The Federal Tax Authority has issued a new Cabinet Resolution No. 49 for the year 2021, which will replace the provisions stated in Cabinet resolution No. 40 of 2017. Highlight: According to the new Resolution, all the present taxpayers who were already imposed with tax penalties as per penalty structure will be eligible to have their […]
In a much welcome move, the Federal Tax Authority in UAE has announced revisions/reductions in Administrative Penalties applied for VAT non-compliance by issuing a new Cabinet Decision No. 49/2021. This was a much-needed and awaited move from the Tax Authority to provide relief to VAT registrants during these testing times. The main aim of the […]
Setting up and conducting a business can be a very hectic process. A company needs to follow a number of compliance rules as set by the jurisdiction. Similarly, the businesses also need to follow certain rules and regulations for the liquidation of the company in these jurisdictions. The liquidation process can become a little complicated for the […]
It is challenging for businesses to maintain a healthy cashflow. Amid this pandemic, the global economy is starting to feel the effects of the struggle to keep its business afloat, moreover, grow. Accounting can help your company succeed by providing you insights into your business’s overall health, offering an accurate report on your cashflows. As […]
The government of the United Arab Emirates passed a resolution which was enacted on the 29th of August 2020, which was titled Cabinet Resolution no 58 concerning the Ultimate beneficial Owner (UBO Law). This cabinet resolution was passed with the intention to tackle the avoidance of taxes by the businesses so that the country will […]
Why would a business choose to outsource an audit? Can’t it learn to do it itself? Of course, it can. However, more often than before, companies are choosing to outsource audit functions for the following reasons. Cost of training Audits performed take longer than when outsourced Loss of productivity High downtime Auditing is an impartial […]
The addition of Value Added Tax (VAT) to the taxation process has impacted businesses from all around the world. UAE was considered a lucrative place for conducting business as there were no taxes for the companies that are registered in the jurisdiction. But even with the 5% tax, the Middle East is still one of […]
It is challenging for businesses to maintain a healthy cashflow. Amid this pandemic, the global economy is starting to feel the effects of the struggle to keep its business afloat, moreover, grow. Auditing can help your company succeed by providing you insights into your business’s overall health, offering an accurate report on your cashflows. As […]
Setting up a business can be comparatively simple work, but maintaining the business can be a complicated task. In order to keep the business in a healthy condition, the business owners need to go the extra mile which can sometimes lead them to neglect the credit ratings of the business. The credit ratings have a […]
Setting up a business in the United Arab Emirates is a very beneficial and profitable decision which any businessman can take. With a number of business opportunities and the prospect of exploring new markets, setting up a business in the UAE can be a very profitable venture. Even the Government of the country is providing […]
