VAT stands for value-added tax, and it is a tax that is applied to goods and services sold in the UAE. Social media influencers are considered to be businesses and are therefore required to register for VAT if their annual taxable supplies exceed AED 375,000. This article will discuss the VAT for social media influencers […]
Value Added Tax in UAE (VAT) Value Added Tax in UAE (VAT) is a tax that is applied to most goods and services. It was introduced in 2018 as part of the government’s efforts to diversify the economy and reduce its reliance on oil. Value Added Tax is a consumption tax, which means that it
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Valuation and Modeling Services in UAE Valuation and modeling services in UAE are essential services for businesses of all sizes. These services can help businesses to: Financial modeling services in UAE Financial modeling services in UAE is also essential for businesses. For example, a business could model the impact of a change in interest rates
Data analytics in auditing is transforming the auditing profession, enabling auditors to identify and assess risks more effectively, and to provide more insightful and reliable opinions on financial statements. It is the process of using statistical, mathematical, and computational methods to extract knowledge and insights from data. In auditing, it can be used to: Benefits
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Financial audits for Businesses are a critical tool for businesses of all sizes. They can help to ensure the accuracy and reliability of financial records, detect fraud and errors, and improve internal controls. The benefits of financial audits for businesses include providing assurance that the financial statements are accurate and reliable, which can help to
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In recent years, the United Arab Emirates (UAE) has implemented Economic Substance Regulations in UAE (ESR) to align with international standards and combat harmful tax practices. These regulations have significant implications for businesses, banks, insurance companies, and other financial institutions operating in the UAE. Understanding and complying with the ESR is crucial to avoid penalties
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The differences between financial and statutory audits are their accuracy, reliability, compliance, and audience. They are two distinct types of audits conducted to assess the financial information and compliance of an organization. While both audits serve important purposes, they differ in their objectives, scope, and legal requirements. This article aims to provide a comprehensive understanding
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Importance of Auditing Standards and Best Practices in UAE Auditing standards in UAE plays a crucial role in ensuring the accuracy, transparency, and integrity of financial information. Adherence to auditing standards and best practices in UAE is essential for maintaining trust in financial reporting and promoting investor confidence. This article provides a comprehensive understanding of
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Accounting for e-commerce businesses in UAE: What You Need to Know Accounting for e-commerce businesses in UAE is growing rapidly, and with it, the need for businesses to understand the specific accounting requirements for e-commerce transactions. This article will provide you with an overview of the key accounting concepts and issues that you need to
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Arm’s Length Principle The arm’s length principle is a fundamental concept in intercompany pricing regulations. It requires related entities to conduct transactions as if they were unrelated parties, ensuring that prices and terms are determined based on market conditions. The arm’s length principle prevents profit shifting and ensures that taxable profits are allocated appropriately. International
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