What are some rules of accounting in Dubai? After the end of the company’s fiscal year, companies must keep a record of accounts at their head office for at least five years. A ministerial decision’s regulations allow the companies to retain an electronic copy of every record and document they keep. In order to present […]
How does liquidation work? In the fields of finance and economics, liquidation refers to the process of ending a business and dividing its assets among interested parties. It is a common occurrence when a business becomes insolvent, which means it is unable to make its required payments on time. Upon the closure of business operations, […]
What is an ESR report? The Economic Substance Regulation requires enterprises that engage in relevant activities to satisfy specific requirements in order to pass the Economic Substance Test. Companies should first file their taxes and then submit the Economic Substance Report to the appropriate regulatory body. It is recommended to use the services of certified […]
What do you understand by auditing services? The word auditing comes from the Latin verb “audire,” which means “to hear.” Historically, auditors would listen to officers and other authoritative figures to make sure their statements were true. Over time, auditing’s function grew to include written report verification, particularly for financial records belonging to both individuals […]
What do you understand by corporate tax? A tax on a corporation’s profits is known as a corporate tax. Revenue less cost of goods sold (COGS), general and administrative (G&A) costs, selling and marketing, R&D, depreciation, and other operating costs comprise the company’s taxable income, upon which taxes are paid. Every country has a different […]
What do you understand by VAT services? Consumption is used to calculate VAT rather than income. VAT is imposed equally on all purchases, as opposed to a progressive income tax, which imposes higher taxes on the wealthiest. A VAT system is in place in more than 160 nations. It is not without dispute, though. VAT […]
Dubai, a prominent business hub in the UAE, has recently witnessed a noteworthy shift in its tax landscape. This transformation came to fruition in June 2023, with the introduction of federal corporate tax. As companies adapt to these regulatory changes, it is crucial to delve into the latest developments, comprehend their ramifications and get a […]
Value Added Tax (VAT), an indispensable component of business operations in Dubai, spans nearly all business facets, demanding vigilant compliance at every turn. Negotiating the complexities of VAT regulations in Dubai can be an intricate task, necessitating a level of expertise beyond the scope of most business owners. This is where professional VAT consultants in […]
In today’s dynamic global business landscape, particularly in burgeoning financial centers like Dubai, trust stands as the bedrock of a successful and reliable financial system. Dubai, as one of the fastest-growing business hubs globally, places a paramount emphasis on trust in financial reporting. At the heart of ensuring the integrity of financial information lies the […]
In the dynamic world of business in Dubai, having the best tax consultant can significantly impact your financial success. Tax consultants play a pivotal role in assisting both businesses and individuals in comprehending and effectively managing the taxation system of a country. The services offered by UAE’s Tax Consultancy Services span from tax preparation, analysis, […]