All you need to know about Tax Groups | 9% UAE CT| Public Consultation Document

Here we will discuss the concept of tax groups in the UAE CT (corporate tax) regime as explained in the consultation document, released by the MOF. The concept of tax group is essential for companies with multiple licenses in the UAE. Many companies operate as a group of companies as a single unit, having the […]

Taxable Persons under Corporate Taxation | UAE Public Consultation Document

Taxable Person

The Public consultation document discusses who are the proposed taxable persons for the new 9% Corporate Taxation in the UAE. Understand who is a taxable person and who is exempt from taxation is essential to understand if you need to meet the compliance requirements for corporate taxation and pay 9% on the taxable income. Bottom […]

Reverse Charge Mechanism – Simple and Practical Explanation

Reverse Charge Mechanism

Reverse Charge Mechanism (or RCM) is a treatment of VAT that comes into play in the case of an import of service or goods. This may be a bit confusing for businesses especially start ups who face challenges when filing their VAT returns. Reverse charge mechanism or RCM is mostly only for disclosures however, Filing […]

What is the Profit Margin Scheme? UAE VAT

Profit Margin Scheme

When filing your VAT return, you would have noticed a question asking if VAT was charged under the profit margin scheme. Do you know what it is, or what to answer in your tax return? If you do not charge VAT under the profit margin scheme you must make sure you correctly answer “no” to […]

Audit Balance Confirmations

AUDIT BALANCE CONFIRMATIONS

Auditing is an independent examination of the financial statements of an entity, irrespective of its size or legal form, for the auditor to express an opinion thereon. An auditor would acquire sufficient and appropriate audit evidence in order to draw a reasonable opinion on the financial statements. An Audit Balance confirmation is audit evidence received […]

DETECTION OF FRAUD

DETECTION OF FRAUD

Fraud can be found early in the history of our world as men have made use of tricks, manipulation, and treachery in order to acquire money, land, goods, or trust, with the overall objective of making a profit. The fraud negatively affects an economy by causing huge financial losses, weakening social stability, threatening democratic structures, […]

When should you start recognizing depreciation

When should you start recognizing depreciation

Items of property, plant, and equipment should be recognized as assets when It is probable that the future economic benefits associated with the asset will flow to the entity, and the cost of the asset can be measured reliably.

Economic Substance Regulations in the UAE

Economic Substance Regulations in the UAE

Economic substance regulations were introduced in the UAE in April 2019 under Cabinet Resolution no. 31/2019. The UAE introduced the Economic Substance Regulations to honor its commitment as a member of the Organization for Economic Co-operation and Development (OECD) on harmful tax practices, an all-inclusive framework of OECD on Base Erosion and Profit Shifting (BEPS). […]

Benefits of an Accounting Software

Benefits of an Accounting software

Over the past few years, traditional accounting has witnessed major automation. Accounting software like Tally, SAP, Quick Books, etc are widely used in businesses. Few benefits of accounting software are: