Top Insights For Effectively Accounting For Inventories
Accounting for inventories is critical for companies in the retail sector. Many people often think of on-hand inventory simply as a stock that is yet to be sold. However, one…
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VAT On Automotive Sector: Major Obligations For Car Dealers, Service Centres
Supplies made by businesses in the automotive sector are generally subject to VAT in the UAE. Qualified means of transportation such as buses are designed and used for public transportation…
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What Are The Major Objectives Of An External Audit
Not long-ago businesses in Dubai were free to get the bank facilities without being their books of accounts audited. However, things changed in the 1990s when many investors went burst…
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A Comprehensive Guide to Special VAT Refund Schemes in the UAE
Since the introduction of VAT in the UAE in 2018, the government has introduced various refund schemes for the benefit of specific persons. Eligible persons are allowed to claim a…
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Companies Need to Sort Out these Issues before Starting the Audit Process
In Dubai, an audit can be viewed both as a mandatory requirement for compliance as well as an optional process. For instance, audit report submission is mandatory for Dubai free…
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Corporate Tax in UAE: A Guide to Non-Taxable Income & Exempted Entities
The UAE corporate tax (CT) is set to come into force from June 2023, prompting investors to assess whether or not their businesses would come under its ambit. Carrying out…
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A list of Critical Business Expenses that Entrepreneurs fail to Prepare for
It goes without saying that running a business is an expensive affair. Rookie entrepreneurs spend more energy, money and time on launching their businesses. Inexperienced entrepreneurs contemplate more about the…
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Corporate Tax in UAE: Should Free Zone Companies be Worried?
The UAE businesses are required to embrace a new form of direct tax in a country that has been hitherto known as a low-tax jurisdiction. The news about the introduction…
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Customer Due Diligence: A Critical Component of AML Compliance in UAE
Financial Institutions and DNFBPs in the UAE are required to verify the identity of their customers before establishing a business relationship with them. As part of ensuring AML compliance in…
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Tax Invoices in UAE: Key Obligations Businesses Must Know
As per the UAE VAT Law, a tax invoice is a document made in written or electronic form, which records the occurrence and details of a taxable supply. Article 65 of…
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