Audits are thorough examinations of all books of accounts of a company and are an integral part of every business. Many think of audit performance as an obligation but truly it is more than just an obligation, it helps the business in many ways. Audit adds value to a business in the following ways Improvement...
Read MoreThe current pandemic situation spanning across the whole world has affected many businesses, and each and every company is trying to survive. They are finding cost-effective ways in order to pull through this pandemic. In the midst of this pandemic, professional accountants can help your company survive in the following ways. Develop a back-up plan:...
Read MoreVAT return by an individual entrepreneur - Is it possible? An individual entrepreneur can be exempted from paying a multitude of taxes by applying special tax regimes. There are certain instances too when individual entrepreneurs too are expected to pay VAT. The article below helps you with details like how to draw up and calculate...
Read MoreConsequences one faces for Late filing or Non-filing of VAT The FTA (Federal Tax Authority) imposes the VAT fines and penalties in the UAE. All businesses in the UAE must comply with the rules and regulations of the FTA to avoid heavy penalties and VAT fines. All the administrative VAT fines and penalties for violating...
Read MoreAudit in Dubai is a vital activity of any information security and compliance program and is a valuable tool for effectively and appropriately controlling risk. The auditing firm in Dubai, UAE that we choose will perform objectively and designed to enhance and mature a company’s business. Also, gives an insight into a company’s policies, procedures...
Read MoreThe Economic Substance Regulation (ESR) has been set forth by the Organization for Economic Cooperation & Development (OECD). The following are the fundamentals: Curbs harmful tax practices To prevent the jurisdiction from being included on the substantial activities by closely tracking the global standards Facilitating offshore structures or arrangements aimed toward attracting profits which don't...
Read MoreA tax audit is conducted by the Federal Tax Authority (FTA) to examine the tax liability of a business covering the VAT Laws and Excise Tax laws. Under law no.7 of the federal Decree-Law, a registered organization is responsible to comply with the tax laws laid by the authority. Here, all the processes fall in...
Read MoreFinancial audits can help you improve your business in a multitude of ways. It is analysing and evaluating the financial statements of a business. The financial statements are the records of business transactions of your company. There are a few types of financial statements. Balance sheet Cash Flow statement Equity statement Income statements All these...
Read MoreBalance sheets are integral to every business. The balance sheet is the statement of the financial position of a company at a given point of time. It gives complete information about the assets, liabilities and the net worth of the firm. It is one of the tools to keep track of earnings and spendings by...
Read MoreValue Added Tax (VAT) is a common indirect tax that is levied by many countries. It is a consumption tax. VAT is levied indirectly on the final consumer for consuming the goods or services. It is meant as target control and it increases in percentage depending on the stage of the goods/production. In the UAE,...
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