The Bahrain VAT law was released on 09th October 2018, by the Ministry of Bahrain. Bahrain VAT is all set to be implemented from 1st January 2019 at the rate of 5%. The Executive Regulations for VAT in Bahrain is expected to publish shortly. All the companies in Bahrain with turnover exceeding BHD 5 Million…

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In Sharjah Media City (Shams Free Zone) an emerging free zone in UAE through Emirates Chartered Accountants Group. They have started issuing free zone licenses in different sectors. SHAMS, Sharjah Media City is located in the emirate of Sharjah, which is launched in January 2017 with a vision to be a world-class hub for media and creativity…

Free zones in UAE are also known as Free Trade Zones depicting that they are structured to boost the international business economy of the country. Free zones in UAE provides 100% ownership, Repatriation of Capital & Profits, TAX Exemption and many other facilities The kind of businesses the free zones in UAE  largely offer ranges…

The Federal Tax Authority (FTA) has introduced a form 211 – VAT voluntary disclosure form recently. It will help the taxable persons to rectify the errors they committed in their UAE VAT Form 201 which is already filed. It is an option given by the FTA for the tax periods to voluntarily disclose the errors…

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has made significant and progressive decisions for foreign workers who serve the private sectors with regard to their bank guarantee, insurance and visa provisions. What are the most important decisions…

The Dubai Multi Commodities Centre (DMCC), was established in 2002 with a strategic initiative to become one of the best business hubs in the world. And yes now, DMCC is the number one Free zone in the world and one of the best UAE Free zones with commendable provisions of the physical market and financial…

Believe it or not but yes, the Abu Dhabi Government has announced a whooping AED 50 billion to boost its economic growth and bloom the region within the next ONE THOUSAND AND NINETY-FIVE DAYS. Company Formation in Abu Dhabi or business setup in Abu Dhabi will now be a brilliant opportunity for business enthusiasts, as now, the…

The UAE Government has once again taken a glorious move in the Year of Zayed. The move is highly commendable where His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, after a Cabinet meeting announced that the Investor in UAE can now have 100 percent…

What is the role of Internal Audit in finance? Internal Audit advances businesses to achieve their objectives by effectively evaluating and managing the risk factors and processes within an organisation. Once the risk factors are identified, the Internal Auditors focusses on managing the risks and processing them in the right way. Internal Audit is commenced…

Whether Management Fee or Director’s Service Fee is taxable in the UAE? Yes, the Director’s Service fee otherwise called as Management Fee is taxable under the UAE VAT Law. The Federal Tax Authority (FTA) has issued a guideline on applicability of tax on Director’s Services in the month of April 2018 (VAT Guide – VATGDS…

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