Ensuring VAT compliance in the UAE as per relevant tax laws and regulations is essential for the smooth functioning of your business. The Federal Tax Authority (FTA) will impose hefty penalties on your business if any act of non-compliance...
1. It plays the role of a reference point for the auditors and also for the organization, which may indicate the intervals at which an audit should be conducted. 2. It facilitates transparent communication between the organization and the...
• Support required This section ensures that the auditors are provided with the required support and resources for conducting the audit. The organization must provide all the required facilities and resources so that the auditors can finish their task...
An internal audit checklist can be referred to as a tool or a document that acts as a guide or a reference to the internal auditors while performing the audit by providing the standards that are to be evaluated...
The registered person must ensure to issue the tax invoice within the time format prescribed by the law, i.e., 14 days from the supply of the goods and services. It must include the name, address, and tax registration number...
t is the entrepreneurs or the business firms that act as an intermediary between the tax authority and the customers who collect tax on behalf of the authority. It must ensure that the correct amount of tax is collected...
VAT has been implemented in UAE since January 1st, 2018. After its implementation, everyone liable to get registered under the VAT rule must get registered as it is mandatory. Every registered person must file returns on time without any...
• Providing elaborate details about the type of transactions and risk involved in the businessInvestors are always in search of opportunities that involve less risk and where they can earn a sufficient rate of return. Auditors having thorough knowledge...
Accounting plays an important role in running any small business as it is essential in tracking the income and expenditure of the business so that accurate financial information can be provided to the investors, management, and the government for...
• Use an enhanced invoicing system- Using an upgraded and automated invoice technology that can provide your business with the potential to process authorized invoices electronically is the need of the hour. Creating invoices and billing can turn out...