The DMCC audit deadline plays an essential role for businesses operating in the Dubai Multi Commodities Centre, ensuring each company maintains transparency and financial accountability. Under DMCC regulations, every licensed entity must submit its annual DMCC audit report prepared by an approved auditor.This isn’t just a formality; your audit filing confirms that your books are accurate,...
The UAE introduced corporate tax in 2023, marking a major shift for businesses across the country. This move aimed to align the nation with global standards and strengthen its rapidly growing economy. Since then, one key topic many businesses continue to ask about is corporate tax in mainland vs freezone companies.Although both operate under the same tax law, the rules differ. Mainland...
Documents required for VAT registration will be submitted to the Federal Tax Authority (FTA) via a web portal. To obtain the Tax Registration Number (TRN) for the firm, several conditions for VAT registration in the UAE must be met.If a company’s taxable supply and imports surpass the statutory registration level of AED 375,000, it must register for VAT. Furthermore, a company may...
The UAE has long been known as a tax-free business hub, attracting entrepreneurs and investors from across the globe. But over the years, things have changed – first with the introduction of Value Added Tax (VAT) in 2018, and then Corporate Tax in 2023. Even with these updates, the UAE still offers one of the lowest tax rates and most business-friendly environments in the world.In 2025,...
The United Arab Emirates (UAE), long celebrated for its business-friendly environment, is preparing to implement a significant tax reform. As the UAE to impose 15% tax on multinational companies starting January 1, 2025, large multinational companies (MNCs) operating in the UAE will face a 15% corporate tax, while regular businesses will continue to enjoy the standard 9% rate. This landmark...
The UAE introduced Value Added Tax (VAT) on January 1, 2018, at a standard rate of 5% on most goods and services. Two terms you’ll hear a lot are Input VAT and Output VAT, and knowing how they work can make a big difference to your finances.Simply put, Output VAT is the tax you collect from your customers when you sell goods or services, while Input VAT is the tax you pay to your...
Layering in money laundering is the tricky middle act that transforms dirty cash into a web of seemingly legitimate transactions. At this stage, criminals attempt to obscure the origins of the money through transfers, purchases, and complex financial manoeuvres.Understanding this stage is crucial because it’s where illicit funds are hidden within layers of transactions designed to confuse...
Paying taxes in two different countries for the same income sounds unfair, right? That’s exactly why double tax treaties exist. These agreements between countries make sure you don’t end up paying tax twice on the same earnings. They clearly define where your income should be taxed – in the country where you earn it or the country where you live – making cross-border...
If you’re a business owner in the UAE, you might reach a stage where staying VAT-registered is no longer necessary. Maybe your company’s revenue has fallen below the mandatory threshold, or perhaps you’ve stopped making taxable supplies altogether. In such cases, understanding how to cancel VAT registration in UAE becomes crucial.VAT cancelation, also referred to as how to...
Dubai has grown into a major hub for businesses from all over the world, from finance and real estate to tech and hospitality. With so many companies operating here, keeping financial records accurate and staying compliant with the law has become more important than ever. This is where audit services in Dubai play a crucial role – they help businesses make sure their finances are correct,...
Since January 2018, the UAE has applied a 5% VAT (Value Added Tax) on most goods and services. For the construction industry, where projects are big, costly, and often run over months or even years, VAT on construction services in UAE plays a huge role. Construction services such as new builds, renovations, consultancy, subcontracted work, and even repair or maintenance usually fall under VAT,...
For anyone living, working, or doing business between the UAE and Canada, understanding how taxes apply can be tricky. That’s where the UAE Canada Tax Treaty comes in. Signed in 2002 and effective from 2003, this treaty was designed to facilitate the lives of individuals and businesses operating across both countries.The main goal of the treaty is to prevent double taxation, so you...
The UAE has always been a favourite place for businesses thanks to its strong economy, modern infrastructure, and global connections. But in January 2022, the country made a big change by introducing a federal corporate tax law (Federal Decree-Law No. 47 of 2022, as amended). From 1 June 2023 onwards, companies in the UAE are required to follow this new system and pay tax on their business...
Simplifying VAT return filing doesn’t have to be a daunting task for new businesses. By understanding the essentials of VAT Returns for Startups, keeping accurate records, meeting deadlines, and knowing the VAT return filing for startups in UAE requirements, entrepreneurs can maintain compliance while focusing on growth.Registering early, using proper accounting systems, and avoiding...
Value Added Tax (VAT) was introduced in the UAE on 1st January 2018 at a standard rate of 5%. It applies to most goods and services, ensuring compliance with international taxation standards while contributing to the UAE’s sustainable economic growth.For businesses operating in Dubai and across the UAE, VAT registration is not just a legal requirement, it’s a crucial step to ensure...
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