RBS Auditing: Your Trusted Partner for Accounting and Professional Auditing Services in Dubai and UAE

accounting services in Dubai

RBS Auditing is a leading auditing firm that provides comprehensive auditing and accounting services in Dubai and the UAE. We have been in the industry for many years and have built a strong reputation for delivering quality services to our clients. 

Our team of highly qualified and experienced professionals understands the complexities of financial reporting and compliance requirements in the region, making us your perfect partner for all your auditing and accounting needs. 

Our Services 

1) Accounting Services: 

As a business owner in Dubai, you must comply with the accounting and financial reporting requirements set by the UAE government. We offer a range of accounting services that will help you stay compliant with these requirements. 

Our services include bookkeeping, financial statement preparation, budgeting and forecasting, and tax compliance. With our expertise in the local laws and regulations, we ensure that your business remains compliant and efficient in managing its financial affairs. 

2) Auditing Services: 

professional auditing services in Dubai
professional auditing services in Dubai

Auditing is a crucial function in any business, and our professional auditing services in Dubai are designed to help you stay on top of your finances. Our team of auditors has in-depth knowledge of the latest accounting and auditing standards, ensuring that we provide a reliable and accurate assessment of your financial statements.

We offer statutory audits, internal audits, and other customized audits as per your business requirements. Our auditing services help you identify any financial irregularities or potential risks, allowing you to take corrective actions and make informed decisions. 

With our experience and expertise, we ensure that your financial statements are accurate, reliable, and compliant with the regulatory requirements. 

Advantages of Choosing RBS Auditing: 

Choosing us as your partner for accounting and professional auditing services in Dubai and UAE comes with many advantages, including: 

  • High-quality services: Our team of experts is committed to delivering high-quality services that meet your business needs and exceed your expectations. 
  • Customized solutions: We understand that every business is unique, and we provide customized solutions that cater to your specific requirements. 
  • Competitive pricing: We offer competitive pricing that ensures you get value for your money. 
  • Timely delivery: We understand the importance of timely delivery and ensure that our services are delivered on time, every time. 

Conclusion: 

RBS Auditing is your trusted partner for accounting and professional auditing services in UAE and Dubai. We have a team of highly qualified and experienced professionals who are committed to delivering high-quality services that meet your business needs. 

With our expertise in the local laws and regulations, we ensure that your business remains compliant and efficient in managing its financial affairs. Choosing RBS Auditing gives you the peace of mind that your financials are in safe hands.

Contact us today to know more about our services and how we can help your business.

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

VAT

Federal Decree- Law No. (18) of 2022 (‘’the Amendment of VAT Law w.e.f January 01, 2023’’)

Summary of VAT amendments:

Article Number Title VAT Amendments
Article 1  Definitions New definitions have been introduced for –

Relevant Charitable Activity, Pure Hydrocarbons, Tax Evasion, Tax Audit, Tax Assessment and Voluntary Disclosure.
Article 5 Supply of Goods Entry into a contract between more than two parties entailing the transfer of Goods at a later time will be considered as supply of goods as per new amendment.
Article 7 Other out-of-scope transactions A new clause inserted which allows the Executive Regulations to stipulate any other transactions that can be considered outside the scope of VAT.
Article 15 Registration Exceptions Exception to register from tax is now extended to include registered persons having 100% zero rated supplies, in addition to non-registered persons.
Article 21  Cases of Tax Deregistration New amendment grants the Federal Tax Authority, the right to deregister any registered person if they assume that the taxable person’s VAT registration may cause any harm to the tax system.
Article 26 Special Date of Supply The date of supply under Clause 1 now includes the date on which one year has passed from the date on which the goods or services are provided.
Article 27 Place of Supply of Goods (continuous supply) As per new clause, place of supply of goods that include export or import will be inside UAE if Article 26(1) applies AND the ownership of the goods has been transferred inside the UAE.
Article 30 Place of Supply in Special Cases (transport-related services) Clause is extended to include transport related services in the rule of special place of supply. Place of supply means place where transportation starts.
Article 33  Place of residency (Agent/Principal) The place of residence of principal will be the place of residence of the agent as per changed clause.
Article 36 Value of Supply and Deemed Supply for Related Parties Where a deemed supply occurs between related parties, the value of supply would be determined by the market value, as per amended law.
Article 45 Supply/Import of Goods and Services that are Subject to Zero Rate Import of following added to the zero-rated list

·         means of transportation and goods related to means of transportation

·         rescue planes and ships

·         crude oil and natural gas

·         Related basic healthcare goods.

·         investment precious metals (if they are supplied or imported for investment purposes.)
Article 48 Reverse Charge Reverse charge will apply to “Pure Hydrocarbons” instead of “any form of hydrocarbons”
Article 55 Recovery of Recoverable Input Tax in the Tax Period (Imports) The first condition of the Article for recovery of input tax as per the reverse charge mechanism is amended with the addition to keep invoices and import documentation (i.e. for goods only) for the importation of goods or services.
Article 57 Recovery of tax by Government Entities and Charities Government entities can recover tax if incurred for the provision of sovereign activities.

charitable organisation can recover tax if incurred for the provision of relevant charitable activities.
Article 61 Instances and Conditions for Output Tax Adjustments (additional case) Clause inserted which requires taxable person to adjust output tax after the date of supply not only if the tax was charged in error but also if the application of the tax treatment was incorrect (e.g., where it was treated as exempt/zero rated instead of taxable at 5%)
Article 62 Mechanism for Output Tax Adjustment Tax credit note must be issued within 14 days from the date of occurrence.
Article 65 Conditions and Requirements for Issuing Tax Invoices (obligation to pay VAT) It has made mandatory for the taxable person to pay the VAT to the Federal Tax Authority in cases where such person issues a tax invoice stating VAT on it or receives an amount as VAT.
Article 67  Date of Issuance of Tax Invoice (for continuous supplies) Now it has been specified that the date of issuance of tax invoice under continuous supply will be 14 days from the date of the supply.
Article 79 bis Statute of Limitations (new article) ·         The statute of limitation of 5 years not applicable where FTA has issued a notice to audit, provided audit is completed within 4 years from notice date.

·         statute of limitation will be extended by one year if taxable person files voluntary disclosure in 5th year.

·         Voluntary disclosure cannot be filed by the taxable person after the lapse of 5 years.

 

Best Accounting Firms Dubai | rbsauditing

Accounting

RBS auditing is the parent company of the complete Accounting & accounting Services, which functions because the accounting unit, and hired Accountants function because of the audit unit. Accounting corporations In the urban center are passionate once it involves delivering the most Accounting Firms In Dubai to our customers.

Accounting Firms In Dubai

 

We have services like –

  • Accounting services
  • Auditing and Assurance services
  • VAT services
  • Accounting code
  • Payroll accounting services
  • Business services

 

Our quality accounting, auditing, and business consulting services provided to purchasers across the UAE are tailored to accomplish their business goals and economic prospects with more significant gain. From Business consultatory Services to Tax Auditing, RBS auditing offers an effective form of services to AN inclusive people. Supercharged by a gaggle of pros, UN agencies aren’t simply skillful; however, conjointly addicted to the services they surpass, RBS auditing can give the most effective expertise and results.

Due Diligence, Feasibility Study, and formulating tax methods which will facilitate cutting back your liabilities and improve your revenue. We are amongst the most famous consultancies for accounting outsourcing corporations in UAE, consisting of a team of most acceptable auditors and Business consultants that keeps reliable & up to this point knowledge of monetary statements serving to you to coordinate well with laws. And that we FTA Certified Accounting Firm and FTA Registered Vat Consultants providing excellent quality of professional Tax Agents in Dubai.

Also Read: Professional Auditing Services In Dubai

 

Benefit from Our World-Class Accounting and accountancy firm in Dubai, UAE

We are one of the sure and recognized accounting firms across UAE. We cater to diverse business sectors and industries, from welcome, healthcare, retail, provision, production, and distribution. This applies of holding the documentation a few business’s fund functioning is currently turning into as necessary as a spine, due to enlarged dependency upon processed programs and therefore the critical observation being done on business transactions originating from heightened restrictive laws and coverage courses of action. Documentation or maintaining knowledge has become more subtle in how knowledge is recorded and kept owing to new techniques and technologies within the market. As way as maintaining records becomes vital, additional facilities are being provided by accounting firms like RBS . we tend to continuously try to urge the foremost for our shoppers.

Being one of the highest audit corporations in urban centers and across the UAE, we offer progressive accounting and audit solutions to assist purchasers in growing and expanding their businesses with success. RBS auditing consultants supply comprehensive benefits, and Accounting, Auditing, VAT-related services, corporate executive services, accounting, Due Diligence, and a great deal additional to support businesses befits the UAE tax and accounting laws. All our services are designed and dead with the uppermost priority of Ethics. While not compromising quality and ethics, RBS auditing will deliver the most effective accounting and accounting services in the urban center. Once it involves selecting an Accounting Services In Dubai, RBS auditing is the prime alternative as we’ve consultants to resolve any entirely monetary challenges in business.

 

Redetermination of penalties equal to 30% of the total unpaid penalties, pursuant to Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Tax Reduction in the Penalties

 

Redetermination of penalties equal to 30% of the total unpaid penalties

31 December 2021 is the due date to avail the benefit of the Tax Penalties Amnesty or Redetermination of penalties pursuant to Cabinet Decision 49 of 2021 (the Redetermination of penalties equal to 30% of the total unpaid penalties).

To benefit from the tax penalties amnesty or redetermination, all of the following conditions have to be met according to Article 3 of Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

  1. Any of the administrative penalties set out in Cabinet Decision No. 40 of 2017 have been imposed on the person before the effective date of Cabinet Decision No. 49 of 2021 (i.e. before 28 June 2021);
  2. The person has not settled all the administrative penalties imposed on it as per Cabinet Decision No. 40 of 2017 in full before 28 June 2021
  3. The taxable person has undertaken all of the following:
  • Settled all payable tax, i.e. the registrant shall ensure that by 31 December 2021, no payable tax is still outstanding whether such tax was payable before or after 28 June 2021, and that all such amounts have been received by the FTA by 31 December 2021; and
  • Settled 30% of the total unsettled administrative penalties referenced above which were imposed before 28 June 2021, no later than 31 December 2021.
  • In order to avail the tax amnesty benefit, ensure that all of the above mentioned conditions are fulfilled.
  • All payable taxes is the tax payable (based on tax returns submitted and any adjustments due to voluntary disclosures or tax assessments) that is still outstanding whether such tax was payable before or after 28 June 2021.
  • 30% of the total unsettled administrative penalties refer to the administrative penalties imposed prior to 28 June 2021 pursuant to Cabinet Decision No. 40 of 2017.
  • All the payable taxes and 30% of the administrative penalties must be settled by 31 December 2021.
  • The amount to be settled as per Cabinet Decision No. (49) of 2021 may be viewed by logging into your E-services account and by clicking the option: “Click Here” to view the Amendment of Administrative Penalties imposed as per Cabinet Decision No. 49 of 2021.
  • Please ensure that the payment transfer(s) reflect on the FTA portal by 31 December 2021 and the payment receipts are available to substantiate the transfer.

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.

MAJOR REASONS OF HIRING PROFESSIONAL AUDITING SERVICES IN DUBAI

Document Checking
Professional Auditing Services In Dubai – Whether is a small, medium, or even big size of businesses also, it doesn’t matter what the number of staffs or list of business, competent and correct bookkeeping can make the better organization
Accounting is properly done right which makes sure that records are always updates and provide precise data that can be utilized to assess what they deliver and request for products or services are.
Accounting can be done in-house or it is outsourced also. And, professional Accounting Services In Dubai will make sure that the main intentions of the business are being come across with their know-how in bookkeeping.
The Professional Auditing Services In Dubai will not assist to maintain correct records, but will be a key importance in the development of the company, assisting it to come across and go beyond business objectives.

Here are the main reasons how it makes dissimilarity to any business:

You will become acquainted with your income and expenses to the final cent. No more presuming about how much earnings was produced and how much was used up. This will allow you to take the right decisions when it comes to building a business strategy for the future.
A professional bookkeeping service cans also assist to pick up debts from vocal or forgotten sources; therefore returning your money that is long deserved.
A bookkeeper with exact know-how in the nature of your business can offer you with professional advice and information that will get it convenient when you make future plans. The guidance of a niche professional can never be undervalued.
When you outsource your needs to a professional accounting service, you can be guaranteed that you will never be delayed for any financial deadlines, whether it is for invoice creation or for accounts receivable statements. This means collections will be done on time and revenues will be smooth leading to a much better condition of finances for the organization

GO FOR THE RIGHT PROFESSIONAL ACCOUNTING SERVICES IN UAE

Professional-Accounting-Services
Professional Accounting Services In UAE are crucial to the expansion of your business, and you can employ them on a need-to-use basis in spite of having an in-house sector that charges you money even when the demand is small. The mainstreams of accountants are very moral, and they take their job sincerely to convey the most excellent solutions to your business.
They obtain considerable value to your financial outcome and assist you cater your clients correctly. The following are reasons why it is a great idea to hire Accounting Services In Sharjah for your business.

The problem-solving professional approach

Accountants have the good background training mandatory for resolving accounting issues. They are your top choice for managing accounting issues in your business. Professional Accounting Services In UAE It makes no sense to overtake this opportunity for obtaining the great support for some saved pennies in the short run. When things become malevolent, and you have an accumulation of records to settle tax bill, the accountant will save you always. Sadly, you will pay extra than what you were evading in the first place. As a result, the best part to do is first work out the requirements of your business and accesses into a contract with an accounting service provider to solve it at regular intervals.

Your business will be up to date

The extra benefit of working with professional accountants provides the peace of mind you get to know that the business is running efficiently always. They will ensign any wrong commitments and business for the business. You will obtain a correct image of what you are gaining or losing as you operate the business. The accountants will be your reliable advisers when you need to carry over some of the business outlays and save money for capital expenses. They will also make sure that your business’ books follow the most up-to-date and certified accounting standards.