What is the frequency of internal audits for a company in UAE There is no one-size-fits-all answer to how often you should conduct internal audits in your UAE firm. An effective internal audit program considers several factors to determine the optimal frequency for different areas. This blog
The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022. The Corporate Tax Law provides the legislative basis for the i
Professional auditing services are essential for businesses of all sizes, as they provide accurate financial reporting, expert tax advice, and the ability to make informed business decisions. Auditing services ensure that a company’s financial statements and practices are precise and compliant
In 2018, ADNOC, the Abu Dhabi National Oil Company, initiated the In-Country Value (ICV) certification to promote Emiratisation, GDP diversification, and other strategic goals. By acquiring an ICV certificate in the UAE, suppliers will benefit from additional consideration during the assessment of t
If you are an entrepreneur running a business in Abu Dhabi, you are likely responsible for supervising all aspects of your business operations, which includes managing your finances. However, unless you have expertise in finance, it is advisable to seek help from a professional accounting firm in Ab
A VAT health check is a process of examining the tax compliance and tax filing status of a business. The health check ensures the tax return is complete and free from errors that could lead to penalties. The VAT health check also helps businesses maintain documentation of their transactions. When do
Tax agencies play a vital role in tax services. They provide expert guidance when it comes to tax compliance and tax return filing. In the UAE, tax agency services are offered by registered tax consultants who are qualified and experienced professionals. Choosing the right tax agency can help you sa
Ministerial Decision No. 27 of 2023 on Implementation of Certain Provisions of Cabinet Decision No. 85 of 2022 on Determination of Tax Residency. Below is a summary of the key changes: Simplified and standardized criteria for determining tax residency, which is based on an analysis of e
Are you looking to start a business in Abu Dhabi? The first thing you have to decide is whether to set up business on the mainland (also known as 'onshore') or in a free zone (also known as 'offshore'). Establishing a business in the free zones of Abu Dhabi presents numerous advantag
When it comes to choosing auditors in Abu Dhabi, UAE, businesses need to be very cautious. Why? Well, some auditors aren't recognized by banks or have a bad reputation, leading to them being blacklisted. It could lead to the denial of bank facilities and cast doubts on your financial statements
The UAE has become an attractive destination for entrepreneurs and business professionals due to its business-friendly policies, excellent infrastructure, high standard of living, diverse population, and strategic location. One of the most enticing factors was its tax-free system. However, things ch
A Comprehensive Guide: Tax Audit Services in Abu Dhabi Introduction Commencing on January 1, 2018, the UAE is now subject to the Tax Law. To guarantee that every division is prepared for the new transition, all firms in the UAE should check. According to the Federal Decree-Law No. 7 a
Conducting a feasibility study is an integral step in assessing the viability of a business venture. This initial assessment gauges the potential success of a project, estimating possible financial gains while minimizing risks. Conducting a feasibility study can reduce risk and increase the retu
There are likely a few people who remain curious about the procedure for claiming VAT refunds in the UAE. VAT (Value Added Tax) is a consumption tax that is added to the value of goods and services at each stage of production and distribution. Every company with an FTA registration must submit a
The ICV score is determined by considering the expenses on products and services of a company that are produced in the UAE. The UAE implemented the ICV program in 2018. It helps businesses compete effectively for tenders based on the value they bring to the UAE economy. To support the country'
Business Insolvency in Abu Dhabi Regardless of size or sector, a major issue that many businesses encounter is business insolvency. A corporation is in this financial condition when its liabilities are greater than its assets and it is unable to pay its bills as they become due. The complex i
Everything you need to know about AML Compliance in the UAE Every AML (Anti-Money Laundering) service that we provide to our clients is enhanced by the contribution of our knowledge, experience, and skill in the field. Our team of experts in AML/CFT compliance services in the UAE guarantees that
Striving for Excellence: The Vital Role of Auditors in Dubai In the vibrant landscape of the United Arab Emirates (UAE), where financial advancement is fast as well as diverse, the role of auditors in Dubai stands as a keystone of monetary stability. The auditors ensure transparency, accountabili
How to Get a Tax Residency Certificate in UAE? A Tax Residence Certificate (TRC) is a certificate issued by the UAE Federal Tax Authority (FTA) to companies that operate in the United Arab Emirates (UAE), that certifies the company's tax residency and grants it benefits under double taxatio
Financial reporting at the end of the month or year is the process of compiling and recording a business's financial status and performance after a certain accounting period, which might be one month or one year. All financial transactions—including income, expenses, assets, and liabilitie
Corporate tax Filing in the UAE is required by law for all firms operating in the country. There may be penalties for noncompliance of filing tax returns. Following the implementation of the UAE corporate tax laws, businesses are preparing to file corporate tax returns by the deadline set by th
Emirates International Accreditation Centre (EIAC) - UAE Emirates International Accreditation Centre (EIAC) is a national accreditation authority in the UAE for companies providing testing, calibration, certification, and inspection services. EIAC was established in 2005 under the Dubai Municipal
If you are doing business in the UAE, particularly where contracts with the government and major deals are a vital growth factor, I guess you've heard about the In-Country Value Program. Introduced by ADNOC in 2018, The ICV program encourages the investment of goods, services, and talent within
ADNOC, also known as Abu Dhabi National Oil Company, is one of the world's largest and most influential oil and gas companies, with enormous oil and natural gas reserves. It plays a vital role in the country's energy sector and economic development because it is a state-owned enterprise in t