2024 - Creative Tax & Accounting

Minimizing Deductions and Avoiding Penalties

19 Dec 24

Maximizing Deductions and Avoiding Penalties – UAE CT

As the UAE’s new legal framework concerning corporate tax is in place, every business strives to comply. This includes keeping up well with the relevant laws, thus avoiding penalties. However, the goal should not be just minimizing the occurrence of fines but taking maximum deductions. In the UAE, tax laws…

13 Dec 24

How Corporate Tax Affects Accounting Practices in the UAE

After the introduction of corporate tax in the UAE, there are chains of changes in the business world. It is not just about 9% tax but more than that. Accounting profit is the basis for calculating taxable income. Therefore, there is a strong relationship between accounting and taxable income. However,…

06 Dec 24

The Cost of Corporate Tax Compliance in the UAE

Every day, in the business world, we hear that enterprises must comply with the relevant laws of the jurisdiction. However, one must grasp the fact that it comes with a price. Similarly, tax compliance is as important as any other business responsibility. In the UAE, corporate tax is liable now…

29 Nov 24

Common Tax Pitfalls and Tips to Avoid Them

One of the primary responsibilities of an entity or a businessperson is to avoid potential mistakes in taxation. For instance, a common potential mistake of many businesses is to overlook or be unaware of tax incentives. This will result in a loss of likely monetary benefit for a company. Therefore,…

15 Nov 24

E-Invoicing in the UAE

The United Arab Emirates (UAE) is very clear about its goal towards a paperless economy. The ultimate aim is to enhance transparency, efficiency, effectiveness, and compliance with the laws. However, it needs support from the government as well as the business community. One of the key components in the digital…

18 Oct 24

Role of De Minimis in Corporate Tax UAE

A free zone person may prefer to become a qualifying free zone person to enjoy 0% corporate tax. However, the 0% rate is only applicable to qualifying income. There are certain requirements that the entities must fulfill to get this incentive. One of these conditions is to meet the de…

14 Oct 24

Fintech – The Future of Finance

Technology isn’t just changing the world; it’s turning it into a tightly-knit, fast-moving “global village.” And nowhere is this transformation more obvious than in finance, thanks to the rise of Fintech. What used to be a manual, painfully slow process has become lightning-fast, automated, and ridiculously efficient. What is Fintech? Fintech…

27 Sep 24

Managing Corporate Tax Losses for UAE Businesses

With a new tax regime in the UAE, businesses will now be liable to pay taxes on their profits. The standard rate of corporate tax is 9% for businesses earning over AED 375,000 in a tax year. However, there is a 0% tax rate for entities with taxable income of…

20 Sep 24

Maintaining Books in Light of Corporate Tax

The new tax regime in the UAE not only brings corporate tax responsibilities but also changes business management. For instance, the calculation of corporate tax requires data that depends on various business documents, such as financial statements. Therefore, there is now a need to manage books that satisfy the tax…

13 Sep 24

Tax Residency Rules in the UAE

We often ask, “What is the resident status of a business?” How is it related to a firm? One significant aspect of this relationship is taxation. This is because taxes are usually applicable based on the resident status of a business. For instance, UAE corporate tax law distinguishes taxable persons…

Year: 2024