Business Archives - Page 4 of 7 - Creative Tax & Accounting

19 May 23

Corporate Tax for the Oil and Gas Industry in the UAE

The UAE has always been famous for its business-friendly policies. These policies attracted a heavy amount of foreign investment from large multinational corporations and investors. However, in order to diversify income sources other than tourism and oil, the UAE is implementing a new corporate tax (CT) from June 1, 2023.…

19 Apr 23

Penalties for Violations of Tax Laws in the UAE

Taxes are one of the prime sources of revenue for most economies. Tax compliance is important for the smooth functioning of the overall economy of a country. Governments need to collect taxes timely and completely in order to provide essential services to the citizens. However, the collection of taxes is…

28 Mar 23

Smooth Financial Reporting Process: Key Considerations

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…

13 Mar 23

Simplify Your Small Business Accounting System: Key Tips

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…

15 Feb 23

UAE Real Estate – Impact of Corporate Law

Introduction to Real Estate Corporate Tax Do you believe the real estate sector will be taxed similarly to other corporate businesses in the UAE? The short answer is yes, but there are some essential details to be aware of. The UAE Ministry of Finance will implement the federal corporate tax…

01 Feb 23

UAE VAT Updates: 13 Key Changes in 2023

There have been some changes to specific provisions of the UAE Value Added Tax (VAT) regime announced by the UAE Ministry of Finance. The Federal Decree-Law No. 18 of 2022 introduces 24 changes. VAT is a type of indirect tax based on general consumption. Most countries impose VAT on most…

23 Nov 22

UAE Corporate Tax: Transfer of Losses Between Group Entities

An insight into the potential corporate tax regime (“CT”) has been provided by the UAE Ministry of Finance (“MoF”) on April 28th. The consultation paper discusses these insights. Please note that the information shared in the consultation is not final. Public consultations support transparency in the UAE and recognize stakeholder…

08 Nov 22

Payroll in the UAE: 5 Things Employers Need To Be Aware of

Payroll management in UAE can be challenging due to complex labor laws and constantly updating of payroll UAE regulations. As part of the UAE government’s efforts to protect the rights and interests of workers, the Ministry of Human Resources and Emiratisation (MOHRE) in 2009 introduced the Wage Protection System (WPS)…

05 Oct 22

An Accounting guide for Sole Entrepreneurs

The key to being an entrepreneur is creating a business plan that helps you start and run your dream business. By understanding the basics of accounting for sole entrepreneurs, you can manage your finances properly without becoming a financial expert. 1. Business Registration Registering your business is the first step…

22 Sep 22

5 Common UAE VAT Misconceptions

While UAE VAT is often considered a simple tax, the reality is different. In our previous UAE VAT returns articles, we talked about common mistakes made by businesses and what you need to know about the types of VAT in the UAE. In this post, we will cover some of…

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