FTA Tax Audit UAE: Main Triggers & Compliance Factors
What Causes an FTA Tax Audit in the UAE? Every business in the UAE must meet tax requirements. If a company doesn’t comply, the FTA can choose to audit the business. The management must ensure that every tax task runs smoothly and accurately. When a company ignores its tax duties, it might face penalties or […]
Corporate Governance & Internal Controls Value Guide
Why Corporate Governance Matters for Every Business Companies must set up strong corporate governance to protect their business. The board of directors should create and review a good governance framework. Companies face many accounting frauds, so each firm must build reliable internal controls to stay safe and meet regulatory demands. In the UAE, new laws […]
ECL Calculation Under IFRS 9 Guide for Companies
What Is ECL Calculation and Why Does It Matter? Companies use ECL, which means Expected Credit Loss, to estimate possible losses from loans or receivables. The IFRS 9 standard says that every company must record these expected losses in their financial statements. IFRS 9 replaced the old backward-looking rules with a forward-looking model. It means […]
IFRS 15 Application in Financial Statements Guide
Introduction to IFRS 15 and Revenue Reporting Companies in Dubai follow International Financial Reporting Standards (IFRS) to stay compliant. IFRS 15, called ‘Revenue from Contracts with Customers’, sets new rules for reporting revenue in financial statements. When a company offers many products or services, applying IFRS 15 needs careful review of customer agreements and each […]
Claim VAT Refund for Expo 2020 Dubai | Step-by-Step Guide
Understanding VAT Refund for Expo 2020 Participation When a company joins Expo 2020 Dubai, it spends money on many goods and services during the event. UAE law gives Expo participants the right to claim a VAT refund on those eligible expenses. The participant should follow the law in every step for tax compliance. The government […]
How Accounting Services Decrease Overdue Invoices
An overdue invoice means the amount a company should get or pay but has not done so by the due date. If a client buys a product or uses a service, the company sends an invoice showing how much and when to pay. If the client delays or misses payment, the invoice becomes overdue. Companies […]
Withholding Tax in Oman Explained
Since 2010, Oman has charged direct taxes mainly through Corporate Income Tax and withholding tax. Some companies in the UAE work regularly with partners in Oman. It is important for these companies to understand how withholding tax rules in Oman affect their business dealings. What Is Withholding Tax? Withholding tax means the payer holds back […]
How Tourists Can Claim Tax Refund in UAE
The UAE gives tourists a way to claim VAT refunds on their shopping. The Federal Tax Authority (FTA) makes this possible by using an advanced electronic system. Tourists can now enjoy shopping in the UAE and get part of their VAT back before leaving the country. This makes the UAE a better place for tourists […]
How Retailers Register Under Tax Refund Scheme UAE
The UAE government wants to make shopping easier for tourists. The Federal Tax Authority (FTA) set up the tax refund scheme for tourists in the UAE. This scheme helps tourists get back VAT on their shopping. The plan supports the tourism sector and boosts business for shops. The FTA asks all VAT-registered shops to join […]
Procedures to Follow While Making FTA Payment
Every taxable person in the UAE must file their VAT return in time and make FTA payments when it is needed. People must follow all FTA rules to avoid any penalty. The FTA has set some clear steps that help people to pay taxes properly. People must always plan and act early to stay away […]
