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UAE Corporate Tax (UAECT) Public Consultation Document
Update- UAE Corporate Tax (UAECT) In continuation of the UAE Corporate Tax alerts, we tried to cover the ministry release of public consultation document in which ministry seek inputs from various sector on tax legislation. We will continue sharing the development on UAECT (UAETAX or Corporate Tax in UAE). Before publishing the draft tax law, ministry invited […]
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UAE Corporate Tax
UAE Announced Corporate TaxEffective from June 2023Tax rate: 0% for taxable income up to AED 375,0009% for taxable income exceeding AED 375,000 UAE Corporate Tax Overview 01What is Corporate Tax?Corporate Tax is a form of direct tax levied on the net income or profit of corporations and other businesses. Corporate Tax is sometimes also referred to as “Corporate Income […]
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Reduce VAT Liability, Increase Profits
What is Vat? A value-added tax (VAT) is a consumption tax, it is an indirect tax paid by end user or consumer. It is collected by the value adding party on behalf of the government and pay to government the difference of the Vat Collected and Vat Paid. How it works VAT is levied on a product or services […]
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A Complete Guide on VAT Reverse Charge Mechanism in UAE
The United Arab Emirates has a solid VAT handbook in place to make the individuals and businesses compliant. Whether it’s an import from outside the UAE or an export to another country, the VATable transactions are mentioned in detail. Businesses involved in importing and exporting need to understand the VAT terms and conditions prevailing in […]
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UBO Alert
UAE UBO Background UAE has taken serious actions of AML and Anti Criminal Financing (ACF). FATF ranked ADGM and DIFC on top of such regulations; however, there was continuing intent to improve the regulations across all other authorities. Accordingly, as an action plan, the UAE govt has introduced ESR firstly and later UBO Regulation. It […]
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FTA Reduced Vat Penalties
UAE Announces reduction in VAT Administrative Penalties by Cabinet Decision no. 49 of 2021 that will be applicable 60 days from April 28, 2021. Bens Chartered Accountants is pleased to share the great gesture by FTA to combat the impact of Covid19 on businesses. Key highlights of the decision: Pending Tax Penalty Taxpayers who currently […]
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A Comprehensive Guide on Generally Accepted Auditing Standards
The auditor’s reports and reviews are held in high respect by public and private companies. All the concerned parties should accept the final report. When the auditor reviews any company’s financial data, the final statement should be according to some set standards and guidelines. These standards and guidelines are termed Generally Accepted Auditing Standards (GAAS). […]
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Optimise Vat Tax Liability, Increase Profits
What is Vat? A value-added tax (VAT) is a consumption tax; it is an indirect tax paid by the end-user or consumer. It is collected by the value-adding party on behalf of the government and pays to the government the difference between the Vat Collected and Vat Paid. How does it work? VAT is levied […]
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AML UAE & goAML Registration- Anti-Money Laundering Regulation UAE
UAE Extended ESR Deadline to March 31st, 2021. Anti-Money Laundering Regulations in UAE Money laundering is a problem across the globe, among other countries that have taken steps to combat financial, organised, and terrorist crimes, the UAE maintains a strong Anti-Money Laundering (AML) system to protect against the possibility of money laundering and terrorist financing. […]
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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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