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Every country has their own taxes. It is a mandatory financial charge imposed upon a taxpayer individual or any legal entity by the government in order to fund the government. Recently UAE introduced the Value Added Tax (VAT) on the 1st of January 2018. According to the law, a 5 per cent tax is levied upon the majority of transactions in goods and services with a few exemptions. With the introduction of the new law,
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Whether your company is a recent establishment or a really old one, regular audits are necessary to keep your organization’s accounts updated and in compliance with the laws. The process provides third-party assurance to the stakeholders that the company’s financial statements are in an order allowing them to evaluate and improve risk management, control and governance process over the matter. Up to date bookkeeping is essential for auditors to have clarity over your finances. Tax
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With the introduction of VAT in UAE in Jan of 2018, there is a 5 percent tax levied on all goods and services that are not VAT exempt. Companies dealing with the said goods and services needed to register themselves under the law. With VAT part of all the financial transactions for any company, it is important to learn more about VAT Accounting Schemes. Tax consultancy services define standard VAT accounting scheme as a
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Bookkeeping is the process of keeping track of all your money coming in and out and flows within your business. Having a chronological record of all the transactions like credit/debit transactions, a record of the assets/liabilities held by your business, and reports of income, expenses, and sales all come under bookkeeping services. Bookkeeping essentially helps in keeping all financial dealing records in a better way so that anyone requiring to access or audit the
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Value Added Tax (VAT) was introduced in the United Arab Emirates at a rate of 5 percent in January 2018. This government decree was bought in to provide UAE with a new source of income, that will be used to provide better public services. The main agenda behind this move is to help the United Arab Emirates government to move towards its aim of reducing dependence on oil and gas as the major source of