Bens believe in partnering with our valued customers, our Audit and Accountancy advisory would be pleased to share latest updates about Vat Accounting, Vat Services, Vat Return Process in Dubai Etc. Best practices and educational tips with you. We encourage you for a continuous contact with Bens advisory. Feel free to contact us.
Economic Substance Regulations (ESR UAE) Alert! Amendments to/Cancellation of UAE Economic Substance Regulations (ESR UAE)Published in the Official Gazette on 16 September 2024, Cabinet Decision No. 98 of 2024 amends Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements, ...
FTA recently announced change in FTA login process. Starting September 2024, taxable persons can login to Emaratax Dashboard using only UAEPass authentication process. It involves few steps to complete in given scenarios. How to approach the linking process, it depends on one scenario in hand....
Article2– Registration of Persons for Corporate Tax Purposes For the purposes of Clause 1 of Article 51 of the Federal Decree-Law No. 47 of 2022 referred to above, any Taxable Person shall submit an application for Tax Registration in accordance with the timelines prescribed in Articles 3, ...
FTA opened Corporate Tax RegistrationFTA is now inviting businesses to register for UAE Corporate Tax, the registration is opened for two types of legal persons:Private Companies including an Establishment.Public Joint Stock Companies.FTA will announce registration of other legal persons later.How t...
Corporate Tax-Assessment and Implementation Time to Assess your business… The Corporate Law has been published by the ministry, it is time for businesses to conduct Tax Assessments, adjust policies and procedures and implement the recommendations made by a Tax Consultant. This...
Value Added Tax (VAT) in the Kingdom of Bahrain (Bahrain VAT) VAT was first introduced in the Kingdom on 1 January 2019 with standard rate of 5%. Businesses are liable to comply with VAT laws and regulations. The recommendation is to plan for it, consult internally and if required e...
VAT AmendmentsOct 26, 2022 Amendments in UAE VAT Law Introduction:The UAE government made amendments to in VAT Law (Federal Decree Law no 8 of 2017) through the Federal Decree Law no 18 of 2022. Below educational summary is based on unofficial translation, this is not an advisory neithe...
DDA Registered Businesses must Submit Audited Financial Statements by November 30, 2022October 11, 2022 DDA Audit Requirement:All companies registered under Dubai Development Authority (DDA) umbrella are required to submit DDA Audited Financial Statements. BensCA group among the Top Audit ...
Update- UAE Corporate Tax (UAECT) May 6th, 2022 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 UAEC...
April 5, 2021 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. ...
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 under...
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 intro...
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...
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 standar...
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? VA...
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) ...
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 government'...
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 coun...
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 proc...
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 Inter...
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 st...
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 tr...
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 Resubmi...
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 â...
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 ...
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 yo...
ESR Notification! The UAE introduced Economic Substance Regulations effective as of 1 January 2019. Businesses are now close the filing the requirements, in this article, find the guidelines on how, where, and when to file and what is required to file. The ESR complian...
Domestic Excise Tax Law was introduced by the United Arab Emirates in 2017. The import and production of certain goods are liable to tax. As per this, the business people have to pay tax if the excise products are transported from certain zones. Owing to this, companies should have proper knowle...
Notification & Reporting Timeline & Guidance In continuation of Economic Substance Reporting in UAE regulatory updates, in this edition, the key highlights are announcements of various regulatory authorities in UAE on Economic Substance notification and filing. BensCA will keep you upd...
Humanity is passing through a unique phenomenon since 1920, when the Spanish Flu outbreak hit the planet. It’s a test of time for everyone, especially entrepreneurs and small businesses. The impact of coronavirus is vast across all sectors and scales. However, the focus of discussion in t...
Businesses maintain their financial accounts to keep aligned with their organizational goals with an accuracy of records. For this purpose, they usually get started with the initial steps of bookkeeping and take the process to financial statements and audit reports. During this process, the prob...
A cursory glance at the present scenario of the UAE reveals that the VAT regime has started to settle in the UAE as the individuals and businesses alike have understood the fundamentals of the newly introduced tax system. However, it is imperative to have a clear understanding of VAT penal...
Value Added Tax (VAT) has become obligatory for almost all businesses in the UAE. So, the companies can register for VAT free of cost as per the guidelines of the Federal Tax Authority (FTA). The applications are accepted 24/7 through the official website of the FTA. Here arises a question of ...
We all know VAT is started. The transition to a VAT likely requires significant resources and it is recommended that businesses start planning now for the VAT, as the expected changes required to comply with the tax will require a significant lead time to design and...
UAE government has introduced regulations in the year 2015, which are essential for the smooth conduction of businesses. If you are a business owner in the UAE, you need to operate in compliance with the laws which were put in place to govern your business. These laws help ensure the protection ...
Register Online today or Seek Support from Bens CA This is important to register your business as early as possible; usually, FTA takes 20 working days to complete registration! We understand you have many questions to ask, please feel free to throw your questions to be answered by our tax exper...
We, at Bens CA, ensure our valued clients/business partners remain on top of changing business dynamics in UAE especially on VAT. In this edition, we would like to share the latest information our VAT experts in UAE are getting from MOF/FTA and other professional platforms. To make it easy and relev...
All the registered businesses in the UAE are subject to FTA tax laws and VAT regulations. New companies who are struggling with new VAT regulations must get a consultation because in case of non-compliance, businesses will have to face hefty penalties as imposed by the FTA. In case of non-co...
Successfully running a business means more than having a terrific idea and a strong customer base. It also means having a full understanding of your company’s financial health and what your business needs to do to achieve its goals financially. At many larger businesses, a chief financial...
Well before you get your VAT registration in UAE, I would recommend you should choose the right VAT Consultant by initiating a thorough screening process. There is a lot of mushrooming growth of VAT Consultants in UAE which makes it even tougher to choose the right partner; however,...
VAT Return Filing in UAE: Value Added Tax, called VAT, is implemented in UAE from Jan 1st, 2018. In the first phase Vat in implemented in UAE and KSA; however, the other GCC countries will implement Vat in 2019 as per reports as of today. Bahrain already approved the Vat law while Oman is exp...
VAT is a form of a consumption tax that is applied at each stage to all the goods and services as mandated under the VAT Law or Federal Decree-Law No. 8 of 2017. Since its implementation in January 2018, all the businesses in the UAE are responsible for registering for VAT or face hefty penaltie...
WHY OUTSOURCE ACCOUNTING & BOOKKEEPING SERVICES IN DUBAIIt is observed in our meetings with a lot of business owners especially when they are at a growth phase or when they want to submit their finances to some authority or bank, that they are in panic mode and rushing to streamline business fin...
Bens School continuously educating its valued clients and business partners. VAT and VAT Service in Dubai is a relatively old subject in UAE now however the basic knowledge and capability are lacking in the market. BensCA VAT refreshers will help business owners to understand VAT basics and how to b...
Auditing is one of the processes of clearly observing a company’s or an individual’s financial records to check and see whether they are following all the rules and regulations.Some of the top audit firms in Dubai are constantly providing their excellent audit services in Dubai.They ar...
The foundation of each business is fundamentally bookkeeping and accounting services for the business. The bookkeeping system is important to keep refreshed after some time and that guarantees an association’s business transactions are gathered and recorded precisely and that can be useful to...
Bookkeeping is part and parcel of every running business. It helps the companies to track their expenses to ensure effective financial management. Not only this, step-by-step deployment of the accounting cycle enables the companies to provide better insights to the stakeholders, potential invest...
VAT services in Dubai – As of January 1st, 2018, the Dubai government decided to stop over-reliance on the oil generated revenue.In order to generate enough revenue to invest in the county’s infrastructure, the government has to raise the tax.The VAT was raised by 5% among the UAE coun...
For so long, Dubai’s tax system has been the most simple and straightforward. But with help of Best Vat firms in Dubai is the key to reduce over-reliance on oil-generated revenue, most UAE countries decided to introduce VAT effective from 1st January 2018 to help get enough resources for infr...
Vat Consultancy in UAE has a good chance to give about the witness of VAT rules from the beginning of January in 2018. Catering to the needs of Small and Medium Enterprise Business, Ben’s Auditor aims to provide highly affordable and quality services of Accurate Accounting, CFO se...
UAE approves 122 economics activities across 13 sectors eligible for up to 100 percent foreign ownership. This UAE Cabinet decision provides an excellent opportunity for investors to acquire shares in several economic activities and businesses in various industrial sectors. This landmark dec...
In this article, the following are the take away: 1. Choose the right Accounting Software for your business 2. Configure the system as per business nature and model It is the most common misconception among the businesses that Accounting & Bookkeeping Services is an extra cost to the comp...
