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:

Non-Recoverable Input Tax (Entertainment Services)

Non-Recoverable Input Tax (Entertainment Services)

There are a number of circumstances in which businesses have sought clarity over the definition of ‘entertainment’ for the purposes of the input tax restriction, and in particular what should constitute entertainment of staff or business contacts as opposed to incidental business-related expenses which would be recoverable under normal VAT rules.

Importance of Accounting Standards

Importance of Accounting Standards

An accounting standard is a common set of principles, standards and procedures that define the basis of financial accounting policies and practices. Accounting standards improve the transparency of financial reporting in all countries. It relates to all aspects of an entity’s finances like assets, liabilities, income, expenses and equity. Banks, investors, and regulatory agencies count […]

Types of Audit Report

Types of Audit Report

An Audit is an independent examination of the financial statements of an entity irrespective of the size or legal form, whether profit-oriented or not, in order to express an opinion thereon, in the form of an Audit Report. The audit report is used by many stakeholders including the entity’s management, the board of directors, shareholders, […]