Accounting

PROS AND CONS OF FORMING A CORPORATE TAX GROUP

PROS AND CONS OF FORMING A CORPORATE TAX GROUP

  Federal Decree Law No. 47 of 2022 related to taxation of Corporations and Businesses (CT law) defines a Tax Group as two or more Taxable Persons treated as a single Taxable Person according to the conditions of Article 40 of the CT law.    There are multiple advantages of forming a Tax Group, such […]

Transfer pricing (TP) services.

Transfer pricing (TP) services.

Transfer pricing (TP) services in the UAE have become increasingly significant following the country’s adoption of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan, particularly Action 13 which relates to transfer pricing documentation and reporting. Here’s an overview of what TP services typically include and the regulatory context within the UAE:  Regulatory Context […]

Permanent Establishment (PE)

Permanent Establishment (PE)

The concept of Permanent Establishment (PE) in the UAE has gained prominence with the introduction of the UAE Corporate Tax Law and its alignment with international tax standards. Understanding PE is crucial for businesses operating in the UAE to ensure compliance and avoid unintended tax liabilities.  Definition of Permanent Establishment A Permanent Establishment typically refers […]

CORPORATE TAX CLARIFICATIONS ON UAE FREE ZONES

CORPORATE TAX CLARIFICATIONS ON UAE FREE ZONES

FTA has released the long-awaited Corporate Tax in UAE guide on Free Zones. We are highlighting below some key points from the guide. The guide is available in the FTA website.  Free Zone Persons:  Qualifying Income: Substance Requirements: Generally, to assess substance, the Free Zone Person should:  • Identify the core income-generating activities related to […]

Exploring the Effects of Economic Substance in the UAE

Exploring the Effects of Economic Substance in the UAE

Economic Substance regulations have become increasingly relevant for businesses operating in the United Arab Emirates (UAE), as the country aligns itself with global standards to ensure transparency and compliance. Here, we delve into the specific effects of Economic Substance regulations in the UAE context:  Key Effects of Economic Substance Regulations in the UAE: 1. Alignment […]

 What is VAT and How to Get a Refund?

What is VAT and How to Get a Refund

Value Added Tax (VAT) is a consumption tax levied on the sale of goods and services at each stage of production or distribution. VAT in UAE is set at a standard rate of 5% and applies to most goods and services, with some exceptions such as healthcare and education.  Understanding VAT Refunds: While businesses are […]

How to Maximize Your Savings with Dubai Accounting Services?

How to Maximize Your Savings with Dubai Accounting Services

Accounting services in Dubai offer a wide range of benefits for businesses seeking to optimize their financial management and maximize savings. Here are some strategies to leverage accounting services effectively: 1. Tax Planning and Optimization: Experienced accountants in Dubai can help businesses minimize tax liabilities through strategic tax planning and optimization strategies. By leveraging tax […]

Top 5 Reasons to Conduct an External Audit

Top 5 Reasons to Conduct an External Audit

An External audit services in Dubai is a critical process that provides independent assurance on a company’s financial statements and internal controls. Here are the top five reasons why businesses should conduct external audits: 1. Enhanced Credibility and Trust : External audits enhance the credibility of a company’s financial statements by providing assurance to stakeholders, […]

What Are the Requirements for VAT Registration in Dubai?

What Are the Requirements for VAT Registration in Dubai

VAT (Value Added Tax) registration is mandatory for businesses meeting certain criteria in Dubai and the wider UAE. As of my last update, here are the general requirements for VAT registration in Dubai:  1. Mandatory Registration Threshold:    – A business must register for VAT if its taxable supplies and imports exceed AED 375,000 per year. […]

When Is the Best Time to Use Accounting Services?

When Is the Best Time to Use Accounting Services

Using accounting services for UAE companies can be beneficial at various stages of business growth and development. Here are some key scenarios when utilizing Accounting services in Dubai can be particularly advantageous.  1. Business Establishment: When setting up a new business in the UAE, engaging accounting services can ensure proper structuring from the outset. Accountants […]