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
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
In the past few years, several small and medium enterprises have established their business operations in the United Arab Emirates. They have been struggling with their operational issues that value-added tax was implemented in the region. It was a new form of the tax system which caused confusion and fear to the SMEs. Although, it has been around two years since the implementation of VAT … Continue reading Common SME Mistakes Related to VAT Filing in UAE
Value-added tax is often applicable to a set of business supplies that can either be a service, material, or product. In GCC, the property is also considered a taxable supply for which the property owners have to pay VAT. There is a certain vendor who is working with non-taxable supplies that are exempt from VAT. Thus VAT serves as an additional cost to those dealing … Continue reading Implications Of VAT On Property Development Sector In GCC
Internal auditing is one of the most important departments of any business organization. It is meant to watch the organization is working efficiently while managing the risks and complying with the rules and regulations defined by the authorities. Managing the internal control systems is also an important responsibility of the internal auditors. In developed countries like the United Arab Emirates, internal auditors are stressed to … Continue reading Key Risks Ahead of Internal Auditors In 2020
Outsourcing Accounting services have the potential to transform your finance department and help in boosting the efficiency and potential of your business. One of the most common problems that small business owners make is their attempt on DIY accounts and finance management for their startups. As a result, they end up paying more money later to an accounting team to clean up the mess. However, … Continue reading Should Accounting be outsourced or done in-house?
Real estate feeds millions in the UAE. Owing to it being the business hub in the current century, real estate provides very lucrative options for business. The VAT is thus one of the key industries falling under the VAT regulation. Thus, real estate business owners need to understand some details. Especially those businessmen who are just beginning with real estate business in the UAE, a … Continue reading The VAT on real estate supply in the UAE
Boutiques are one of the most flourishing businesses in Dubai. It is a fashion hub, and people from Asian countries frequently visit them for shopping purposes. It would not be wrong to say that they earn handsome profits, which makes them VAT payable business. However, it is not easy to manage the tricky calculations and ensure justified tax payments to the government. The boutique businesses … Continue reading Why is VAT Consultancy Essential for Boutiques in Dubai?
VAT stands for value-added tax. Its calculations are complex, and as a business owner, you need to comply with tax laws. You do not need to understand all the complexities. Because there are firms that let you outsource VAT experts and they cover multiple areas of tax accounting. Tax accounting is crucial for all businesses. In some countries, there are internal accounting and auditing experts … Continue reading Which Areas Does Every VAT Consultancy Cover?
A business pays the govt the tax that it collects from the shoppers whereas it should conjointly receive a refund from the govt on the charge that it’s paid to its suppliers. This article is intended to guide you comprehensively about VAT and terms associated with VAT that’d help you in knowing better about VAT consultancy in Dubai. What is VAT? Value Added Tax (VAT) … Continue reading All You Need to Know About VAT!