FOR THE RIGHT BOOKKEEPING SERVICES, ALWAYS HIRE ACCOUNTING FIRMS IN DUBAI

accounting

An accountant is an expert who is liable for keeping and deciphering monetary records. Most Accounting Firms In Dubai are answerable for a wide scope of money-related errands, either for singular customers or for bigger organizations and associations utilizing them.

A few different terms are regularly examined related to the expression “bookkeeper,” which can prompt disarray on what this vocation involves. For instance, “bookkeeper” and “clerk” are phrases that are some of the time utilized conversely, yet there are a few key contrasts between these work titles.

Regularly, Accounting Firms In Dubai will have procured something like a partner degree and spotlight on recording monetary exchanges. Accountants, then again, will have normally procured no less than a four-year certification in bookkeeping and are entrusted with deciphering monetary data instead of essentially assembling it.

To put it plainly, accountants can be clerks; however, not all accountants will be accountants.

Also, a confirmed public bookkeeper (CPA) is a bookkeeper who has finished the CPA test and has met state authorizing prerequisites. Thus, all CPAs are accountants, yet not all accountants are CPAs.

Accounting is a wide term that envelops numerous diverse occupation titles and jobs inside associations. There are three principal sorts of accountants—public accountants, executives accountants, and government accountants—all of which center around various calling parts. Interior and outer examiners are additionally firmly related.

Jobs and Responsibilities

Albeit the day by day obligations of Accounting Services In Dubai will shift by position and association, the absolute most normal undertakings and duties of accountants include:

• Ensuring the precision of monetary reports, just as their consistency with important laws and guidelines

• Preparing and keeping up with significant monetary reports

• Preparing assessment forms and guaranteeing that charges are paid appropriately and on schedule

• Evaluating monetary tasks to suggest best-rehearses, recognize issues and plan arrangements, and help associations run effectively

• Offering direction on cost decrease, income improvement, and benefit augmentation

• Conducting determining and hazard investigation appraisals

Furthermore, Accounting Services In Dubai have a legitimate commitment to act sincerely and stay away from carelessness in their practices. Therefore, they are additionally answerable for guaranteeing that their customers’ monetary records are consistent with the applicable laws and guidelines.

UAE AMENDED SOME ADMINISTRATIVE PENALTIES FOR VIOLATION OF TAX LAWS IN THE UAE

UAE Tax penalty
Cabinet Decision No. 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE
In accordance with Cabinet Decision No 49 of 2021 on Amending some Provisions of Cabinet Decision No. 40 of 2017 on the Administrative Penalties for Violation of Tax Laws in the UAE, which will be effective from 28 June 2021, the FTA would like to inform you that it has released two Public Clarifications, which you can view on the FTA website.
With respect to TAXP002, and if you had any outstanding balances, you would have previously been able to see such outstanding balance on the returns page. From Wednesday 23 June, you will be able to see how much of your balance is related to tax and how much is related to administrative penalties on the My Payments page when you log into E-Services. This link will open a window that will include the following:
  • Tax Payable – this is the outstanding tax balance (based on tax returns you submitted and any adjustments due to voluntary disclosures or tax assessments) and will be updated on a daily basis until 31 December 2021, for you to know how much tax is outstanding and is subject to late payment penalties if not settled by payable date, and needs to be settled in full before 31 December 2021 to benefit from the redetermination of administrative penalties in accordance with Cabinet Decision No 49 of 2021.
  • Late Registration Penalty – this is the outstanding unpaid late registration penalty, if available.
  • Other Penalties Payable – this is the outstanding unpaid administrative penalties balance (other than late registration) and may increase if new administrative penalties are applied or decrease if payments are made or penalty reversed. The balance on 28 June 2021 will be subject to redetermination if conditions stated in Cabinet Decision No 49 of 2021 are met.
  • Net Payable Amount – this is the total amount of Tax Payable and Penalties Payable outstanding at any time.
  • Total Credit – this is the amount of credit that the registrant has with the FTA. FTA will be launching a full dashboard with your Tax Payable and Administrative Penalties

RECEIVED PENALTIES FOR NON-SUBMISSION OF ESR REPORT?!. FILE AN APPEAL

ESR-Notification-UAE
Received Penalties For No-Submission Of ESR Report?!. File An Appeal
Did you successfully submit the Economic Substance Notification & Economic Substance Report of your company to the Ministry of Finance?
Did you successfully submit the Economic Substance Notification & Economic Substance Report of your company to the Ministry of Finance?
Did you get any response from the authority is after that?
Many licensees in the UAE have come across penalty emails from the Ministry of Finance.

Did you get any such penalty email?

If yes, do you know how to resolve the issues? In order to resolve such issues, we should know exactly the reason for receiving such a penalty ticket from the Authority. We have listed down some of the reasons why you might have received penalty emails
Situation in which Economic Substance Notification is submitted declaring a Specific Relevant Activity. Later the Economic Substance notification amendment was filed that it is not covered in Relevant activity neither earning relevant income in the Economic Substance Notification.
In this case, the company need not submit the Economic Substance Report. But the approval for Amendment on Economic Substance Notification might have taken the time and by then the Economic Substance Report Tab becomes active.
Economic Substance Report was not filed since it is not carrying relevant activity . Still, the penalty ticket may raise.
How to waive off the penalties generated from situations like above?
In the above-given scenarios, the Licensee or Exempted Licensee will have the option to Appeal.
Article 13 & 14 of the Economic Substance Regulation provides the offences & penalties for failure to provide Notification and Report, respectively. The administrative penalty will be levied on that Licensee or Exempted Licensee who fails to submit Notification & Report (wherever applicable) as below: Failure to submit Penalty Amount
Failure to submit
Penalty amount
ECONOMIC SUBSTANCE REGULATION [ESR] Notification
AED 20,000
ECONOMIC SUBSTANCE REGULATION [ESR] Report
AED 50,000
If there is a delay in submitting Economic Substance Notification or Economic Substance Reports, and if such delay is because of the ignorance of the Law, the chance of getting approval for waiving off the penalty cannot be assured through an appeal.
But there are genuine cases as mentioned at the beginning of this article, where the penalty can be appealed and removed. We are happy to resolve your issues by submitting the Appeal to the Authority.

VAT CONSULTANCY SERVICES IN SHARJAH TRACK RECORD OF AUDITING DATA

Vat

Vat Consultancy Services In Sharjah are trusted and licensed professionals who offer all-inclusive Tax Services for VAT Registered Businesses since UAE commenced with Tax.  They can inform businesses on the fiscal impact of the tax on goods and services, and the safety measure taken to alleviate the effects.

Vat & Excise Consulting In UAE, UAE has the ability to deal with their VAT dealings by fulfilling with VAT law and recommend on associated transactions. Let us know how VAT consultants assist to make the whole VAT procedure easy and hassle-free.

Reasons for hiring a VAT Consultant:

Most of the companies are not known with the rules and regulations of estimating VAT and the procedure of payment. The companies should look for the direction of top VAT consultants in UAE, despite of striving with the complex formulas, complex numbers and wrong calculations. Other major reasons for hiring VAT consultants are mentioned below:

Superior Knowledge:

The top VAT consultants come with greater knowledge about the whole thing associated to VAT. This proves to be advantageous particularly for those who don’t have any skills abbot VAT. Vat Consultancy Services In Sharjah The consultants who are knowledgeable with VAT laws & rules will be able to teach taxpayers about different VAT rates and the correct way to compute payment.

Accuracy:

VAT consultants take the added endeavour to make sure that every VAT filed is cross-checked for precision. The information experiences thorough confirmation with the help of the digital structure as well as manual reviews. This is the approach the precision of data is maintained.

Experience:

A well-experienced VAT consultant, who has survived in the industry for a long period, and can avoid the common errors done throughout the VAT return in UAE / filing process.

Time saving:

Reason for choosing a VAT professional is that it reduces the time necessary for analysis, assessments and evaluating the risks related with the company.

Audit ready records:

They also help in making files and maintain record correctly to get ready for vat audits.

VAT REGISTRATION OF ‘SOLE ESTABLISHMENTS’ CLARIFICATION VATP026 REPLACES PUBLIC CLARIFICATION VATP021

vat-registration

VAT registration of ‘Sole Establishments’ clarification:- VATP026 replaces Public Clarification VATP021.

A natural or legal person may own a number of sole establishments. There has been uncertainty on whether each sole establishment needs to obtain a separate VAT registration or whether all such establishments should be included under one VAT registration.
This Public Clarification clarifies the VAT registration obligations of a person in respect of its sole establishments. Note that the term “person” refers to a natural or legal person.
A person owning a number of sole establishments should obtain only one VAT registration for all its sole establishments, and it is not permissible to register each sole establishment separately for VAT. The Federal Tax Authority (‘FTA’) will review, in certain cases, the VAT registrations by taxable persons in respect of sole establishments and will inform them of the corrective steps to be taken, if any.
For further clarification visit us at:- www.rbsauditing.com .

THE UAE’S MINISTRY OF ECONOMY HAS ASKED ALL COMPANIES IN THE COUNTRY TO SUBMIT AUTHENTIC DETAILS OF THEIR BENEFICIARIES BEFORE JUNE 30, 2021 TO AVOID PENALTIES

anti Money_Laundering

All UAE companies required to submit UBO details before 30th of June 2021

An initiative of the UAE government to combat against activities related to terrorist financing and money laundering, Cabinet Decision (No 58) of 2020 on Regulation of Procedures for Real Beneficiary requires all companies to maintain a register and submit relevant details of their Ultimate Beneficial Owners (UBO)
Ministry of Economy has set its deadline for submission of UBO details of all companies under its jurisdiction for the 30th of June 2021.

Fine & Penalties up to AED 100,000

All companies in UAE failing to submit UBO details on or before the deadline will be imposed with administrative sanctions face penalties of up to Dh100,000 from July 2021.
Importantly, the company’s licence can also be suspended for a year for not conforming to the instructions of the ministry.
Details to disclose with the authority are as follows:
  • Details of ownership
  • Details of all Ultimate Beneficial Owners
  • Company business model
  • Company financial records
  • General information including the details of the company from lawyers, banks, and auditors
A real beneficiary or UBO is the natural person controlling or owning at least twenty five (25) percent of the company’s issued share capital, either through direct or indirect control or chain of ownership. A UBO is also any natural person that has control on the dismissal and appointment of majority of company directors.

UAE- NEW LAW ALLOWING FULL FOREIGN OWNERSHIP OF ONSHORE COMPANIES TAKES EFFECT ON JUNE 1

Dept. of economic development
The UAE’s Ministry of Economy has confirmed that the amended legislation permitting foreign investors and entrepreneurs to establish and fully own onshore companies, will come into effect from June 1.
Amendment to the Commercial Companies Law will ‘boost country’s competitive edge and facilitate business’, according to UAE Minister of Economy
Minister of Economy Abdullah bin Touq in a tweet confirmed that the latest decision is a new step that reflects the UAE government’s commitment to supporting the economy and enhancing its readiness for the future.
In November 2020, the UAE announced that the of businesses would take effect from December 1, 2020. However, after widening the scope of sectors eligible for full ownership by foreign investors, the law is now ready for roll out from June 1, 2021.
The long-anticipated and widely discussed reform, which will have game-changing implications on the investment landscape of the nation, was approved by President His Highness Sheikh Khalifa bin Zayed Al Nahyan last year.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has said the UAE now enjoys a fertile legislative environment for foreign direct investors in order to enhance the nation’s competitiveness.
Last month, the UAE’s Ministry of Economy also said it was working on a new legislation to include 10 new sectors to the Commercial Companies Law, which allows 100 per cent foreign ownership of onshore companies in the country.

UAE ANTI-MONEY LAUNDERING: REGISTRATION FOR NON-FINANCIAL ENTITIES, INDIVIDUALS EXTENDED UNTIL APRIL 30

Anti money Laundering
Ministry of Economy extends deadline for registration of designated non-financial businesses & professions in anti-money laundering regulations until 30 April
The Ministry of Economy (MoE) announced the extension of the deadline granted to Designated Non-Financial Businesses and Professions (DNFBPs) to register in the systems approved for countering money laundering and combating the financing of terrorism, until the end of April 2021. The extension has been granted due to a large number of companies in the sector coming forward to register in the last days of the previous deadline, which expired on March 31, 2021. Furthermore, the unusual circumstances faced by companies and the business sector in the wake of Covid-19 pandemic has also been taken into consideration.
The Ministry explained that it is mandatory for the targeted companies, which include brokers and real estate agents, auditors, dealers of precious metals and gemstones, and corporate service providers, to register in the goAML system and the Automatic Reporting System for Sanctions Lists before the end of the new deadline. The registration in these systems can be done free of cost. After the registration, they should also take the specified measures to ensure full compliance with the requirements of Federal Law No. 20 of 2018 on anti-money laundering, combating the financing of terrorism and illegal organizations, and their implementing regulations and relevant decisions.
The Ministry called on the concerned companies to take advantage of the new extended period for registration to avoid the penalties and fines stipulated in the law, which will be imposed starting from May 1, 2021. Fines start from AED 50,000 and go up to AED 5 million, while the penalties for companies that fail to register could even lead to the revocation of the license or closure of the facility itself.

TEMPORARY ZERO-RATING OF CERTAIN MEDICAL EQUIPMENT

On 1 September 2020, the Cabinet issued a Cabinet Decision No. 9/12 O of 2020 (“Cabinet Decision”). The Decision concerns the temporary application of VAT at the 0% rate on certain supplies and imports of medical equipment. Furthermore, the Ministerial Decision No. 380 of 2020 (“Ministerial Decision”) issued by the Minister of Health and Prevention on 6 December 2020 (with effect from 1 September 2020) specifies the medical equipment that are zero-rated in accordance with the Cabinet Decision. In accordance with Cabinet Decision No. 15/3 O of 2021, the above decisions shall be effective until 31 December 2021.
In accordance with the Cabinet Decision, a supply or import of certain medical equipment may be zero-rated. It should be noted that that the zero-rating of supplies and imports under the Cabinet Decision is separate, and in addition to, zero-rating of any other medical equipment in accordance with Cabinet Decision No. 56 of 2017 on Medications and Medical Equipment Subject to Tax at Zero Rate.
On 1 September 2020, the Cabinet issued a Cabinet Decision No. 9/12 O of 2020 (“Cabinet Decision”). The Decision concerns the temporary application of VAT at the 0% rate on certain supplies and imports of medical equipment. Furthermore, the Ministerial Decision No. 380 of 2020 (“Ministerial Decision”) issued by the Minister of Health and Prevention on 6 December 2020 (with effect from 1 September 2020) specifies the medical equipment that are zero-rated in accordance with the Cabinet Decision. In accordance with Cabinet Decision No. 15/3 O of 2021, the above decisions shall be effective until 31 December 2021.
In accordance with the Cabinet Decision, a supply or import of certain medical equipment may be zero-rated. It should be noted that that the zero-rating of supplies and imports under the Cabinet Decision is separate, and in addition to, zero-rating of any other medical equipment in accordance with Cabinet Decision No. 56 of 2017 on Medications and Medical Equipment Subject to Tax at Zero Rate.
The “medical equipment” to which the temporary zero-rating rules apply are personal protective equipment used for the protection from Covid-19, and which contain the features and meet the specifications determined and specified by the Ministerial Decision. Such medical equipment are limited to:
  • Medical face masks that are not included in the Cabinet Decision No. 56 of 2017 on Medications and Medical Equipment Subject to Tax at Zero Rate (of approved standards 14683 and UAE.S ASTM F2100);
  • Half filtered face mask (UAE.S EN 149);
  • Chemical disinfectants and antiseptics intended for use on the human body, but excluding detergents, cosmetics and personal care products (UAE.S EN 1276, EN 1650, and EN 14476:2013+A2).
  • Non-Medical “community” face mask made from textile (UAE.S 1956);
  • Chemical disinfectants and antiseptics intended for use on the human body, but excluding detergents, cosmetics and personal care products (UAE.S EN 1276, EN 1650, and EN 14476:2013+A2).

CONDITIONS TO ZERO-RATING

Date of supply/import of above mentioned medical equipment shall be within the period beginning from 1 September 2020 to 31 December 2021.

Recent Posts

GET THE RIGHT PROCESS OF BUSINESS VALUATION SERVICES IN DUBAI

Business-Valuation-Services-In-Dubai
Dubai, one of the best ever growing commercial centres, is a home to tons of worldwide expats that comprise a huge number of entrepreneurs, investors, employees. The destination offers as a home to international business units and is incessantly growing it in all possible methods. The UAE government has been accepting all the likely measures to set-up it as the world’s business centre. In the procedure of doing so, it has set definite mandates for business units. One such authorization is carrying out Business Valuation Services In Dubai that must be followed by an organization despite its structure, size and the nature of the business. Be it a start-up or a well-known organization, it has become a need. This article emphasizes the fact that why the valuation services play such a vital role.

Now, when it comes to the Business Valuation Services In UAE, several methods are implemented through which the worth of a business can be strong-minded and being a business owner, one must know. Go through such processes:

Company Valuation Methods

Business Valuation Services In Dubai – A business valuation process holds a sturdy grip in the valuation procedure. It is a vital task that must be followed in all the companies. There are several ways in which the valuation can occur. Some of the often used measures are as follows:

1 Asset-Based Approach
This process considers the overall investment done in the business. It assists you to understand the total worth of the resources present apart from the liabilities piece.
2 Market Approach
This strategy acts only if related business entities exist as similar to yours. This process compares the value of your business to other business which has been sold recently.
2 Income Based/Discounted Cash Flow Approach
This is the most extensively received strategy. It intends at revealing the value of a business in its future. It evaluates the future cash flows to find the present value.