Explained: Which Payment Options to Choose on the UAE VAT (FTA) Website based on your Business
At MSI Auditors, our goal has always been to make sure our audience understands UAE VAT laws and its complexities. Over 30 years of helping businesses flourish in the UAE, we have developed an understanding of where and how companies slip up financially. This goes double for companies having to deal with UAE VAT laws. […]
6 Mistakes Everyone Makes When Filing UAE VAT Returns
If you’re one of those businesses or entrepreneurs who dares to file their own business VAT returns yourself, make sure you read the below common errors we see all our clients make (before they work with us). Meanwhile, if you’re looking for accurate, trustworthy and consistent UAE VAT returns filing, contact us. Making one of […]
Free Zone vs LLC? 6 factors to consider when setting up business in UAE
Setting up a business in UAE is very easy. However, there are many options. The difficulty arises in selecting which option works best for you. The bottom line: In UAE there are 7 emirates, each emirate has its own mainland licensing authority (Department of Economic Development). Each emirate also has many freezone licensing authorities. There […]
Three Options to complete your UAE VAT Payment
Our team takes you through the most trusted UAE VAT payment options on the FTA Portal. The bottom line: This is a useful piece our team has put together on 3 ways your business can make its UAE VAT Payment. With over 30 years of handling clients in the UAE, we can say with enough […]
7 Tips for your 2021 Business Budget that you will thank us for in 2022
Updating your 2021 business budgets in advance is of vital importance. It’s quite underrated when it comes to your business having a successful year. With how 2020 has passed, here’s some reasons why you should revisit your 2021 business budget. Here you will also find some helpful tips on what you should keep in mind […]
What happens if you miss your UAE VAT payment deadline? Late Payments explained.
Read below to understand when to file and pay your VAT Returns in the UAE. Also, how to calculate the penalty of delaying your VAT payment deadline. As per the UAE VAT law, every VAT registered person/business files their quarterly/ monthly return (as the case may be) and makes the payment by the 28th day […]
Planning to sell your company in the Middle East? UAE VAT Laws may affect you.
If you’re selling your business now or if you ever consider selling it, read below how liable your transactions may be to UAE VAT Laws. As experts is UAE Tax Laws, we want you to understand what the tax impact of the transaction is, in order to avoid transactions that can lead to future penalties. […]
AUDITOR'S OPINION
An Auditor’s opinion is presented in the audit report. This opinion is established after the independent examination of the financial statements of the entity, after acquiring sufficient and appropriate audit evidence and conducting audit procedures. An Audit opinion can be of 3 types:
Audit evidence – Bank Confirmations
With the ever-increasing complexity of the business, the importance and relevance of audits have increased over the years. Auditing is the independent examination of the financial statements of a company irrespective of its size or legal form, profit-oriented or not, in order to express a true and fair opinion thereon.
UPDATED ECONOMIC SUBSTANCE REGULATIONS
There has been an amendment in the Economic Substance Regulations. Cabinet of Ministers Resolution No.31 of 2019 is now replaced by Cabinet of Ministers Resolution No.57 of 2020. This new ESR is applicable retrospectively from 1st January 2019.