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 neither an opinion nor it represents the bare law. VAT Consultants […]
DDA Registered Businesses must Submit Audited Financial Statements by November 30, 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 Firms in Dubai are Registered Auditors with DDA (Dubai Development Authority). The requirements mandate all private companies (Free Zone LLCs) and branches […]
ESR Notification due date is June 30th, 2022.Bens Chartered Accountants would like to update its valued clients and partners, ESR Notification in UAE as per Ministry of Finance is due to be filed on of before June 30th, 2022 for the year 2021. We highly recommend to take timely action, make a reassessment of ESR applicability on your […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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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