As of June 1, 2023, the UAE Corporate Tax System mandates that all taxable entities adhere to specified accounting standards set by the Ministry of Finance for the preparation and maintenance of financial statements. These statements must accurately and fairly represent the taxable income and corresponding tax liability of the entities during each tax period. […]
In the ever-evolving business landscape of Dubai, the role of accounting and bookkeeping services cannot be taken lightly anymore . These functions are not mere necessities for regulatory compliance but serve as the foundation for strategic decision-making and sustainable growth. For businesses without an in-house accounting team, the solution lies in outsourcing, and Elevate Accounting
Benefits of Outsourcing Accounting and Bookkeeping Services in Dubai UAE Read More »
[vc_row][vc_column][vc_column_text]What is VAT? Value Added Tax (VAT) is a transaction-based indirect tax that plays a pivotal role in the global economic landscape, with more than 180 countries, including the UAE, incorporating it into their tax systems. Understanding the nuances of VAT registration is crucial for businesses operating in the UAE to ensure compliance with tax
Discovering and preventing money laundering in the real estate sector is a critical aspect of financial compliance in the UAE. As criminals exploit real estate for illicit money transactions, AML/CFT Regulations in UAE have expanded to include real estate agents and brokers as Designated Non-Financial Businesses and Professions (DNFBPs). In this comprehensive guide, we delve
The recent issuance of Cabinet Decision No. 100 of 2023 by the Cabinet of Ministers, effective from 1 June 2023, marks a significant development in determining Qualifying Income for Qualifying Free Zone Persons under Federal Decree Law No. 47 of 2022 (referred to as ‘the CT Law’). This decision replaces the earlier Cabinet Decision No.
Update on Corporate Tax in the UAE: Significant Tax Developments for Free Zones Read More »
Stock audit is a critical financial process for businesses in Dubai, as well as around the world, aimed at maintaining the accuracy of inventory records and verifying the realizable value of a company’s assets. This Inventory Verification in UAE is essential for a multitude of reasons, including identifying slow-moving and obsolete stocks, avoiding unnecessary investments
Stock Audit in Dubai: Ensuring Accuracy, Compliance, and Efficiency Read More »
In the fast-paced world of business and finance, decisions can have far-reaching consequences. When it comes to mergers, acquisitions, or any significant financial transaction in Dubai, UAE, being well-informed is key. This is where the best audit firm in Dubai, UAE, like Elevate Accounting & Auditing, plays a vital role through its due diligence services.
Due Diligence Services: The Role of a Top Audit Firm in Dubai, UAE Read More »
Corporate taxation is a crucial aspect of any country’s fiscal policy, shaping the economic landscape and ensuring sustainable development. In the United Arab Emirates (UAE), the Corporate Tax Law defines the parameters within which businesses, both domestic and foreign, are taxed. In this blog post, we will delve into the intricacies of UAE Corporate Tax,
Who is Subject to UAE Corporate Tax? Understanding the Essentials Read More »
The United Arab Emirates (UAE) has long been a magnet for entrepreneurs and businesses seeking to establish themselves in a dynamic and prosperous environment. Among the various options available for business setup in the UAE, the Mainland stands out as the preferred choice for many. Why? Because it offers unparalleled flexibility in terms of employment,
Business Setup in UAE Mainland : Key things to know before taking the first step Read More »
The United Arab Emirates (UAE) introduced Federal Decree-Law No. 47 of 2022 on December 9, 2022, outlining the framework for the taxation of corporations and businesses. This legislation establishes the foundation for the implementation of a federal corporate tax (CT) system. The CT regime came into effect for business profits starting from the financial year
All you need to know about the Implementation of Corporate Tax in UAE Read More »
