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Important Update for Businesses: Avoid AED 10,000 Penalty—Act Now! The UAE Federal Tax Authority (FTA) has announced a special one-time initiative to support businesses by waiving the AED 10,000 penalty for late corporate tax registration and filings. This is a crucial opportunity for businesses to regularize their tax obligations and avoid hefty financial penalties, ensuring …

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How Can Entrepreneurs Give Themselves More Time? As of 02 May 2023 by AccountAbility Team As an entrepreneur, it can be easy to get caught up in the hustle and bustle of everyday life. You may feel like you never have enough time to get everything done, let alone take a break and practice self-care. …

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What You Need to Know About The New Corporate Tax in The UAE As of 09 November 2022 by AccountAbility Team When it comes to business, one of the most important factors to consider is taxes. How much do you have to pay? What are the rules and regulations? What are the compliance requirements? These are some of …

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Why is Economic Substance Regulation (ESR) Essential for Your Business? As of 09 November 2022 by AccountAbility Team Why implement ESR? On April 30, 2019, the UAE authorities enacted the Economic Substance Regulations (ESR) as a strong commitment to comply with the EU requirements of being removed from the EU’s list of “non-cooperative” tax jurisdictions. …

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The Importance of Tax Registration Number (TRN) In The UAE As of 09 November 2022 by AccountAbility Team INTRODUCTION On January 1, 2018, the introduction of VAT brought in a new era of economic change in the taxation system in the UAE. Since then, the companies that are operating in the GCC (Gulf Cooperation Council) are subject to …

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The Various Types of VAT Services in the UAE As of 09 November 2022 by AccountAbility Team When it comes to running a business, there are a lot of moving parts – and taxes are one of the most important aspects to consider as it is mandatory for certain companies that fall within the threshold to comply …

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The New UAE Corporate Tax Regime Highlights As of 09 November 2022 by AccountAbility Team The UAE continues to draw business owners and entrepreneurs from around the world, as its advantageous tax benefits prove highly attractive. As of June 1st, 2023, corporate taxes for businesses that meet specific criteria in the Emirates will be set …

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The Amendments to the VAT Law in the UAE As of 09 November 2022 by AccountAbility Team The Value-Added Tax (VAT) system is constantly changing and evolving in the UAE. Therefore, it is very important to know any amendments that may occur and affect the business processes. Effective January 1, 2023, there have been specific modifications to …

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