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 […]
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August 2020 and Resolution no 100 of 2020 on 19 August 2020, respectively, collectively called Amended Regulation which repealed the Original Regulation.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 […]
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 […]
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 […]
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 […]
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 compliance is composed of 2 steps: 1. The ESR Notification filing. 2. […]
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 knowledge of excise tax in […]
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 updated from time to time as and when the updates will be released from relevant authorities. This alert document […]
Humanity is passing through a unique phenomenon since 1920, when the Spanish Flu outbreak hit the planet. Its 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 this article will be towards small & medium size […]
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 probability of errors and loopholes for frauds is extremely high. So, […]
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