Corporate Tax Registration is mandatory
In the evolving landscape of global business, free zones in the UAE have emerged as attractive hubs for international trade and foreign investment. Known for their regulatory advantages, including tax exemptions and simplified business setup, UAE free zones are often seen as a strategic gateway for companies expanding into new markets. However, recent updates to […]
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 […]
Why External Auditors should be Appointed?
With the surge in newly established businesses in the UAE, it is rather evident that businesses are implored ( External Auditors ) to be the backbones of the economy. However, businesses need to be checked constantly to certify that they’re what they say they are. An audit process is mandatory in any publicly-held business. In […]
Internal Audit and Its benefits
An internal audit primary objective is to provide leadership with the highest level of independent assurance and recommendations related to the effectiveness of internal controls, governance, and risk management processes. Take a look at the benefits that Internal Audit brings along. them perform procedures and develop reports that provide findings and recommendations to help improve controls, processes, and procedures. Internal audit can help the new system implementations address any risks or control deficiencies before a system goes live. it help ensure that organizations comply with the applicable laws and regulations. A practical it function can facilitate smoother external financial statement audits. it can be the alliance between management and third parties to ensure that adequate controls are in place throughout an organization’s supply chain. iy function is an essential investment for a. If your organization is exploring the benefits of an internal audit, a significant first step is to consult an auditing firm – AM Audit.
Tips To Support Internal Audits
As a business, quality is one of the things that should dominate your operations. To maintain said quality in business operations, you need a foremost optimal Quality Management Tool – internal audits. This begs the question, what are internal audits and how do you support the internal audits? In this post, you will find the […]
Top Audit Firm in Dubai
Every business sector is unique and different, but all the areas needed are expert financial advice and accountancy. Here at AM Audit, the Accounting & Audit firm in UAE with Top Auditors, Accountants, and a specialist service team to provide you with the best services. With practices all over the UAE, our experts will help […]
How to Choose the Right Auditor for your Company ? 4 Things to Consider before Choosing
An auditor is like yearly health check-ups. You presumably don’t look forward to getting one, but they are very crucial for you (and your company) to operate accordingly in the long run. Before choosing a doctor for you or an auditor for your company, you must build your grounds to find the correct blend of […]
3 Principles that Boost the Internal Audit
The challenges of recent instances have highlighted how the internal audit feature remains a trusted consultant for corporations. It have functions which have effectively helped the companies navigate via risks during the pandemic are guided by using 3 key concepts – agility, speed, and the potential to hold value-effectiveness. 1. Speed Internal Audit has traditionally issued audit […]
Which Audit Report You Require for your Business?
Have you ever wondered why you need an Audit report or why your investor or the Bank asks you for an Audit report? Doesn’t this thought of why the Stakeholder is easy with an Internal Audit Report While your Bank will insist on getting an External Audit Report puts you in a conflict? Now, first and foremost, […]
5 Steps to Beat Audit Exhaustion
Bogged down by the time-consuming nature of the audit, your company’s internal auditors even often suffer from ‘Audit Exhaustion.’ But all it takes is to pick the best approach to make a difference by allowing the consistency and smooth flow of the internal audit process. So, for implementing a risk-based method for your Internal Audit, […]
Has Technology Revolutionized the way We Audit?
Data analytics is increasing the accessibility of data; however, human intervention is still required to filter the data and to communicate and advise clients effectively.’ – Hisham Farouk INTRODUCTION Not long in the past, audits could be performed only by teams of accountants manually scouring financial facts reams. However, given the explosion of information in today’s digital […]
FTA Tax Audit
As per Federal Decree-Law no. 7 on taxation the Federal Tax Authority (FTA) has the legal right to perform a tax audit on any person to determine their compliance with the relevant provisions of the law FTA can initiate a VAT audit for checking any potential errors or non-conformities. Usually, the FTA schedules audit for […]
Don’t Avoid External Audit – Here is Why?
Annual external audits are a stressful period for the UAE firms, and the audits are frequently a highly tiresome procedure for business owners. Many even ask “it is necessary to audit in the UAE” because the country does not have a corporation tax. As the filing of an audit report is not obligatory, small enterprises […]
External Audit & its Types
An external audit is a financial examination that an independent accountant conducts. The sole purpose of an external audit is to provide confidence and assurance to lenders, stakeholders, or investors about the financial statements issued by their company that they are truly and fairly present their organization’s results and financial position. The primary objective of […]
What is a Forensic Audit?
A forensic audit reviews the accounting statements to collect facts used in a court of trial or civil practice. Among municipal and federal law enforcement, corporate banking, and private investigators, it plays crucial positions. Forensic auditors are extremely valuable after a case has been constructed, from examining and evaluating records to aiding in court. Only […]
How will UAE Corporate Tax affect Tax Groups?
The UAE government announced in 2022 the implementation of a Federal Corporate Tax Law which will come into effect starting June 1st, 2023. Today, businesses across the UAE are concerned about their ability to survive in a competitive market with the implementation of Corporate Tax. On the other hand, larger corporations and owners of multiple […]
Who Should Register for UAE Corporate Tax and Is There a Deadline?
The United Arab Emirates (UAE) has recently introduced a Corporate Tax Law that will go into effect starting from or after June 1st, 2023. The new Federal Law was decreed for the taxation of corporations and businesses in the UAE to further cement its position as a global hub for business and investment. UAE Corporate Tax is […]
Corporate Tax FAQs: 15 Top Answers
Corporate Tax in the UAE is a form of direct tax imposed on net income or business profit. The UAE introduced this tax with the aim of strengthening the country’s position as a leading global center for business and investment, in addition to accelerating the country’s development and transformation to achieve its strategic goals and renewing […]
UAE Introduces Federal Corporate Tax for Business Entities
The UAE’s ministry of finance on 31st January 2022, through a press release, announced that it will start imposing federal Corporate Taxes on profits from business entities within the territories starting June 1st, 2023. As stated by the ministry, this will be a move to help minimize the compliance burden imposed on UAE businesses. This will be […]
What are the benefits of Corporate Tax in UAE?
The introduction of Corporate Tax at a 9% rate on any taxable business with profits exceeding 375,000 AED annually is seen by corporations all around the UAE in a mainly negative light. Contrary to how businesses view the implementation of the Federal Tax Law, Corporate Tax doesn’t just limit a resident business’s profits. In fact, […]
How-to-Find-a-TRN-Number-of-a-Company-in-UAE
The world is moving toward innovation, and the majority of entrepreneurs have already established enterprises in the UAE. As a business person doing business in the United Arab Emirates, you must comply with the state’s tax rules and regulations by obtaining a tax registration number. From this article, you’ll learn the meaning of a TRN […]
Special Refunds – Business Visitor VAT Refund Guide
Ref No: AMA/A/ANZ/2020/01 UAE VAT refund for foreign businesses Reclaim window now open through AM Audit Federal Tax Agency Number: 30000301 The reclaim window is now open for the non-United Arab Emirates (UAE) established businesses to submit Value Added Tax (VAT) refund requests to the Federal Tax Authority (FTA) for the calendar year 2019. Index: The FTA […]
5 COMMON VAT ERRORS AND HOW TO RECTIFY THEM
Value Added Tax in the United Arab Emirates can be complicated. And understanding VAT, while you are busy running your business, can be difficult. Such a situation makes you more prone to making VAT errors and not complying with VAT rules correctly. There are many complexities involved in the operation of VAT, and they can […]
VAT for E-commerce in UAE
Overview E-commerce VAT guide by the Federal Tax Authority notifies the V.A.T. treatment of supplies of goods and services through electronic means, such as over the internet or a similar electronic network. All goods and services that are purchased online are subject to a 5 percent Value Added Tax if their delivery address is in […]
Tax Treatment for Educational Sectors in UAE
VAT is chargeable on most goods and services with a constrained number of precisely zero-rated or exempt supplies. In light of the flexibility provided via the GCC VAT framework settlement, the Value Added tax Treatment for Educational Sectors have been distinctive in various countries. The education-associated supplies are traditionally exempt from VAT in foreign VAT […]
Everything About VAT In UAE
Thresholds for UAE VAT Registration Process List of documents required for UAE VAT Registration Process Other Required Details for UAE VAT Registration Process (Note: Documents as mentioned earlier and details should be kept ready before you start the registration process on the VAT registration portal.) Steps for UAE VAT Registration Process: The sign-up details will be used […]
VAT Fines & Penalties in UAE
Federal Tax Authority (FTA) had approved and disclosed the complete and final list of all the administrative VAT Fines and Penalties in UAE that were imposed on businesses for violations of the VAT laws. Despite VAT being imposed on UAE in the last two years, there are various firms that still fail to work with the FTA […]
All you need to know about VAT De-Registration in the UAE
The withdrawal of VAT registration is called VAT De-registration. However, in the UAE, the VAT deregistration is when a business cancels its VAT registration with the Federal Tax Authority (FTA). There could be assorted reasons why a business would apply for VAT deregistration in UAE. However, such reasons are needed to fall under the conditions defined […]
Latest Amendment of VAT in the Designated Zones
FTA has issued cabinet decision No. 88 of 2021 to update the provisions related to specific Zones stipulated in Article 51 of the executive regulation of Federal Decree-law No. 8 of 2017 on value-added tax by inserting additional sub-clauses to clause five and adding a new clause 7 with an effective date of 30 October 2021. […]
Penalties for violation of TAX
The FTA asserted that the Cabinet Decision would boost the UAE’s global business competitiveness by establishing a tax legislation environment that encourages self-compliance and offers significant support to the national economy. The Decision outlines 16 types of administrative penalties that have either been reduced or had the method of calculation amended. The amendments include administrative […]
