What is the role of internal auditing in fraud prevention and detection?
Risk Assessment: Internal audit services in Dubai assess the organization’s risk environment, identifying potential areas vulnerable to fraud. By understanding the organization’s operations, processes, and systems, they can pinpoint potential weaknesses and gaps where fraudulent activities may occur. Controls Evaluation: Internal auditors evaluate the effectiveness of internal controls designed to prevent and detect fraud. They […]
Mastering VAT Compliance: Organizing Your Bookkeeping for Seamless Filing in the UAE
In the dynamic landscape of business in the UAE, VAT compliance in Dubai stands as a significant pillar for companies of all sizes. For startups and established businesses alike, understanding how to organize your bookkeeping for VAT filing can make all the difference in navigating the complexities of taxation regulations effectively. Why Organized Bookkeeping Matters […]
The Crucial Role of Tax Consultants in Dubai’s Business Environment
Tax consultants in Dubai, or any location for that matter, offer a range of services beyond just helping businesses with tax compliance. Here are some unseen benefits of hiring Tax Consultants Dubai for businesses : 1. Expertise and Knowledge: – Tax consultants possess specialized knowledge and expertise in tax laws, regulations, and compliance requirements […]
A LANDSCAPE OF EMERGING LAWS AND REGULATIONS
Introduction The United Arab Emirates (UAE) has a history of being a trading hub in the region and in recent years has emerged as a thriving hub for economic growth, trade, investment innovations and technology. The UAE is geographically located in a very strategic place which allows the businesses to coordinate with different countries under […]
CHALLENGES BUSINESSES FACE WHEN FILING VAT RETURNS IN UAE
Value added tax in UAE (VAT) was introduced on January 1, 2018. Since then, businesses must register for VAT, charge VAT on goods and services sold and comply with VAT filing in Dubai each quarter / month. While VAT has been successfully implemented here in the UAE, businesses still face challenges when filing their returns […]
UBO: A STEP-BY-STEP GUIDE
As per UAE regulations, all companies (other than exempted), including free zones, licensed to carry on business in the UAE must maintain a register of partners or shareholders and a register of ultimate beneficial owners (UBO). The Regulations also require such companies to submit As per UAE regulations, all companies (other than exempted), including free […]
ANTI MONEY LAUNDERING & COUNTERING TERRORIST FINANCING LAWS IN UAE
Anti money laundering & Countering Terrorist Financing organisations (AML & CFT) law aims to combat money-laundering practices, terrorist training and establishes a legal framework that supports the concerned authorities with anti-money laundering and crimes related to money-laundering, counter the financing of terrorist operations and suspicious organisations. Designated Non-Financial Businesses and Professions (DNFBPs) are sectors that […]
WHAT SHOULD YOU LOOK FOR WHEN CHOOSING A SERVICE FOR ONLINE ACCOUNTING IN DUBAI?
As more businesses in Dubai turn to online accounting services, finding the ideal one for your company may prove challenging. With so many providers out there offering similar services, knowing what criteria are essential in selecting a service for Online accounting services in Dubai, UAE is important. In this blog post, we’ll outline all that […]
ECONOMIC SUBSTANCE REGULATIONS: CHANGING THE DYNAMICS OF CROSS BORDER TRADE
In recent years, governments worldwide have implemented economic substance regulations (ESRs) to combat tax avoidance and improve transparency in cross-border transactions. These regulations have had a profound impact on how businesses operate globally, changing the dynamics of cross-border trade and requiring companies to demonstrate that they have real economic substance in their jurisdictions. ECONOMIC SUBSTANCE […]
MOVING FROM ACCOUNTING TO FINANCE FUNCTIONS
Introduction of corporate tax, VAT and other laws in UAE has necessitated maintenance of books of accounts, to have control over periodical accounting and meet the reporting obligations of both the regulatory authorities and business owners. This function now needs critical knowledge of tax laws and International Financial Reporting standards for accounting as the same […]