Consequences of Late Filing or Non-Filing of VAT returns in UAE
Taxable persons in the UAE are required to file a VAT return to the Federal Tax Authority (FTA) at the end of each tax period within the timeframe specified in…
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Key Credit Control Lessons for SMEs in the Wake of Pandemic Shocks
The year 2020, among other things, has provided great accounting lessons for companies operating in Dubai, UAE in the wake of COVID-induced economic uncertainties. The liquidation of two big retailers…
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Essential VAT Guide on Masks, PPE Kits in the UAE
The fight against COVID-19 is still raging across the world amidst the news of a second strain emerging, leading to a surge in demand for Personal Protective Equipment (PPE). However,…
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Why Getting Good Accounting Support is Crucial for Expo 2020 Participants?
All eyes will be on Dubai when it hosts EXPO 2020 in October this year as it will be the first mega-event to happen after the outbreak of COVID-19 pandemic.…
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Audit For Manufacturing Firms: A Guide to Essential Steps Involved
Unlike most other forms of businesses, a manufacturing company has to thwart multiple challenges. The manufacturing sector is vulnerable to the danger of flouting audit standards as the industry is…
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Conditions for Applying for Excise Tax Administrative Exception in the UAE
Businesses that are registered for excise tax in the UAE can apply for tax administrative exceptions requesting alternative supporting evidence to confirm the export of excise goods from the UAE.…
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Top Measures Adopted by the UAE to Strengthen Anti-Money Laundering Standards
In November 2020, nine companies and nine individuals in the UAE were imposed hefty fines and were sentenced to jail terms in an AED 306 million money laundering case. The…
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Digital Tax Stamp: Businesses Must Comply with New Excise Tax Norm
In a big boost to the excise tax regime in the UAE, the Federal Tax Authority (FTA) has clarified that it won’t allow the sale of tobacco products without Digital…
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Key Accounting Strategies to Consider While Creating Budget for 2021
An eventful year is coming to an end, and the corporate sector is planning its spending for the year ahead. Preparing the corporate budget at the end of the year…
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Filing ESR in the UAE: The Need to Clear the Air on Ambiguities
Christmas is around the corner, but many companies in the UAE are busy preparing for ESR notifications and reports before the January 31 2021 deadline. The amendment to the previous…
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