Excise Tax is an indirect tax imposed on the import and manufacturing of excise goods that are to be consumed within the UAE. Excise goods are products that are harmful to human health and the environment. Similarly, VAT is imposed on a wide variety of goods that affects not only the residents but also the tourists. VAT and Excise are both relatively new tax systems … Continue reading VAT and Excise Tax Refund in UAE: Everything You Need to Know

The Novel Coronavirus has been declared a global pandemic by the World Health Organisation (WHO). The coronavirus cases have reached above 2 million, with more than 140,000 deaths globally as of today, i.e., April 18. Governments all around the world have imposed lockdowns and social distancing measures that are drastically affecting not only small businesses but global economies. If the situation continues, the world will … Continue reading Top 7 Key Risks to Consider by Internal Audit during COVID-19

There is no doubt that accounting is the backbone of every business organization. It has the potential of realizing the growth of the organization as well as causing the risk of survival. The entrepreneurs are often at the brink of facing damages due to not paying enough attention to accounting. In the progress countries like the UAE, hundreds of entrepreneurs establish their organization and fight … Continue reading Common Accounting Mistakes Entrepreneurs Make