UAE to tax corporate profits from next June
% tax rate for taxable income up to Dh375,000 to support small business and startups The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after June 1, 2023. Businesses will become subject to UAE corporate tax […]
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 […]
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 […]
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 […]
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 […]
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 […]