A 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 MoreCompanies today opt for a leaner budget where outsourcing helps them by reducing headcount. We have listed five reasons why it's better to get external assistance on accounting and tax. Cost Reduction Most companies make the error of hiring too many junior accountants for low wages and convenience. This risks them as they may not...
Read MoreA “Distribution and Service Centre” Business for ESR refers to two distinct activities that are covered under one “Relevant Activity” heading. A Licensee is considered engaged in a “Distribution Business” if the Licensee purchases raw materials or finished products from a foreign group company, and distributes those raw materials or finished goods. A Licensee is...
Read MoreDo VAT puzzle you? Here is all you need to Know about VAT in UAE: What is VAT in UAE: VAT was introduced by UAE on first of January 1, 2018. VAT is value added tax which is 5% in general but there are zero rated exempted and out of scope which will be discussed...
Read MoreVAT! How it All Started? Genesis being World War I in Germany, VAT has gained recognition and its modern shape in the 1950s, after implementation in Ivory Coast, a French Colony. Evolving since then, VAT has now become an integral part of the taxation system of more than 150 countries across the globe. Most organizations...
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