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AUDITOR'S OPINION
audit

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

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AUDIT BALANCE CONFIRMATIONS
Accounting

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

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DETECTION OF FRAUD
Accounting

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

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Benefits of an Accounting software
Accounting

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

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Importance of Accounting Standards
Accounting

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

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Types of Audit Report
Accounting

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

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The statement of Cash flow
Accounting

The statement of Cash flow

The “statement of cash flows” also known as the cash flow statement, is a financial statement that summarizes and gauges the overall financial health of

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100% Foreign ownership Law
Administration

100% Foreign ownership Law

We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal

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Accounts Payable
Accounting

Accounts Payable

Accounts Payable also Known as “Trade payable” is a liability to a creditor usually for purchases of goods and services.

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China-UAE Trade Agreements
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China-UAE Trade Agreements

The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting

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Warranties - VAT
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Warranties – VAT

What is a warranty? A guarantee issued by the retailer or manufacturer to the consumer, promising a repair if necessary

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Profit Margin Scheme

When second-hand goods are purchased from a non VAT registered user by a VAT registered user, purely for the purpose of resale, the VAT registered user can include the VAT

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VAT Grouping

Businesses that satisfy certain requirements provided by the legislation (such as being under the same ownership and located within the same GCC country) will be

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Tax Audit
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Tax Audit

The provisions of the newly issued federal law on taxation has authorized the Federal Tax Authority (FTA) with the legal right to perform a tax

Read More »
Registration
homepage

Registration

* The taxable person or the legal representative has to register on the Federal Tax Authority online portal. * The online process will be simple

Read More »
Federal Tax Authority Announces VAT filings extended till May 28, 2020
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Filing Tax Return

Below are few things to remember while filing tax returns: VAT will be due in the end of each month or quarter.

Read More »
Zebra Crossings
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Penalties

There are two types of penalties which can be imposed for failing to comply with the below conditions respectively : Administrative penalties: 1.Intended to address

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What is supply?
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What is supply?

What is supply? –If it meets the following requirements it is a supply in UAE: Provides Goods or Service In UAE For Some Consideration –

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Categories of VAT
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Categories of VAT

Categories of VAT: It is of utmost importance that the companies are aware which products they offer fall in which categories of VAT. Once the

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Reverse Charge Mechanism - MSI AUDITORS
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Reverse Charge Mechanism

When goods are imported into the UAE, the place of supply is UAE. By this logic the exporter should pay VAT, however the exporter is

Read More »
VAT special rules
homepage

Special VAT Rules

Here are some of the special VAT rules that we need to be aware of:- Cut off period When VAT is introduced companies should also

Read More »
Understanding VAT
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Understanding VAT

What is VAT? VAT, or Value Added Tax is an indirect tax. VAT is a tax that is implemented at each step of the supply

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Business Loans in UAE
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Business Loans in UAE

UAE’s dependence in the oil sector leads to instability in its economy. To counter this instability, AED is pegged to the US dollar to avoid

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US GAAP
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US GAAP

US GAAP: Generally Accepted Accounting Principles, also called GAAP or US GAAP, are the set of accounting standards or principles adopted by the U.S. Securities

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Goods and Services Tax (GST)
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Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as

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Understanding Export of Services
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Expo 2020 Dubai

Expo 2020 Dubai: An Expo is a large international exhibition designed to showcase achievements of nations. This may occur once in five years and last up

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Bankruptcy Laws in UAE
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Bankruptcy Laws in UAE

Bankruptcy Laws in UAE: The bankruptcy laws were published in the official gazette in September month last year which came into effect after 3 months

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Introduction of VAT in UAE
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Introduction of VAT in UAE

Introduction of VAT in UAE : Value Added Tax abbreviated as VAT which is collected by the government to pay for the public services. It is an indirect

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Scope for start-ups and offshore tech companies
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Offshore Company

Offshore Company: Offshore legal entity in the UAE – is your opportunity to do business nontaxable in the environment of economic stability and security. Government

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Crashed Airplane
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Free zone Company

Free zone Company: Primarily, free zones are established to serve as a central business hub for companies to conduct global business and not specifically within

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Onshore/ Commercial Company (2)
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Onshore/ Commercial Company (2)

Individual Establishment (UAE national or GCC national) Individual establishments with 100% ownership can be formed with either UAE Nationals or GCC Nationals as owners in

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Onshore / Commercial Company (1)
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Onshore / Commercial Company (1)

Onshore/ Commercial Company: Mainland companies are regulated by the UAE legal structure and government policies and are located within the limitation of commercialized geographical areas

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Setting up business in UAE

The United Arab Emirates facilitates great opportunities for modern business. It is known as the gateway to the Middle East. Economic activity in the UAE

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Why invest in UAE
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Why invest in UAE

About UAE: The Population of the United Arab Emirates is 8.19 million and is increasing on an average of 5% annually. While 11.5% is Emirati

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Warranties - VAT
homepage

Warranties – VAT

What is a warranty? A guarantee issued by the retailer or manufacturer to the consumer, promising a repair if necessary

Read More »
homepage

Profit Margin Scheme

When second-hand goods are purchased from a non VAT registered user by a VAT registered user, purely for the purpose of resale, the VAT registered user can include the VAT

Read More »
homepage

VAT Grouping

Businesses that satisfy certain requirements provided by the legislation (such as being under the same ownership and located within the same GCC country) will be

Read More »
Tax Audit
homepage

Tax Audit

The provisions of the newly issued federal law on taxation has authorized the Federal Tax Authority (FTA) with the legal right to perform a tax

Read More »
Registration
homepage

Registration

* The taxable person or the legal representative has to register on the Federal Tax Authority online portal. * The online process will be simple

Read More »
Federal Tax Authority Announces VAT filings extended till May 28, 2020
homepage

Filing Tax Return

Below are few things to remember while filing tax returns: VAT will be due in the end of each month or quarter.

Read More »
Zebra Crossings
homepage

Penalties

There are two types of penalties which can be imposed for failing to comply with the below conditions respectively : Administrative penalties: 1.Intended to address

Read More »
What is supply?
homepage

What is supply?

What is supply? –If it meets the following requirements it is a supply in UAE: Provides Goods or Service In UAE For Some Consideration –

Read More »
Categories of VAT
homepage

Categories of VAT

Categories of VAT: It is of utmost importance that the companies are aware which products they offer fall in which categories of VAT. Once the

Read More »
Reverse Charge Mechanism - MSI AUDITORS
homepage

Reverse Charge Mechanism

When goods are imported into the UAE, the place of supply is UAE. By this logic the exporter should pay VAT, however the exporter is

Read More »
VAT special rules
homepage

Special VAT Rules

Here are some of the special VAT rules that we need to be aware of:- Cut off period When VAT is introduced companies should also

Read More »
Understanding VAT
homepage

Understanding VAT

What is VAT? VAT, or Value Added Tax is an indirect tax. VAT is a tax that is implemented at each step of the supply

Read More »
Goods and Services Tax (GST)
homepage

Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax throughout India to replace taxes levied by the central and state governments. It was introduced as

Read More »

Accounts Payable
Accounting

Accounts Payable

Accounts Payable also Known as “Trade payable” is a liability to a creditor usually for purchases of goods and services.

Read More »
AUDIT BALANCE CONFIRMATIONS
Accounting

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

Read More »
Benefits of an Accounting software
Accounting

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

Read More »
DETECTION OF FRAUD
Accounting

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

Read More »
Importance of Accounting Standards
Accounting

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

Read More »
The statement of Cash flow
Accounting

The statement of Cash flow

The “statement of cash flows” also known as the cash flow statement, is a financial statement that summarizes and gauges the overall financial health of

Read More »
Types of Audit Report
Accounting

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

Read More »

AUDIT BALANCE CONFIRMATIONS
Accounting

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

Read More »
DETECTION OF FRAUD
Accounting

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

Read More »
100% Foreign ownership Law
Administration

100% Foreign ownership Law

We have now received more information about the long-awaited 100% Foreign ownership law which is to come into effect in the UAE. According to legal

Read More »