REVISED DEADLINE FOR REDETERMINATION OF ADMINISTRATIVE PENALITIES
Cabinet Decision No.108 of 2021 is issued amending the due date to meet the requirements for re determination of the administrative penalties. The previous deadline was 31st December 2021 and now it is extended to 31st December 2022. The Authority shall redetermine the administrative penalties charged on or before 28th June 2021 in accordance with […]
DEADLINE for VAT return in UAE
28 th January 2022 The last date to file VAT returns will be the 28th of the subsequent month following the end of the tax period. For quarterly VAT returns, due date will be 28th of the subsequent month following the end of the quarter. For the monthly return, the last date to file VAT […]
Digital Transformation of banks beyond the pandemic
According to the Retail Banking survey’s conducted in last year, more than 1,000 bankers confirmed that they had deployed digital transformation at scale in their firms and it was delivering to expectations. As we know that it is an ongoing journey. Also, the change is not by technology alone; Banks need to do the following […]
Statutory Audit/External Audit
Statutory Audit or External Audit is conducted annually to meet the set of legal requirements insisted by the government and controlling authority of each country. It relies on the internal audit reports, verification of financial information, documents, and related stock validations. It is a legally delegated examination of a company’s financial statements, documents, and details […]
Accounting Concept
What is Accounting Concepts? Accounting concepts are the basic rules, assumptions, and conditions that define the parameters and constraints within which the accounting operates. In other words, accounting concepts are the generally accepted accounting principles, which form the fundamental basis of preparation of universal form of financial statements consistently. Objectives of Accounting Concepts The main […]
The UAE’s first comprehensive federal Data Protection law comes into effect from 2nd Jan 2022
The United Arab Emirates (UAE) has issued its first federal data protection law (Federal Decree-Law No. 45/2021 on the Protection of Personal Data) (the Data Protection Law), alongside a law establishing the new UAE Data Office (Federal Decree-Law No. 44/2021 on Establishing the UAE Data Office). Federal Decree-Law No. 45 of 2021 on personal data protection (the Data […]
Important TAX updates 2022 UAE
TAX updates 2022 VAT Public Clarification on Mobile Phones, Data Packages and Airtime Made Available to Employees for Business Use. The UAE Federal Tax Authority (“FTA”) published a new VAT Public Clarification (VATP028) to provide guidance on the input VAT recoverability related to mobile phones, airtime, and data packages that are made available to employees […]
ESR deadline Reminder
UAE entities that are conducting “Relevant Activities” are required to submit Economic Substance Regulations (‘ESR’) notification within six months from its Financial Year-end, and the businesses which are earning “Relevant Income” are required to submit ESR report within 12 months from the end of its Financial Year. So, based on the above requirement of the ESR Law, December 31, […]
VAT Filing December 2021 -Cutoff : not later than the 28th of December 2021.
Kindly note that your VAT Return is available to submit through the e-service portal. Please submit it and settle the payable amount to the Authority no later than the 28th of the month, otherwise you will be subject to pay late submission penalties of the tax return and late payment of tax due as per […]
Audit and Advisory Services Dubai UAE
An audit is a professional and independent verification of books, accounts, relevant records, documents, and vouchers of an organization to ascertain how far the financial statements as well as non-financial disclosures present a true and fair view of the concern. It also efforts to ensure that the books of accounts are properly maintained by the […]