Key Insights: UAE VAT Executive Regulation amendments

Key Insights UAE VAT Executive Regulation amendments

The UAE introduced VAT as part of its initiative to diversify its revenue streams, aiming to reduce reliance on oil. The Federal Decree-Law No. 8 of 2017 established the VAT framework, which has undergone several amendments since its implementation. This guide to the VAT Executive Regulation, offering insights for businesses, tax professionals, and individuals from […]

How Audits Ensure Compliance with UAE Corporate Tax and Free Zone Rules

How Audits Ensure Compliance with UAE Corporate Tax and Free Zone Rules

Compliance with corporate tax laws and free zone regulations is paramount for sustainable growth and legal integrity. The UAE has refined its tax framework, placing greater emphasis on transparency, economic substance, and alignment with international standards like the OECD’s Base Erosion and Profit Shifting (BEPS) initiatives. These updates reflect the UAE’s commitment to maintaining a […]

UAE Corporate Tax Filing and Registration: Key Deadlines and Requirements

UAE Corporate Tax Filing and Registration: Key Deadlines and Requirements

As the first corporate tax filing deadlines draw near for many UAE businesses, ensuring timely corporate tax registration and filing is crucial for compliance with the Federal Tax Authority (FTA). With corporate tax now in effect, understanding the specific requirements for both registration and tax filing will help businesses avoid hefty penalties and meet their obligations within the […]

VAT Penalties – A Story of Errors, Penalty Mitigation, and Strategic Actions

VAT Penalties A Story of Errors Penalty Mitigation and Strategic Actions

As an expert accountant working for a prominent accounting firm in the UAE, we were approached by Company Y with significant exposure to VAT penalties due to errors made by their previous accountant. When reviewing their VAT filings and financial records, we discovered multiple violations that could potentially lead to heavy penalties, jeopardizing the company’s financial […]

AM Audit Expert Shares His Journey Through Risk Management

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Today’s businesses, operating in a rapidly changing and complex global market, must prioritize risk mitigation as a cornerstone of their corporate governance. This article offers a deep dive into critical accounting risks, complete with practical examples and proven strategies that have helped businesses safeguard their financial health. Financial Reporting Errors Financial reporting errors represent one […]

How the Dirham-Pegged Stablecoin Will Revolutionize Business Transactions

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As the UAE continues its ambitious drive to establish itself as a global financial and technological hub, the impending launch of the dirham-pegged stablecoin by Abu Dhabi Securities Exchange-listed Phoenix Group and digital asset firm Tether represents a pivotal moment in the region’s economic evolution. Scheduled for release by January 2025, this stablecoin—anchored to the […]

Accounting Under DIFC’s Digital Assets Law No. 2 of 2024

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The DIFC Digital Assets Law No. 2 of 2024 covers the regulation and recognition of digital assets within the Dubai International Financial Centre (DIFC). This legislation establishes a comprehensive legal framework for the ownership, transfer, and management of digital assets, encompassing digital representations of value that are tradable, transferable, or usable for payment or investment […]

Recent Sukuk Issuance: Accounting Considerations for UAE Businesses

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The recent surge in sukuk issuance, reaching $91.9 billion in the first half of 2024, highlights significant growth in Islamic finance, particularly impacting businesses and auditors in the UAE. This trend is crucial for financial institutions, corporate issuers, investment firms, regulatory bodies, and SMEs involved in or considering sukuk issuance. Understanding these implications ensures compliance […]

Ensuring Compliance and Financial Integrity in Dubai’s Real Estate with Escrow Accounts

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Dubai’s real estate market faced significant regulatory action when three developers were fined Dhs500,000 each for failing to comply with the necessary registration procedures for off-plan projects. These fines were imposed by the Dubai Land Department (DLD) under Law No. 8 of 2007 on Real Estate Development Escrow Accounts. This incident underscores the critical role […]

Dubai Property Shakeup: Cash Limits on the Horizon? (Case Study Included)

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Dubai’s real estate market is on the cusp of a significant change with major developers considering stricter limits on cash transactions. This blog post dives into the details of this proposed regulation, its potential impact on accounting practices, and explores a revised case study that delves into an advanced financial issue related to the news. Understanding the Potential Cash […]

UAE Tourism & Travel: Forecast & Strategies for Sustainable Growth (Next-Level Accounting & Tax Solutions)

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The UAE’s tourism industry is poised for a meteoric rise. 2023’s record-breaking visitor numbers and the highly anticipated launch of a Schengen-style unified GCC tourist visa by year-end paint a picture of an overflowing cornucopia of opportunity. But beneath the surface of luxury hotels and dazzling attractions lies a complex financial landscape demanding sophisticated strategies. This isn’t just about […]

Business Advice: 4 Strategies to Improve AR Collection and Strengthen Your Accounting Practices

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Slow collections on accounts receivable (AR) can disrupt cash flow, hindering growth and causing accounting headaches. While traditional methods like sending reminders remain crucial, here are four effective strategies to supercharge your AR collection and strengthen your accounting practices in the UAE: 1. Automation: Leverage Technology for Effortless Collections and Accurate Records The UAE boasts a tech-savvy population, and […]

Accounting Mistakes: A Threat to Profitability and Financial Health

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In the dynamic world of business, accounting plays a crucial role in maintaining financial transparency and ensuring the long-term success of an organization. However, accounting mistakes can have a significant impact on a company’s profitability and financial health, potentially leading to inaccurate financial statements, inflated profits, and even legal repercussions. Common Accounting Mistakes That Can […]

SKILL UP YOUR ACCOUNTING DEPARTMENT

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As with a promising leadership position, managing the accounting team requires more than technical know-how; a good amount of empathy and compassion to always grow should also be included in the equation. It is vital for the CFO and accounting managers to work closely together to lead their team to achieve the organizational objectives at […]

Bookkeeping: Why does it matter?

Bookkeeping: Why does it matter?

Bookkeeping is vital for maintaining accurate financial records. Yet still, several organizations fail to implement this necessary process. Besides the fact you are required under the UAE law to retain your books of records for 5 years, doing this will also help you in business enhancement.  Bookkeeping is the art of recording your financial facts so that […]

Which accounting software is best in UAE?

Which accounting software is best in UAE?

As the saying goes, “You ask the wrong question – You get a wrong answer”. And that is certainly implied in everything we say or everything we want to know. So, are you sure you are asking the right question when you tell which is the right or the best accounting software for your business? […]

A Complete Guide to E-commerce Accounting in the UAE

A Complete Guide to E-commerce Accounting in the UAE

The sustenance of your business depends on how financially aware you are. To determine this, you have to keep track of your financial transactions; simply put; you have to account. E-commerce is a new form of commerce and a response to how much people have grown with technology. E-commerce is using the internet as a […]

What part can Chartered Accountant play in the battle against climate change?

What part can Chartered Accountant play in the battle against climate change?

Climate change risk must be integrated into corporate planning, finance, processes, and communications by chartered accountants and the companies they deal with. The unparalleled trials raised by Covid-19 have reminded us that as a global society, we must face challenges. Although the pandemic has taken center stage of our attention over the last year, we must not overlook another […]

Is your Accounting conforming with the Accounting laws?

Is your Accounting conforming with the Accounting laws?

Article 26 of Federal Law no. 2 of 2015 states, ”Every company shall keep accounting records showing its transactions to accurately reveal at any time the financial position of the company and enabling the partners or shareholders to confirm that the accounts of the company are properly kept in accordance with the provisions of this […]

Bookkeeping for freelancers in UAE

Bookkeeping for freelancers in UAE

Any freelancer or solopreneur requires a comprehensive plan to achieve their financial goals, including accurate record keeping, increased profitability, and tax compliance. You, too, will profit from hiring an accounting firm to help organize your finances, regardless of the scale of your start-up. If you want to increase your work chances in the future, you […]

Accounting checklist for Start-ups in UAE

Accounting checklist for Start-ups in UAE

When launching a new business, it’s tempting to imagine that doing it yourself will get you through the early stages of funding before the new venture has completely developed its financial teeth and takes in more money than it invests. However, if the DIY solution involves attempting to manage financial activities without the help of […]

Why Getting a Professional Accountant was Crucial to Growing My Company?

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Listen to Sara’s Story I understood that establishing my online fashion business would be a long-term investment. It’s something that I’m optimistic about, so it doesn’t sound like a job. Yet I didn’t know how much more time I would have wasted from not getting the correct accounting solution in place from the outset. I’ve been increasing […]

Will you go high by knowing your business valuations based on the stochastic model?

Will you go high by knowing your business valuations based on the stochastic model?

As an opportunity for Medium-Sized Enterprise, you can choose to do formal valuations for your business ventures, projects, segments, or the whole corporation. Won’t you prefer the most robust basis for your business valuations? AM Audit is a versatile consulting firm, having the expertise of the most robust basis of valuation modeling, namely the stochastic […]

Diversifying your business? Keep these factors in mind

Diversifying your business? Keep these factors in mind

The effect of the coronavirus on companies has made us aware of the value of diversification. If a specific good or service suffers from a pandemic, you already have some to rely on, and which indeed decreases the risk factor. One needs to weigh specific considerations before continuing with the diversification strategy; 1. Financial sense […]

HOW TO FIND A TAX ADVISOR SUITABLE FOR YOUR BUSINESS?

HOW TO FIND A TAX ADVISOR SUITABLE FOR YOUR BUSINESS

Tax time is both challenging and exciting for every company. The corporation’s annual tax return gives useful information into sales and spending and yearly progress. The tax advisor is an accounting specialist who specializes in complicated tax code and uses this experience to help taxpayers reduce their tax burden. Let us start with details about […]

How to Pay off Your Business Debt, Quickly

How to Pay off Your Business Debt, Quickly

Are you continually juggling as a business owner with things like boosting your company and paying off your business debts? You may have taken a business loan to launch a product or expand your business, sometimes having to handle a lot on your plate might have escalated to business debt.  Although sometimes you can have […]

Dubai’s E-commerce sector leaves endless open opportunities for entrepreneurs

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Customers today can get their hands on a wide variety of consumer products and services, all available with a tap, click or swipe, as the e-commerce industry gains traction regionally and internationally. Since the Covid-19 pandemic is stuck globally, people spend more time surfing the internet and leisurely shopping! It’s the perfect time for your e-commerce […]

Businesses Arisen due to COVID-19

Businesses Arisen due to COVID-19

From education and entertainment to telemedicine and telecommunications, all now have a more significant role to play than ever before. COVID-19 has had a remarkable impact not only on health and humanity but also on the global economic system. The drastic shift in consumer behaviour has created an eternal ripple impact on corporations from all […]

21st Century CEO’s Approach

21st Century CEO’s Approach

“A business is a living organism. There will always be a point where the environment changes, the competition changes, something critical changes, and you must realize this and take the leading role in meeting change.”  – Edzard Reuter, CEO of automaker Daimler-Benz There is no lack of schools for businessmen of any kind: accountants, engineers, financiers, […]

BOOST YOUR BUSINESS WITH E-INVOICING!

BOOST YOUR BUSINESS WITH E-INVOICING!

Digitally transform your world and your back-office operations and stay compliant. Here is why you should choose Zoho e-invoicing. Easy e-invoicing It may seem like a daunting task to adapt to a new system, but Zoho’s e-invoicing is easy. According to the e-invoicing schema, Zoho helps you build mandated documents such as invoices, credit notes, […]