Accounting

VAT Penalty Waiver in the UAE: A Crucial Support System for Businesses As of 04 July 2023 by AccountAbility Team UAE has established itself as a thriving international commercial hub, attracting businesses across industries. With the implementation of the Value Added Tax (VAT) system in 2018, maintaining compliance has become essential. However, companies may encounter …

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Essential Tax Terms in the UAE: Understanding the Key Concepts for Financial Success As of 20 June 2023 by AccountAbility Team Tax terms are of utmost importance in the UAE due to the country’s evolving tax landscape. As the UAE implements various tax regulations, understanding tax terms becomes crucial for individuals and businesses operating within …

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Enhancing Clarity and Compliance: Ministerial Decision No. 139 of 2023 on Qualifying and Excluded Activities for Corporate Taxation in the UAE As of 13 June 2023 by AccountAbility Team Ministerial Decision No. 139 of 2023 represents an important milestone in the UAE’s tax landscape, providing clear guidelines on qualifying activities and excluded activities for corporate …

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Corporate Tax vs. Value Added Tax – Key Differences and Considerations for Businesses in the UAE As of 06 June 2023 by AccountAbility Team Corporate Tax (CT) and Value Added Tax (VAT) are two distinct types of taxes in the UAE, each with its own purpose and application. Knowing their differences is crucial for businesses …

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Corporate Tax Update in the UAE: Staying Informed with the Latest Changes As of 23 May 2023 by AccountAbility Team What are the latest updates? The UAE Ministry of Finance has recently introduced new ministerial decisions about Corporate Tax, just ahead of the anticipated launch on June 1, 2023. These decisions, outlined in Ministerial Decisions …

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Small Business Relief: Easing Tax Burden Under UAE Corporate Tax Law As of 19 Jan 2024 by AccountAbility Team The UAE government has introduced new measures aimed at supporting small businesses in the country. One of the key initiatives is introducing Corporate Tax Relief for small businesses, micro-businesses, and startups, which is expected to positively …

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An Overview of UAE Corporate Tax Registration: Benefits, Consequences, and Fines As of 09 May 2023 by AccountAbility Team Corporate tax registration holds significant importance for business owners in the United Arab Emirates (UAE). As a thriving hub for global commerce and economic growth, the UAE has established a robust and transparent tax framework to support …

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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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