VAT – Accounting & Bookkeeping
Internal Audit: What Is It and What are its Benefits?
One common question we professionals receive is “Can we skip Internal Audit as we are not MNC; we operate in relatively smaller markets”. Before answering it, let me ask you […]
Tax Residency Certificate in UAE
Tax Residency Certificate or Tax Domicile Certificate is an official certificate issued by the Ministry of Finance to companies who have completed 1 year in the UAE or to individuals […]
India Budget 2020: Clearing All Doubts about Indian NRI Status
“How am I affected?”… that is the first question that comes to the mind of Indian Citizens residing outside India after witnessing the proposals made by Finance Minister of India […]
Capital Asset Scheme: When to Recover Input VAT?
Input VAT Recoverability of Capital Asset The provision of recoverability of input tax is a major element in UAE VAT Law. This provision enables any business to reduce the eligible […]
Tax Applicability On Designated Zone
Understanding Designated Zone Designated Zones under article 51 of the VAT Regulations are usually referred to as specified “Fenced Free Zones” placed under Customs control. Now let’s have brief about […]
Is VAT Applicable On Compensation Type Payments?
VAT is a tax on supplies of goods and services. In this manner, no VAT is expected if there is no supply. As a major aspect of business arrangements, organizations […]
Consequences of Taking Order without TRN
VAT has been implemented in 2018 in the United Arab Emirates. It is applicable to supplies of goods and services in the UAE. All the businesses which operate in the [...]
New Electronic Tax System in UAE for Excise Tax
Introduction of Excise Tax in UAE The enormous effort that has been put forwarded by the UAE Government to build an eco-friendly business market is known to the whole world. […]
Country Wise Reporting & Economic Substance Regulations and its Impact in UAE
Tax-related changes and their impact in UAE: In December 2017, the European Union added UAE to the list of Tax Haven blacklist nations. The list includes those nations which have […]
What is Standard, Zero and Exempt VAT Rates in UAE?
In UAE, VAT is applicable at the rate 5% on supplies of goods and services. It is important to understand that the product and services offered by individual or business [...]
Consequences of Non-filing or Late Filing of VAT Return in UAE
What is law about VAT return filing As per the UAE VAT law, every VAT registered company mandatorily need to file and pay their quarterly VAT return by 28th of […]
6 Reasons to Outsource Accounting
In today’s ever growing competition, it’s quite difficult for businesses to handle all the tasks in-house. Every other business is looking for a reliable partner who can help them to […]