23
Feb 24
Financial Accounting and Management Accounting
In this blog, we are highlighting the key differences between financial accounting and management accounting.
16
Feb 24
Corporate Tax for Private Pension Funds in the UAE
Private pension funds may get an exemption from corporate tax but with conditions. This blog highlights the key information on this topic.
12
Feb 24
Corporate Tax for MNCs in the UAE
The UAE is a financial oasis that has rapidly emerged as a global business hub. It beckons multinational corporations (MNCs) with its strategic location and business-friendly environment. The UAE is not only an inspiration for international trade but has also nurtured a tax landscape that sets it apart from many…
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…
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)…
15
Feb 22
A welcome relief for UAE businesses: Penalty waivers and penalty installments
A new Cabinet Decree No. 105 of 2021 has been issued related to penalty waivers and penalty installments. The new cabinet decision will become effective on March 1, 2022. In accordance with this law, taxable persons can apply for installment payment or a waiver of administrative penalties in whole or…
31
Jan 22
3 things to consider when starting a business in UAE: Tax, Accounting & Compliance
Are you planning to start a business in the UAE? Have you already successfully launched your company? There are entrepreneurs and business owners who want to turn the risks of time, money, and effort into a vision of building a business that brings solutions for the future. But often, these…
21
Jan 22
5 top priorities for Third-Party Internal Audit
Internal audit is the assessment of the internal processes in order to enhance organizational strategy. Fair representation and material verification of information and financial reports has become increasingly important in today’s time. It does not only bring huge legal liability/cost, but companies try to avoid as much as possible potential…
28
Dec 21
Reverse Charge Mechanism In UAE: How Does It Work?
The UAE VAT Law states that the person making taxable supplies, i.e. the supplier, is responsible for levying, collecting and paying tax to the government. A registered supplier must charge VAT whenever he makes a taxable supply and pay VAT to the UAE government. The forward charge mechanism refers to…
