1. Understanding VAT Basics VAT (Value Added Tax) is a 5% tax that businesses in the UAE must add to the price of goods or services. You collect this from your customers and pay it to the Federal Tax Authority (FTA). Example: You sell something for AED 100 → Add 5% VAT = AED 5 …
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 …
UAE Corporate Tax: Penalty Waiver for Late Registration Read More »
Understanding Your Balance Sheet: Why It Matters for Your Business As of 24 September 2024 by AccountAbility Team As a business owner, having a clear picture of your company’s financial health is crucial. One of the key tools to achieve this is your balance sheet. But what exactly is a balance sheet, why is it …
Understand Your Balance Sheets: Why It Is Important For Your Business Read More »
What are the FAQs for Corporate Tax in the UAE? As of 21 July 2024 by AccountAbility Team Going through Corporate Tax Law may seem complex, but with AccountAbility, you’re on the right path. Whether you’re a mainland company or a free zone business, Corporate Tax Registration is MANDATORY for all businesses in the UAE. I. Introduction to Corporate Tax 1. …
Wanting Some ‘Me’ Time: How Hiring an Accountant can Transform your Life and your Business As of 11 June 2024 by AccountAbility Team The Power of Professional Accounting In the bustling economic landscape of the UAE, small business owners and entrepreneurs often find themselves overwhelmed by the demands of managing their business finances and maintaining …
Maximize Your ‘Me Time’: Hire an Accountant and Transform Your Business and Life Read More »
What are the New Deadlines for Corporate Tax Registration in the UAE? As of 8 March 2024 by AccountAbility Team The Federal Tax Authority (FTA) has recently introduced new deadlines for businesses and individuals to register for Corporate Tax in the UAE. These deadlines, detailed in the latest FTA Decree-Law No.47 of 2022, are applicable …
New Deadline for Corporate Tax Registration in the UAE Read More »
What Penalties and Fines are Imposed for Failure to Comply with Corporate Tax Regulations in the UAE? As of 01 March 2024 by AccountAbility Team In the United Arab Emirates (UAE), it is important to adhere to Corporate Tax Laws as it is not just advisable but MANDATORY. A crucial step for businesses to avoid hefty …
What are the Penalties for Corporate Tax in the UAE? Read More »
Who is Exempt from Corporate Tax in the UAE? As of 14 February 2024 by AccountAbility Team Exempt persons, as defined by Federal Decree No.47 of 2022 on the Taxation of Corporations and Businesses, enjoy a privileged status in terms of taxation under specific circumstances. Understanding the key elements is important for businesses seeking to optimize …
Are You Eligible for Corporate Tax Registration in the UAE? As of 15 January 2024 by AccountAbility Team Navigating through Corporate Tax may seem complex, but with AccountAbility, you’re on the right path. Whether you’re an individual, a mainland company, or a free zone business, Corporate Tax Registration is MANDATORY in the UAE. Who is Eligible for Corporate Tax Registration in the …
Are You Eligible for Corporate Tax Registration in the UAE? Read More »
UAE Corporate Tax: New Procedures to Enhance Compliance and Penalties As of 25 August 2023 by AccountAbility Team Cabinet Decision No. (74) of 2023 Recently, the UAE Ministry of Finance issued Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures, also known as the …
UAE Corporate Tax: New Procedures to Enhance Compliance Read More »
Office 205, 2nd Floor, Bay Square,
Building 11, Business Bay, Dubai, UAE
