UAE Corporate Tax Losses Explained: A Hidden Gem for Your Business
Confused about UAE Corporate tax law and dividends income? No more confusion after you read this article!
Understanding Dividend Income under the UAE Corporate Tax Law
Confused about UAE Corporate tax law and dividends income? No more confusion after you read this article!
Running a Foreign Company from Dubai? Here’s What POEM Means for You
In simple terms, POEM stands for Place of Effective Management. Under the UAE Corporate Tax rules, POEM helps determine where a company is really managed from, especially if it’s not a company officially registered in the UAE but in another country such as the UK or Germany. The following things you should keep in mind […]
Is an Outsourced Accounting Firm a Good Decision for Your Company?
I am frequently asked whether hiring an accounting firm as opposed to hiring an in-house bookkeeper is a good decision. Having worked as an in-house accountant (finance manager, to be precise), freelance accountant, and now as the owner of an accounting firm, I strongly believe that the accounting firm route is not for every small or medium-sized business (we will leave big companies aside, the ones that need not just one accountant but rather a whole department). However, if you are a small or medium-sized company where one accountant is enough, please read on.
UAE Corporate Tax: 5 most important fines
FTA issued much awaited list of penalties for violations related to Corporate Tax application. Here is the 5 most important ones: # Violation Name Fine Amount, AED 1 Failure of the Person to keep the required records and other information specified in the Tax Procedures Law and the Corporate Tax Law. One of the following […]
Changes to Tax Procedures Every UAE Business Owner Should be Familiar With
Last week UAE FTA issued a new Tax Procedures Regulation which repealed Cabinet Decision No. 36 of 2017 on the Executive Regulation of Federal Law No. 7 of 2017 on Tax Procedures that was issued back in 2017. The new regulation comes into force on the 1st of August 2023 and contains some very important updates that every business owner should be compliant with.
Emiratisation: Building an Inclusive and Competitive Economy in the UAE
In this blog we will talk about an important initiative that is shaping the workforce landscape in the United Arab Emirates – Emiratisation. As your trusted accountant, I believe it’s crucial to keep you informed and engaged in the latest developments that can impact your business. As you know, Emiratisation is a hot topic in […]
Cabinet Decision No. 56 of 2023 on Determination of a Non-Resident Person’s Nexus in the State for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses
Summary: This decision, issued by the Cabinet, provides clarity on the criteria for determining a non-resident person’s connection to the state regarding the taxation of corporations and businesses. It outlines definitions and rules related to immovable property and taxable income. The decision also addresses artificial transfer of property rights and the requirement for non-resident persons […]
Opening a bank account in the UAE is not a walk in the park, or is it?..
Due to our field of work, we know all the insights about bank accounts in the UAE. Our clients have accounts opened in different UAE banks and we know pros and cons of nearly half of the banks operating in our region – we know about their charges, about their functionalities and how our clients […]