business owners pay higher attention to review all aspects of monetary affairs for streamlining to keep a check on the transactions. Are […]
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How to Keep Track of Invoices and Payments
Business companies need to ensure comprehensive financial management. It involves tracking the payments. For this, companies heavily rely on invoice systems. It has become a crucial activity for the success of every business. Nevertheless, it takes a lot of energy and effort to ensure transparency through optimal invoice management for streamlining the clients. It is […]
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UAE Ministry of Finance Amended ESR Regulations
UAE Cabinet of Ministers amended the ESR Law and guidance via Cabinet Resolution no 57 dated 10 August 2020 and Resolution no 100 of 2020 on 19 August 2020, respectively, collectively called Amended Regulation which repealed the Original Regulation. Required licensee must Resubmit the ESR Notification on the MOF portal, date to be announced. Critical […]
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FTA Tax Alert
Suspension of tex settlement facility upon import Federal Tax Authority (FTA) has decided to suspend the reverse charge facility on imports for the taxpayers who owe amounts to FTA and which are overdue. “Please note that there are amounts that are overdue by you in favor of the Federal Tax Authority and have not been […]
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Vat Implications On Healthcare Services In UAE
The VAT implications on the healthcare sector are quite complicated as many industries related to healthcare are producing, supplying, and administering a wide range of services. What’s more complicated is that the healthcare industry has taxable, zero-rated, and exempt supplies. UAE government has adopted zero-rated VAT treatment of the healthcare services instead of taking the […]
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Accounting Cycle For Trading Business: All You Need To Know
Accounting is essential for all organizations because dealing with numbers is not a piece of cake. Especially as a business, you need to keep a record of everything in the longer run. You may need to refer to the recorded information for a number of purposes based on your financial data, help you in making […]
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