VAT Filing and payment in UAE
In UAE VAT, the standard VAT return period applicable to most of the taxpayers is quarterly return i.e. three calendar months. Also, the FTA may request a certain type of business to file the VAT return on a monthly basis. The last date to file the return will be the 28th day following the end of […]
TAX PENALITIES AMNESTY
31st December 2021 is the due date to benefit from the decision of “TAX PENALITIES AMNESTY” As per Cabinet Decision No. 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE (“the Decision”), which aims to support registrants in […]
ESR update
In accordance to Cabinet of Ministers Resolution No. (57) Of 2020 the licensees who has a relevant activity should provide the below: Businesses with a financial year ending on [30 December 2020]: must file their Economic Substance Report on the MoF Portal before the deadline on [30 December 2021] unless they have claimed an exemption […]
UAE: Economic Substance Regulations (ESR)
Deadline for ESR (i) Notification and (ii) Reporting (‘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, 2021, is […]
Audit and Assurance Service in Dubai ,UAE
Audit is a procedure of closely monitoring the accounting information provided in a company’s financial statements. Assurance, on the other hand, involves assessing and analyzing different operations, processes, and procedures. Audit services Audit services means the professional services rendered by the Corporation’s external auditor for the audit and review of the Corporation’s financial statements or services that are […]
Accounting services best practices in Dubai,UAE
Accounting principles 5 Basic accounting principles Accounting principles are essential rules and concepts that govern the field of accounting, and guides the accounting process should record, analyze, verify and report the financial position of the business. There are 5 basic accounting principles which are the rules and guidelines that companies must follow when reporting financial data. […]
Accounting Standards in Dubai UAE
IFRS International Accounting Standards (IAS) are older accounting standards issued by the International Accounting Standards Board (IASB), an independent international standard-setting body based in London. The IAS were replaced in 2001 by International Financial Reporting Standards (IFRS). International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. The difference between them is that IAS […]
#1 Accounting Services in Dubai UAE
Accounting Services in Dubai A professional accountant’s services cannot be put back by normal accountants or any other least experienced accounting companies to those companies you have given accounting work in Dubai. You will not be sure about the services provided by a normal accountant. At AGX we never compromise on the quality and the […]
Auditing: Trends and Challenges
There has been a substantial hike in the number of companies that have developed in recent times, but with the arrival of new firms, there has also been an increase in fraudulent activities. This has increased the needs of financial services such as Auditing, Accounting, payroll etc in Dubai. This is why auditing is a […]
Financial auditing tips for startup companies
Financial planning for startups: The auditors can guide you about the pros and cons of accurate auditing. What are the documents do you need to provide to the auditor? Your trial balances and all supporting documents Material contracts; Agreements of employee; Shipping/tracking numbers, payroll records, tax returns etc. Make sure all of your records are […]