Accruon consultants

  FREE ZONE COMPANY FORMATION Free Zone Company Formation in Dubai Special economic zones known as “Free Zones” in Dubai provide tax-free, 100% foreign-owned, and duty-free benefits to foreign investors. Because of this, free zones are the most advantageous places in the Middle East for conducting business internationally, drawing many people to establish Free Zone companies in Dubai. Express Business, a renowned business consulting firm, focuses on free zone company formation in UAE and Dubai free zones. The Commercial Companies Law does not apply to businesses established in free zone zones. Free Zones in Dubai and the UAE are governed by their own rules and regulations and are thought to be outside of UAE law. Investors from all over the world seeking to register a free zone company in Dubai have access to fantastic commercial prospects in Dubai. Dubai offers the most permissive working environment and simple free zone firm setup procedures in terms of rules and regulations. Exp...

  VAT  VOLUNTARY  DISCLOSURE A Voluntary Disclosure is a form (VAT Form 211) provided by the Federal Tax Authority (FTA) that enables the taxpayers to voluntarily notify the FTA about the error or omission in a previous Tax Return, Tax Assessment, or Tax Refund application. This is applicable only if the differential amount (Tax paid minus Actual Tax payable) is higher than AED 10,000 if the underpaid tax amount is AED 10,000/- or less. It can be corrected through the Tax Return for the tax period in which the error has been discovered. If the unpaid tax liability is more than AED 10,000/- it can be rectified using voluntary disclosure form 211. Time Limits for Voluntary Disclosures A Voluntary Disclosure may be reported to the FTA in the event of mistakes or omissions within 20 business days of the day the Taxable Person first discovered the error. Penalties levied on Voluntary Disclosure While using the voluntary disclosure system, taxpayers can alert FTA to an error, i...

  NEW  UAE  TAX  RESIDENCY  CRITERIA On September 9, 2022, the UAE Cabinet of Ministers announced Decision No. 85 of 2022, which establishes a new domestic definition and standards for when a person or a legal entity shall be regarded as a Tax Resident of the UAE for the purposes of any UAE tax law or Double Tax Treaty. The new regulations will go into effect on March 1, 2023. The domestic tax resident definition is in line with generally accepted rules and provides more clarity to both people and legal entities regarding their UAE tax residence status. Many of the bilateral tax treaties entered into by the UAE with other territories require reference to the UAE’s domestic legislation in assessing whether a person is a resident of the UAE for the purposes of the particular treaty. This new domestic law adds clarity, which will make it easier to apply these accords and issue tax residence certificates under such treaties. A natural person will be considered a UAE...

  ECONOMIC SUBSTANCE  REGULATIONS IN DUBAI,ABU DHABI & UAE Economic substance was introduced by the UAE Ministry of Finance in the form of Cabinet of Ministers Resolution No. 31 of 2019, dated 30 April 2019 (UAE ESR), which was followed by Ministerial Decision No. 215 on the issuing of directions for the implementation of ESR and Cabinet Resolution 58 of 2019 designating the Regulatory Authorities for the purposes of UAE ESR. According to UAE ESR, every entity in the UAE is expected to assess whether: 1. Whether or not it is carrying out any of the specified Relevant Activities under UAE ESR; and 2. Whether or not the entity complies the UAE ESR requirements/tests if it is doing one or more of the prescribed Relevant Activities. The Regulatory Authority must be informed of and receive a report from the licensee performing the prescribed Relevant Activities on an annual basis (can be determined basis Cabinet Resolution 58 of 2019 mentioned above). What are The Relevant Acti...

  COMMERCIAL   INVOICE   ATTESTATION The Ministry of Foreign Affairs and International Cooperation (MOFAIC) implemented a system for electronic attestation of import commercial invoices on February 1, 2023. Customers must have their import commercial invoices attested by MOFAIC before filing Customs Declarations with UAE Customs. This new law will apply to all products imported into the UAE worth more than AED 10,000. Customers will have a grace period of 14 days following the declaration of goods to comply with the attestation, which costs AED 150 per commercial invoice. Failure to do so will result in a fine of AED 500 imposed by MOFAIC. The MOFAIC exceptions will be applied to the following imports: • Goods with an invoice value of less than AED 10,000 • Imports of Personal Items • Import from the Gulf Cooperation Council • Importing into a Free Zone • Transit Import • Diplomatic, police and military forces, charitable organizations, and international organiz...

  HOW TO PAY VAT IN UAE : EVERYTHING YOU  SHOULD KNOW Value Added Tax (VAT) is a 5% general consumption tax that was implemented in the UAE on January 1, 2018, and it applies to the majority of goods and services transactions. Are you seeking information on how to pay VAT in the UAE? This article will provide you with all of the information you need to complete it correctly. Businesses that provide taxable products or services must register with FTA if the total value of all supplies over the previous 12-month period exceeds the Mandatory Registration Threshold of AED 375,000. You must also register if the total value of all supplies is expected to exceed the Mandatory Registration Threshold in the next 30 days. Remember that there are fines for late registration. Furthermore, firms may elect to register for VAT voluntarily if the total value of their taxable supplies and imports (or taxable expenses) reaches the AED 187,500 voluntary registration level. The following is how i...

  Auditing in UAE What is Auditing? An examination of financial statements is often referred to as “auditing.” The objective of financial auditing is to verify that the financial statements of an organisation fairly and accurately reflect the transactions they are supposed to represent. Benefits of Auditing It offers a comprehensive examination of the company. It helps in determining which areas (or risks) require improvement. It assists in the quick identification of potential issues. It improves the overall effectiveness of the company. It helps in establishing whether the finished product is fit for use and satisfies customer requirements. It helps in assuring the successful implementation of the required work processes. It helps avoid lawsuits by making sure the organisation complies with all legal and regulatory standards. It guarantees that appropriate corrective (remedial) actions are implemented. Organizations can cut costs by reducing rework and rejects by putting in place...

  FORENSIC  AUDIT A forensic audit is a review and analysis of a company’s financial records that can be used as evidence in court. To assist you find fraud and protect evidence, it is a thorough, deep level scan assessment. The concept of fraud and detailed provisions for penalising fraudulent conduct are found in Section 447 of the new Company Act of 2013. It includes a broad range of investigation procedures.  The main advantages of forensic audit are listed below.  It aids in the discovery of more practical and effective solutions.  Helps reduce and stopping needless loss.  Reputation of the brand is enhanced, and the risk of future exploitation is greatly decreased. Our forensic team’s extensive technical and sector-specific knowledge in auditing, accounting, and investigation helps discover frauds, corruption, cybercrime, lawsuits, insurance claims, and provides customers with necessary advice. In forensic auditing, we offer the following services. Fr...

  FREE ZONE COMPANY FORMATION Free Zone Company Formation in Dubai Special economic zones known as “Free Zones” in Dubai provide tax-free, 100% foreign-owned, and duty-free benefits to foreign investors. Because of this, free zones are the most advantageous places in the Middle East for conducting business internationally, drawing many people to establish Free Zone companies in Dubai. Express Business, a renowned business consulting firm, focuses on free zone company formation in UAE and Dubai free zones. The Commercial Companies Law does not apply to businesses established in free zone zones. Free Zones in Dubai and the UAE are governed by their own rules and regulations and are thought to be outside of UAE law. Investors from all over the world seeking to register a free zone company in Dubai have access to fantastic commercial prospects in Dubai. Dubai offers the most permissive working environment and simple free zone firm setup procedures in terms of rules and regulations. Exp...

  VAT  VOLUNTARY  DISCLOSURE A Voluntary Disclosure is a form (VAT Form 211) provided by the Federal Tax Authority (FTA) that enables the taxpayers to voluntarily notify the FTA about the error or omission in a previous Tax Return, Tax Assessment, or Tax Refund application. This is applicable only if the differential amount (Tax paid minus Actual Tax payable) is higher than AED 10,000 if the underpaid tax amount is AED 10,000/- or less. It can be corrected through the Tax Return for the tax period in which the error has been discovered. If the unpaid tax liability is more than AED 10,000/- it can be rectified using voluntary disclosure form 211. Time Limits for Voluntary Disclosures A Voluntary Disclosure may be reported to the FTA in the event of mistakes or omissions within 20 business days of the day the Taxable Person first discovered the error. Penalties levied on Voluntary Disclosure While using the voluntary disclosure system, taxpayers can alert FTA to an error, i...

  NEW  UAE  TAX  RESIDENCY  CRITERIA On September 9, 2022, the UAE Cabinet of Ministers announced Decision No. 85 of 2022, which establishes a new domestic definition and standards for when a person or a legal entity shall be regarded as a Tax Resident of the UAE for the purposes of any UAE tax law or Double Tax Treaty. The new regulations will go into effect on March 1, 2023. The domestic tax resident definition is in line with generally accepted rules and provides more clarity to both people and legal entities regarding their UAE tax residence status. Many of the bilateral tax treaties entered into by the UAE with other territories require reference to the UAE’s domestic legislation in assessing whether a person is a resident of the UAE for the purposes of the particular treaty. This new domestic law adds clarity, which will make it easier to apply these accords and issue tax residence certificates under such treaties. A natural person will be considered a UAE...

  ECONOMIC SUBSTANCE  REGULATIONS IN DUBAI,ABU DHABI & UAE Economic substance was introduced by the UAE Ministry of Finance in the form of Cabinet of Ministers Resolution No. 31 of 2019, dated 30 April 2019 (UAE ESR), which was followed by Ministerial Decision No. 215 on the issuing of directions for the implementation of ESR and Cabinet Resolution 58 of 2019 designating the Regulatory Authorities for the purposes of UAE ESR. According to UAE ESR, every entity in the UAE is expected to assess whether: 1. Whether or not it is carrying out any of the specified Relevant Activities under UAE ESR; and 2. Whether or not the entity complies the UAE ESR requirements/tests if it is doing one or more of the prescribed Relevant Activities. The Regulatory Authority must be informed of and receive a report from the licensee performing the prescribed Relevant Activities on an annual basis (can be determined basis Cabinet Resolution 58 of 2019 mentioned above). What are The Relevant Acti...

  New VAT Rules in UAE (2023) New VAT Rules in UAE (2023) The updated UAE VAT regulations must be known by businesses. With effect beginning in January 2023, new amendments to the UAE VAT decree law have been issued. Below is a summary of the key amendments to the VAT Law that will take effect on January 1, 2023: 1.Extended time for a Tax Audit It is normally not permitted to undertake a tax audit for a monthly or quarterly tax period after five years have passed since the end of such tax period. However, if a taxpayer has received notice that a tax audit is starting during those five years, the audit itself may begin and/or be finished within the following four years of the taxpayer’s receipt of the notice. 2.Tax audit after Voluntary Disclosure The FTA will have an additional year to perform a tax audit if a voluntary disclosure for a monthly or quarterly tax period is submitted in the fifth year following that tax period. In essence, the extra time will make sure that FTA has en...

  Auditing in UAE What is Auditing? An examination of financial statements is often referred to as “auditing.” The objective of financial auditing is to verify that the financial statements of an organisation fairly and accurately reflect the transactions they are supposed to represent. Benefits of Auditing It offers a comprehensive examination of the company. It helps in determining which areas (or risks) require improvement. It assists in the quick identification of potential issues. It improves the overall effectiveness of the company. It helps in establishing whether the finished product is fit for use and satisfies customer requirements. It helps in assuring the successful implementation of the required work processes. It helps avoid lawsuits by making sure the organisation complies with all legal and regulatory standards. It guarantees that appropriate corrective (remedial) actions are implemented. Organizations can cut costs by reducing rework and rejects by putting in place...

  FORENSIC  AUDIT A forensic audit is a review and analysis of a company’s financial records that can be used as evidence in court. To assist you find fraud and protect evidence, it is a thorough, deep level scan assessment. The concept of fraud and detailed provisions for penalising fraudulent conduct are found in Section 447 of the new Company Act of 2013. It includes a broad range of investigation procedures.  The main advantages of forensic audit are listed below.  It aids in the discovery of more practical and effective solutions.  Helps reduce and stopping needless loss.  Reputation of the brand is enhanced, and the risk of future exploitation is greatly decreased. Our forensic team’s extensive technical and sector-specific knowledge in auditing, accounting, and investigation helps discover frauds, corruption, cybercrime, lawsuits, insurance claims, and provides customers with necessary advice. In forensic auditing, we offer the following services. Fr...

  FREE ZONE COMPANY FORMATION Free Zone Company Formation in Dubai Special economic zones known as “Free Zones” in Dubai provide tax-free, 100% foreign-owned, and duty-free benefits to foreign investors. Because of this, free zones are the most advantageous places in the Middle East for conducting business internationally, drawing many people to establish Free Zone companies in Dubai. Express Business, a renowned business consulting firm, focuses on free zone company formation in UAE and Dubai free zones. The Commercial Companies Law does not apply to businesses established in free zone zones. Free Zones in Dubai and the UAE are governed by their own rules and regulations and are thought to be outside of UAE law. Investors from all over the world seeking to register a free zone company in Dubai have access to fantastic commercial prospects in Dubai. Dubai offers the most permissive working environment and simple free zone firm setup procedures in terms of rules and regulations. Exp...

  VAT  VOLUNTARY  DISCLOSURE A Voluntary Disclosure is a form (VAT Form 211) provided by the Federal Tax Authority (FTA) that enables the taxpayers to voluntarily notify the FTA about the error or omission in a previous Tax Return, Tax Assessment, or Tax Refund application. This is applicable only if the differential amount (Tax paid minus Actual Tax payable) is higher than AED 10,000 if the underpaid tax amount is AED 10,000/- or less. It can be corrected through the Tax Return for the tax period in which the error has been discovered. If the unpaid tax liability is more than AED 10,000/- it can be rectified using voluntary disclosure form 211. Time Limits for Voluntary Disclosures A Voluntary Disclosure may be reported to the FTA in the event of mistakes or omissions within 20 business days of the day the Taxable Person first discovered the error. Penalties levied on Voluntary Disclosure While using the voluntary disclosure system, taxpayers can alert FTA to an error, i...

  NEW  UAE  TAX  RESIDENCY  CRITERIA On September 9, 2022, the UAE Cabinet of Ministers announced Decision No. 85 of 2022, which establishes a new domestic definition and standards for when a person or a legal entity shall be regarded as a Tax Resident of the UAE for the purposes of any UAE tax law or Double Tax Treaty. The new regulations will go into effect on March 1, 2023. The domestic tax resident definition is in line with generally accepted rules and provides more clarity to both people and legal entities regarding their UAE tax residence status. Many of the bilateral tax treaties entered into by the UAE with other territories require reference to the UAE’s domestic legislation in assessing whether a person is a resident of the UAE for the purposes of the particular treaty. This new domestic law adds clarity, which will make it easier to apply these accords and issue tax residence certificates under such treaties. A natural person will be considered a UAE...

  UAE: Will residents have to pay 9% corporate tax on their salary from next year? The government released the law last week, revealing some important details for companies to be prepared for the new tax regime. The UAE will introduce corporate tax at nine per cent from June 1, 2023, setting a threshold of Dh375,000 profit for the companies. The threshold has been set in line with the government’s efforts to support small and medium enterprises and startups. Last week, the government published the corporate tax law, including some crucial facts that would help the businesses get ready for the new tax system. The following are all the critical specifics regarding corporate tax that UAE citizens and businesses should be aware of: Corporate tax will come into effect from June 1, 2023. Companies and individuals that report annual profits of more than Dh375,000 are subject to a 9% tax. Personal income from bank deposits, savings plans, investments, dividends, and foreign exchange gains ...