The UAE is an attractive home for countless e-commerce businesses. There has been rapid growth in the e-commerce sector in the last few years. With the thriving digital economy and rising tech-savvy population, there is a need for proper accounting to ensure compliance. Proper accounting will also lead to the…
The UAE introduced VAT on January 1, 2018, with the standard rate set at 5%. A business must register for VAT if its taxable supplies and imports exceed AED 375,000 in a year. However, a business can also register for VAT on a voluntary basis. In this case, the taxable…
Cash is crucial for the survival of a business. Experts often comment that a business can survive even at a loss, but it cannot survive without cash. A business requires cash for almost everything, from the payment of salaries, taxes, suppliers, and so on. In a volatile economy like the…
The year’s end is the most critical time for an accounting professional. Why is it so? This is because it is the time to produce financial statements for the entire year. The three most common financial statements are the balance sheet, income statement, and cash flow statement. The process of…
Introduction: Running and growing a business are two of the most important concerns of a small business owner. As a result, it is critical for business owners to devote their valuable time to tasks that result in the enterprise’s smooth operation and growth. Small businesses must account for every transaction…
Understanding Real Estate Accounting There is no doubt that Real Estate in the United Arab Emirates is one of the most booming sectors in the country. Even as inflation rises, Dubai’s real estate market continues to grow. With the UAE real estate sector booming, accounting for real estate has…
UAE authorities are constantly implementing new regulations. It is true to say that starting a new business in the UAE has just gotten a bit more challenging with regulatory requirements at every stage. However, it is meant to keep the UAE as the safest place to conduct business. Hence, new…
VAT was implemented in UAE on January 1, 2018. Since then, businesses are subject to a number of requirements under the VAT Law. Each business enrolled for VAT has an obligation to file VAT returns with the Federal Tax Authority (FTA). However, UAE businesses continue to make VAT-related mistakes and…