Everything You Should Know About VAT on Real Estate in UAE

The value-added tax applies to a variety of businesses and services in the United Arab Emirates. The real estate industry is one of them; however, VAT applies at different rates according to the type and category of the service. The owner or person leasing the real estate has to pay tax to the authorities. It includes registering for VAT, calculating the amount paying it on … Continue reading Everything You Should Know About VAT on Real Estate in UAE

Why enlist cost of goods sold (COGS) in journal and importance

For every business or manufacturer, there are different expense types during a certain period. Some of the expenses are direct, and some of the costs are indirect. We will discuss indirect and direct expenses later. Still, it is important to understand that every expense type matters when identifying a business’s financial position and conducting audits. A manufacturer or a company produces and prepares products to … Continue reading Why enlist cost of goods sold (COGS) in journal and importance

How to prepare for VAT Audit in UAE

Value Added Tax is not a distant dream but a reality in the Middle East and Gulf States. It is evident from the fact that UAE along with many other Gulf countries have imposed a standard rate of 5% VAT. It is similar to the general tax which aims to eliminate the financial burden on the petroleum resources. For this reason, all the businesses meeting … Continue reading How to prepare for VAT Audit in UAE