Dubai is a world-famous destination for tourism and many people visit Dubai for the sole purpose of Shopping. Were you aware that you could claim refund on Vat paid for purchases you made in UAE? Yes, you heard it right. If you are planning to go to Dubai for shopping, here is good news for...
Read MoreThe International Financial Reporting Standards (IFRS) is an international accounting standard that was developed to make recording and organizing the accounting data of a company easier. IFRS allows for a fair representation of the accounting data of the company and also takes care that the business is compliant with the various rules and regulations of the country....
Read MoreIn UAE, according to the Federal Law No 2 of 2015 on Commercial Companies and the UAE VAT law and relevant free zone laws, it is mandatory for the companies to maintain the books of accounts for at least 5 years. Maintaining proper books of accounts is compulsory in the UAE and any violations will...
Read MoreFederal tax authority has relieved businesses by reducing penalties to facilitate them in filing an accurate tax returns by June 27, 2021. Cabinet Resolution No. (49) of 2021 revises administrative penalties imposed for violations of tax laws. Among the changes to the penalty regime are the following: The late-payment penalty has been revised to be...
Read MoreAround the world men tend to participate in labor markets more frequently than women According to the statistics, female labor force participation rate of the world is 47.66 per cent while the male labor force participation rate is 74.7 per cent Overall, the global gender gap in labor force participation stood at 27 per cent....
Read MoreRisk management is a process in which businesses identify, assess and treat risks that could potentially affect their business operations. Risk management is consisted with the identification, analysis, and response to risk factors that form part of the life of a business. Effective risk management means attempting to control future outcomes by acting proactively rather...
Read MoreAs you start your journey as an Entrepreneur, there will be a lot of challenges that you face. The first three years are the most challenging ones. To help you with this Roller Coaster of a journey of Entrepreneurship, here are 5 important things you should know: It is not about spending a lot...
Read MoreIn the early stage of your business, it is not necessary to have an accountant in your business. Many business owners are capable enough to move forward without an accountant up to certain point. If you can handle a basic accounting software and have some knowledge about taxes you will be good to go in...
Read MoreWhen you have a meeting with your accountant, most of you may have a problem of understanding the accounting language, he/she speaks. They might tell you that your accruals are higher in the last fiscal year. What does he mean by that? If you have the same thought process, fear not, you are not alone...
Read More2021 has started, and we all are excited for the new year. With all the challenges faced in 2020 we are all looking for a quantum leap for 2021. January is almost over so we are left with 11 more months. So, Let’s make the most out of it. To start, look at your financials...
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