• Not recording Zero Rated and Exempted salesAll the entities may correctly file the output and input VAT along with the VAT payables and receivables but they may miss out to record and file the zero rated and tax-exempt...
Value Added Tax commonly known as Value Added Tax was introduced in UAE on January 1st 2018, which instructed all the business entities to comply with the requirements of the new Value Added Tax Law. Filing of tax returns...
Accounting system analysis plays an important role for the business, some of the crucial advantages are listed below:• It provides a better understanding of the business:Analysis of the accounting system will provide the business with a big picture of...
An accounting system analysis includes three main parts which are as follows:• AnalysisThe accounting system is the concrete base on which every business company is dependent. It is through the accounting process by which the performance and the financial...
The Key to Successful Online BusinessWant a long life business? So you have to be smart about managing your finances. You can start by applying the following tips:• Create a Special AccountBusiness accounts must be separate from personal funds....
For the common man both the Audits may seem to be similar but there are quite precise differences between these two Audits which are listed below• Mostly a financial audit is conducted annually or when the company is in...
Most small businesses, if they are part of a foreign group, will probably perform either distribution or service center business activities. For this reason, and as an example, here is a brief explanation of these Relevant Activities. A UAE...
Economic Substance Regulations (ESR) The Economic Substance Regulations (ESR) regulations require certain businesses in the UAE to maintain and demonstrate adequate economic presence in the UAE in respect of the activities carried out. The goal is to ensure that...
Who should register ??? It is an obligatory duty under the Federal Decree-Law 20 of 2018 and Article 20(2) of Cabinet Decision No.10 of 2019. As part of its commitment to combat anti-money laundering and terrorism financing, the United...
The UBO regulation emanates from Anti Money Laundry regulations and it aims to enhance transparency and to develop effective regulatory mechanisms and procedures in this regard. Entities must maintain and file an Ultimate Beneficial Owner register which contains the...