UAE Corporate Tax: Startups, early-stage businesses get enough flexibility on their payouts
Corporate Tax decree also allows free zone enterprises plenty of leeway Dubai: Startups and early-stage businesses in the UAE have got themselves sufficient leeway as to when they should start paying the newly introduced 9 per cent corporate tax (CT), effective from June 2023. The CT updates suggest that early-stage companies incurring costs and having […]
How AI Will Impact The Accounting And Finance Industry
Artificial Intelligence (AI) has become crucial to highly demanding industries globally. The impact of AI in the accounting and finance industry is phenomenal, and it is also innovating how they operate and build products and services. Recent AI advancements are rapidly changing the face of accounting and finance in many ways. Labor and time-consuming tasks […]
United Arab Emirates VAT Law Amendments and the Impact for Businesses
Parwin Dina of Global Tax Services looks at some of the most significant changes introduced in the amended United Arab Emirates law on value-added tax, and discusses what actions businesses need to take to respond effectively. Federal Decree-Law No. (18) of 2022 (the VAT Amendment Law), issued on Sept. 26, 2022, makes a number of important […]
New UAE VAT rules: Exemptions for businesses and registration for the 5% tax explained
UAE’s VAT changes will come into effect on January 1, 2023 Value Added Tax (or VAT) is an indirect tax, also referred to as a type of general consumption tax. Countries impose VAT on most supplies of goods and services that are bought and sold, and it is one of the most common types of […]
UAE economy set to grow over 6.5% in 2022 and 2023
The International Monetary Fund also hiked the UAE’s economic growth forecast to over six per cent for 2022 last month, a remarkable increase from 3.8 per cent last year Waheed Abbas, Khaleej Times The UAE economy is projected to grow over 6.5 per cent this year and the next, driven by the new economy sectors […]
The UAE’s Corporate Tax: A Boon or Bane for Small Businesses?
The introduction of corporate tax in the United Arab Emirates (UAE) in June 2023 sent ripples through the business landscape. While the headline rate of 9% seems manageable, the impact on small and medium-sized enterprises (SMEs) remains a topic of debate. This blog delves into the potential benefits and challenges presented by corporate tax for […]
Navigating UAE Corporate Tax Laws: A Comprehensive Guide for Businesses
The United Arab Emirates (UAE) has long been recognized for its business-friendly environment, attracting enterprises from around the globe. However, with the introduction of corporate tax laws, businesses must now navigate a more complex regulatory landscape. Understanding these tax laws is crucial for ensuring compliance and optimizing tax liabilities. This comprehensive guide provides an overview […]
The Importance of Accurate Bookkeeping for UAE Businesses
In the rapidly evolving business landscape of the United Arab Emirates (UAE), maintaining accurate financial records is crucial for success. Accurate bookkeeping is the backbone of any business, providing a clear picture of financial health and enabling informed decision-making. Despite its critical importance, many businesses overlook this essential function, risking financial instability and regulatory non-compliance. […]
Understanding VAT in the UAE: What Every Business Needs to Know
The introduction of Value Added Tax (VAT) in the United Arab Emirates (UAE) on January 1, 2018, marked a significant shift in the country’s economic landscape. As part of the UAE’s effort to diversify its revenue sources beyond oil, VAT has become an essential aspect of business operations across various sectors. For businesses operating in […]
Top Accounting Challenges Faced by Small Businesses in the UAE and How to Overcome Them
Small and medium-sized enterprises (SMEs) are the backbone of the UAE economy, driving innovation, employment, and economic growth. However, SMEs often face unique accounting challenges that can hinder their growth and sustainability. These challenges stem from limited resources, evolving regulations, and the need for accurate financial management. This article explores the top accounting challenges faced […]