Key Insights for the WPS System Implemented by DMCC
In a huge forward leap, the Dubai Multi Commodities Centre (DMCC) free zone has implemented a new Wage Protection System (WPS) to protect workers’ rights in line with the. Companies…
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What Does Layering Mean in Money Laundering?
Scammers and fraudsters need to launder their illegally acquired funds into the financial system to truly profit from their criminal activity. For them, the initial crime is just the beginning…
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VAT Refund through EmaraTax for Building New Residences
The launch of the EmaraTax platform represents a significant moment in the landscape of VAT compliance in the UAE. The new digital platform facilitates easy access to a wide range…
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Understanding Audit Reports: What Is a Qualified Opinion?
An audit report is key to the decision-making process of the company as it gives a true and fair view of its financial performance and position by an external auditor. Auditing…
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An AML Guide to Virtual Assets & Related Activities Regulations 2023
Virtual assets like cryptocurrencies are getting increasing acceptance in countries including the UAE. However, due to the inherent money laundering risk associated with such businesses, the Virtual Assets Service Providers…
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Key Etiquettes Entrepreneurs Must Maintain during an Audit
Annual audits are not easy for entrepreneurs even if they have already records ready with them. Most business owners come under pressure when an auditor from one of the reputed…
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Alternate Procedure to Log in to EmaraTax Using UAE Pass
The UAE launched the EmaraTax platform on 5th December 2022, replacing the old Federal Tax Authority portal (FTA) portal. Businesses can now access all the tax services in the UAE…
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Accounting for IT & Software Sector: Revenues and Expenditures to Consider
IT and software businesses are among the key sectors that require the specialised services of accounting firms in Dubai. Due to the complexity of the industry in terms of accounting,…
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A Guide to the Significance of AML Transaction Monitoring
AML transaction monitoring has become a key part of Anti-Money Laundering (AML) compliance in the UAE. Successfully monitoring a suspicious transaction can prevent thousands of millions of money laundered by…
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A Guide to the VAT Treatment of Export of Goods from the UAE
As per the regulations of VAT in the UAE, the export of goods is generally treated as zero-rated. Taxable persons may think that the determination of VAT treatment of export…
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