Best Auditing Services In Dubai and Sharjah: RBS Auditing

Professional Auditing Services in Dubai

RBS Auditing offers professional auditing services in Dubai and Sharjah providing an extensive range of auditing and assurance services to clients from various industries. We are a team of qualified and experienced professionals who are committed to delivering excellent quality services to our clients. 

Our company’s mission is to provide comprehensive and effective auditing services to clients in the UAE. 

Audit Firms In UAE
Audit Firms In UAE

Our Services 

We provide a wide range of auditing and assurance services to our clients. Our services include: 

  • External Audit Services: Our external audit services are aimed at providing an independent opinion on the financial statements of our clients. We follow International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP) in our audit process. 

Our audit approach is tailored to the specific needs of our clients and we provide comprehensive and cost-effective solutions. 

  • Internal Audit Services: Our internal audit services are designed to provide our clients with an independent and objective assessment of their internal controls and risk management processes. We help our clients to identify areas of improvement in their internal controls and recommend appropriate measures to mitigate risks. 
  • VAT Consultancy Services: Our VAT consultancy services are aimed at providing our clients with expert advice on VAT compliance and implementation. We help our clients to understand the VAT laws and regulations in the UAE and assist them in the preparation and filing of their VAT returns.
  • Accounting Services: Our accounting services include bookkeeping, preparation of financial statements, and other accounting-related services. We help our clients to maintain accurate and up-to-date financial records and provide them with regular financial reports. 
  • Due Diligence Services: Our due diligence services are aimed at helping our clients to assess the risks and opportunities associated with a potential investment or acquisition. We provide our clients with comprehensive due diligence reports that cover all aspects of the transaction. 

Benefits of our Services 

  • Quality Services: We are committed to delivering high-quality services to our clients. We have a team of qualified and experienced professionals who are dedicated to providing the best possible services to our clients. 
  • Tailored Solutions: We understand that each client has unique needs and requirements. Therefore, we provide customized solutions that are tailored to the specific needs of our clients. 
  • Cost-effective: Our services are designed to be cost-effective, and we offer competitive prices to our clients. We believe in transparency and provide our clients with detailed cost estimates before commencing any work. 
  • Timely Services: We understand the importance of timely services, and we strive to complete our work within the agreed timelines. We work closely with our clients to ensure that our services are delivered on time. 
  • Expert Advice: Our team of professionals has extensive knowledge and experience in their respective fields. We provide our clients with expert advice on a wide range of issues related to auditing, accounting, and VAT compliance. 

Conclusion 

As one of the top Audit Firms In UAE, we are committed to delivering high-quality services to our clients and providing them with customized solutions that meet their unique needs and requirements. Our team of qualified

and experienced professionals is dedicated to providing expert advice and timely services to our clients. 

We believe in transparency and offer cost-effective solutions to our clients. If you are looking for the best auditing services in Dubai and Sharjah, look no further than RBS Auditing. Contact us today to learn more about our services and how we can assist you with your auditing and assurance needs.

Uncovering the Secrets of Efficient Auditing with RBS Auditing

best auditing services in Dubai
RBS Auditing is a leading provider of auditing services for businesses operating within the Dubai Free Zone and DSO. With a team of experienced and professional auditors, RBS Auditing has become a trusted name in the industry.
In this blog, we will delve into the world of auditing and the benefits that come with working with RBS Auditing.
Auditing is a critical aspect of any business. It helps companies to identify areas of improvement and maintain transparency in their financial records. For businesses operating in Dubai Free Zone and DSO, it is mandatory to have their financial records audited by a Free Zone approved auditor. RBS Auditing provides a comprehensive range of auditing services that are tailored to meet the unique needs of businesses in these areas.
Benefits of RBS Auditing Services:
best auditing services in Dubai
best auditing services in Dubai
Free Zone Auditing:
As a Dmcc Free Zone Approved Auditor and Dso Free Zone Approved Auditor, RBS Auditing has the expertise and knowledge to carry out efficient and effective Free Zone auditing. Our team of auditors is well-versed in the regulations and laws that govern the Free Zone and DSO, ensuring that all audits are carried out in compliance with these regulations.
Experienced Auditors:
At RBS Auditing, we believe that our strength lies in the expertise of our auditors. Our team of auditors has a wealth of experience in carrying out audits across a range of industries. This experience allows them to identify areas of improvement and provide valuable insights that can help businesses to streamline their operations and improve their financial performance.
Comprehensive Auditing Services:
RBS Auditing provides a comprehensive range of auditing services that are tailored to meet the unique needs of businesses in the Free Zone and DSO. Our services include financial statement audits, operational audits, and compliance audits, among others. By working with RBS Auditing, businesses can be assured that their financial records are thoroughly examined, and all areas of improvement are identified.

 

Customer-Centric Approach:
At RBS Auditing, we are dedicated to providing our clients with the highest level of service. Our team of auditors takes a customer-centric approach to their work, ensuring that all clients receive personalized attention and support throughout the auditing process.

Cost-Effective:
RBS Auditing is committed to providing cost-effective auditing services that do not compromise on quality. We work closely with our clients to understand their unique needs and budget constraints, ensuring that our services are tailored to meet their specific requirements.

Conclusion :
RBS Auditing has a proven track record of delivering best auditing services in Dubai Free Zone and DSO for over 10 years. With a team of highly experienced auditors boasting a collective 50 years in the industry, RBS has successfully conducted over 500 audits in the last financial year. The results of our services are evident, as a staggering 96% of clients have reported improved financial performance. It is clear that RBS Auditing continues to be a leader in the auditing industry, providing valuable insights and solutions to its clients. So why wait? Contact us
today and take the first step towards maximizing your business potential

Why should you trust Auditing firms in Dubai?

Professional Auditing Services In Dubai

Auditing is simply the process of double-checking and verifying books of accounts and recorded financial data prepared by an organization’s accountant against the source documents from which they were designed, as well as examining whether the organization is operating following industry standards and another stated purpose. Professional Auditing Services In UAE analyses, the company’s financial data to ensure that the financial statements and reported data are accurate and transparent to the relevant stakeholders.

Auditing services:

RBS Auditing offers various audit services for both small and large organizations. Among the benefits are:

Internal auditing – refers to assessing the company’s internal position and control.

Internet audits assure businesses that their risk management strategies, corporate practices and methods, and internal control processes are effective. In addition, it improves the credibility of financial reports and reports to shareholders and management.

External auditing – This is auditing a company’s financial records to ensure the transparency, dependability, and accuracy of financial data. An external audit gets performed by a third party who has no affiliation with the organization and aids in discovering any frauds, misstatements, or miscalculations. In addition, external auditors will report on the business’s progress to management, assisting them in making future decisions and strategies.

Statuary Audit- This type of audit gets required by law and communicates financial information to all stakeholders such as investors, shareholders, the general public, and so on. This audit aims to reassure the government and other stakeholders that all financial data representation is accurate and honest.

Why do Abu Dhabi businesses require Auditing Firms?

  • Audit firms and Best Auditing Services In Dubai assess your company’s market reputation and dependability. Firms with successful audit reports will appeal to stakeholders because they will be assured of the business’s performance and transparency.
  • The business operations will be guaranteed to pressure groups such as the government.
  • Hiring audit firms gives the company access to specialized teams and individuals who can assist the company in various areas such as taxation, profit and loss analysis, fraud prevention, etc.
  • It contributes to the stakeholders’ continued trust.

Why choose RBS Auditing?

RBS Auditing is a top professional Accounting, Tax, and Auditing firm with a full-fledged professional team with qualifications and experience in Accounting, Auditing, Taxation, Management Consultancy, and Business Advisory Services. RBS Auditing is a leading service provider with a fully qualified professional team ready to assist clients in risk management and operations improvement. So, if you are looking for Professional Auditing Services In Dubai, You have just landed on the right page. Get in touch with RBS Auditing now!

UAE to introduce 9% corporate tax on business profits from June 1, 2023

corporate-tax

Ministry of Finance to introduce federal corporate tax on business profits, effective for financial years starting on or after 1 June 2023

ABU DHABI, 31st January, 2022 (WAM) — The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.

The UAE corporate tax regime has been designed to incorporate best practices globally and minimise the compliance burden on businesses. Corporate tax will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally acceptable accounting standards, with minimal exceptions and adjustments. The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources which will remain subject to Emirate level corporate taxation.

With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

No corporate tax will apply on personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE.

“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment”, said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.

Younis Haji Al Khoori further adds that “with the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices. The regime will pave the way for the UAE to address the challenges arising from the digitalisation of the global economy and the other remaining BEPS [Base Erosion and Profit Shifting] concerns, and execute its support for the introduction of a global minimum tax rate by applying a different corporate tax rate to large multinationals that meet specific criteria set with reference to the above initiative.”

Recognising the contribution of free zones to the UAE’s economy and competitiveness, the UAE corporate tax regime will continue to honour the corporate tax incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business with mainland UAE.

Given the position of the UAE as a global financial centre and an international business hub, the UAE will not impose withholding taxes on domestic and cross border payments, or subject foreign investors who do not carry on business in the UAE to corporate tax.

As an international headquarter location, a UAE business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.

The UAE corporate tax regime will have generous loss utilisation rules and will allow UAE groups to be taxed as a single entity or to apply group relief in respect of losses and intragroup transactions and restructurings.

The UAE corporate tax regime will ensure the compliance burden is kept to a minimum for businesses that prepare and maintain adequate financial statements. Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments or prepare provisional tax returns. Transfer pricing and documentation requirements will apply to UAE businesses with reference to the OECD Transfer Pricing Guidelines.

“The introduction of a corporate tax regime will help the UAE achieve its strategic ambitions and incentivise businesses to establish and expand their activities in the UAE,” said Younis Haji Al Khoori.

UAE businesses will be given ample time to prepare for the introduction of corporate tax in the UAE. The UAE Ministry of Finance plans to issue further information on the UAE corporate tax regime toward the middle of the year to help businesses get ready and be fully compliant.

*For further information, please visit the Federal Tax Authority website: https://tax.gov.ae/en

Courtesy:-  https://wam.ae/en

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

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 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.

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OBTAIN MULTIPLE ADVANTAGES BY USING THE BEST AUDITING SERVICES IN DUBAI

Auditing
Benefits of Free Zone Auditing can be categorized under the following lists:-

FOR BUSINESS ITSELF

  • t assists the management in finding of mistakes and scams.
  • It assists the management in procuring loans from banks and other financial institutions as the audited statements are depend on it.
  • It builds a good reputation of the business.
  • Best Auditing Services In Dubai can provide genuine idea about perfection of business on the basis of their findings in records.
  • Government establishment allow audited reports as right and clear for the purpose of taxation.

FOR THE OWNERS OF A BUSINESS

  • However, business is handled by some mediator or agent of the owner, audit assists in understanding the accurate financial niche. Because of the panic of exposure, the manager is self-possessed from committing frauds
  • Best Auditing Services In Dubai – In case of joint venture, the partners can depend on the audited accounts to resolve their problems like in consider to modification of capital and assessment of friendliness at the time of access, retirement and loss of partner.
  • In case of joint venture of companies, the possession and organization are isolated. Auditing makes sure the shareholders a true and clear reporting of the financial niche of a company.

FOR OTHERS

  • In the occasion of claim for failure of property, an insurance company can depend on the audited data.
  • Financial institutions in their assessment of a loan offer, can take reasonably more dependable decisions on the basis of audited accounts.
  • The buyers of business can estimate the amount of buying deliberation without difficulty.
  • Scrutiny and understanding of financial statements.
However, audited statements assist to give surety the competence of the financial markets by preventing the previous diffusion of wrong information. This provides them the opportunity to find out your company truly well which will allow them to work more rapidly and professionally, as well as getting the likelihood to work with your experienced team.