Disclosure of accurate value of inventory is very important for a business organization to give a true and fair picture of the finance position as well as the profit/loss account for a particular period. Verification of inventory and its valuation has vital role in financial audit as well. Inventory is defined as assets that are…

VAT in UAE Latest News

UAE is going to implement VAT by 1st Jan 2018. The business community is eager to know its impact on their business. To understand the impact of  VAT in UAE  on various transactions of a trading company. The following illustration will help the businesses and finance people to understand how UAE VAT law will impact…

vat in uae

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Now you can become a licensed freelancer by investing just 350 USD (terms and conditions applied).  Emirates Chartered Accountants Group invites all the enthusiastic freelancing individuals to put forward their aspiration towards company formation in the UAE for getting license and visa at a minimal cost. With the perception of twofour54’s progress towards becoming the…

VAT In UAE

The UAE is implementing VAT by 1st Jan 2018. VAT is a new tax concept for the region. There will be the huge impact on the E-commerce transactions i.e., online trading transactions by this new VAT UAE law. With the evolution of E-commerce in the UAE, life has completely become a convenient boon influencing a…

Excise Tax will be introduced in the fourth quarter of 2017 of the year 2017 in the United Arab Emirates, under the framework of the unified agreement between the GCC countries. The other GCC Member States also aim to implement Excise Tax by the end of 2017. The UAE MoF has approved the UAE tax…

VAT In UAE

The unofficial English version of the GCC Unified Agreement on Value Added Tax (GCC UAVAT) is being issued; as the Arabic version of GCC, UAVAT has been publicized by the Saudi Official Gazette. The GCC UAVAT makes provision for the Value Added Tax (VAT) in all the six Emirates of GCC. The salient details for…

7 Steps for liquidating a company in Dubai Silicon Oasis

Dubai Silicon Oasis Authority, a 100% government-owned free zone that promotes modern technology based industries with the urban master-planned community, state-of-the-art infrastructure, and in-house business services. Following are the Steps to liquidate a company in Dubai Silicon Oasis The Company should submit a notice to the DSO free zone authority mentioning, the reason behind the…

In the UAE VAT, the Reverse Charge Mechanism is applicable while importing goods or services from outside the GCC countries. Under this, the businesses will not have to physically pay VAT at the point of import. The responsibility for reporting of a VAT transaction is shifted from the seller to the buyer; under Reverse Charge…

Existing offshore companies registered in other jurisdictions can transfer their Domicile to RAKICC. “Re-domiciliation” or “Transfer of Domicile” is the process by which a company/enterprise moves its domicile from one jurisdiction to another by changing the country under whose laws it is registered or incorporated while maintaining the same legal identity. Companies re-domicile or opt…

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