“Allow Our Accounting Services to Improve Your Organization”

Professional Accounting Services In UAE

Managing a business is a complex task, and accounting is one of the most critical aspects of running a successful organization. Proper accounting practices are essential for accurate financial reporting, tax compliance, and informed decision-making. RBS Auditing’s Professional Accounting Services In UAE can significantly impact your organization by providing multiple benefits. 

Professional Accounting Services In UAE
Professional Accounting Services In UAE

But before that, let us look at the importance of Professional Accounting Services.

 

Professional accounting services are essential for businesses to maintain accurate financial records and ensure compliance with accounting standards and regulations. In addition, accurate financial reporting is necessary for informed decision-making and tax compliance. 

 

Professional accounting services provide:

 

  • Expertise.
  • Ensuring that accounting practices are managed effectively and efficiently.
  • Resulting in cost savings and enhanced financial performance.

 

Hence, professional accounting services are vital for businesses to maintain financial stability and ensure long-term success. You can also Outsource Accounting Services In Dubai. 

 

Here’s How RBS Auditing can Help:

 

  1. Accurate Financial Reporting: Accurate financial reporting is vital for understanding the financial health of your organization. RBS Auditing’s professional accounting services can help you maintain accurate financial records, ensuring that your financial reports are reliable and precise.

 

  1. Compliance with Accounting Standards: RBS Auditing’s professional accounting services ensure that your organization complies with accounting standards, including International Financial Reporting Standards (IFRS). This compliance is essential for avoiding legal and regulatory issues.

 

  1. Timely Tax Filing: Tax compliance is an essential aspect of accounting. RBS Auditing’s professional accounting services can help ensure your organization files its tax returns on time, avoiding late filing penalties.

 

  1. Improved Decision-Making: Proper accounting practices can provide insights into your organization’s financial performance, which can help you make informed business decisions. RBS Auditing’s professional accounting services can provide accurate and timely financial information, enabling you to make informed decisions.

 

  1. Cost Savings: Outsourcing your accounting function to RBS Auditing can result in cost savings for your organization. It can be achieved by reducing the need for in-house accounting staff, infrastructure, and software.

 

  1. Professional Expertise: RBS Auditing’s professional accounting services are provided by experienced and qualified accounting professionals. This expertise ensures that your accounting function is managed effectively and efficiently.

 

Thus, RBS Auditing’s professional accounting services can significantly impact your organization by providing accurate financial reporting, compliance with accounting standards, timely tax filing, improved decision-making, cost savings, and professional expertise. 

 

Outsourcing your accounting function to RBS Auditing can free up your resources and allow you to focus on your core business activities while ensuring your accounting function is managed effectively and efficiently.

 

So, if you need reliable accounting services, RBS Auditing is at your service! Our loyal clients also contact us for Professional Auditing Services in Dubai.

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.

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.

DIFFERENT AUDITING SERVICE PROVIDING COMPANY IN DUBAI – PROFESSIONAL AUDITING SERVICES IN DUBAI

Professional-Auditing-Services-In-Dubai
An independent audit is the foundation for decision-making in the capital markets. Stakeholders seek responsible and objective opinion from independent auditors and the fundamental goal of our auditor professionals in the UAE is to provide this assurance.
At “RBS” in the UAE, we are committed to providing a excellent Professional Auditing Services in Dubai. Now and again, marketplace feedback, from both large quoted and growing businesses, confirms that our audit opinion is robust and commercially focused

Professional Auditing Services In UAE

An independent audit is the foundation for decision-making in the capital markets. Stakeholders seek responsible and objective opinion from independent auditors and the fundamental goal of our auditor professionals in the UAE is to provide this assurance
At “RBS” in the UAE, we are committed to providing a excellent Professional Auditing Services in Dubai. Now and again, marketplace feedback, from both large quoted and growing businesses, confirms that our audit opinion is robust and commercially focused. Contrary to what you think auditing is very beneficial for the company. As a provider of Professional Auditing Services In UAE, we have been able to help many companies to know the exact picture of the company’s financial health. This is very essential for planning investment and expansion. Auditing will also help you to find out if your company is fully compliant with the accounting laws of the country.
We provide a variety of services with regard to auditing like internal and external auditing. As a provider of the Best Auditing Services in Dubai we also offer you audit assurance and financial reporting advice and solutions under the IFRS. We can also conduct a limited review of your financial records or do a specialized audit.
An audit seeks to provide a real overview of the financial performance of a business, whilst improving an entities efficiency and profitability. This is achieved through the insightful financial results which an audit can uncover, such data allows key stakeholders to make calculated risks, whilst assessing elements within the financial structure which may need improvements.
To ensure business activities are in compliance with accounting laws and regulations, we thoroughly examine a client’s business process, analyse performance comparisons, disclose their strengths and weaknesses, as well as identify critical areas of their operations.