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UKUnderstanding the First Tax Period in UAE Corporate Tax Law – Part 2
Essential Takeaways from the Inaugural Tax Period Under UAE Corporate Tax Law In our previous blog, we explored the concept of the first tax period for resident juridical person subject to Corporate Tax Law in the UAE. Now, let’s delve deeper into the specific case of non- resident persons having a permanent establishment (PE) in […]
Understanding the First Tax Period in UAE Corporate Tax Law – Part 1
Key Insights into the First Tax Period of UAE Corporate Tax Law The United Arab Emirates (UAE) Corporate Tax Law has introduced a new era of taxation for businesses operating within the country. A crucial aspect of this law is the concept of the first tax period. This period serves as the foundation for future […]
UAE Accounting Standards: Currency Guidelines for UAE
Which Currency is Compliant for UAE Accounting Standards? The UAE, a hub for budding entrepreneurs and multinational companies, is known for its business-friendly environment. While the United Arab Emirates dirham (AED) is the official currency of Dubai and the entire UAE, due to several factors, such as the requirement of reporting the financials in the […]
Understanding Ultimate Beneficial Ownership (UBO) in UAE
UBO UAE: Essential Insights and Regulatory Compliance Explained The concept of ultimate beneficial ownership (UBO) has gained significant importance over the last few years. In the dynamic and evolving economic position of the UAE, regulatory requirements require transparency and accountability in businesses. In this blog, we delve into the landscape of UBO, its importance, and […]
UAE Corporate Tax Guide: Essential Tips for Natural Person
UAE Corporate Tax Guide: Key Insights for Individuals The United Arab Emirates (UAE) introduced Corporate Tax (CT) in June 2023. While primarily targeting corporate entities, the law also encompasses natural persons conducting business activities within the country. In this blog, let us look into the key aspects of UAE Corporate Tax for common people. When […]
FAQs on UAE VAT
UAE VAT FAQs: Your Top Questions Answered Understanding the complexities of the UAE VAT system is crucial for businesses and individuals alike. This blog addresses the most frequently asked questions on UAE VAT, providing clear and concise answers to help you navigate the regulations with confidence. Whether you’re a business owner or a curious individual, […]
Open WIO Bank Account in Dubai, UAE
WIO is a leading digital financial platform providing banking solutions for businesses and individuals, established with the participation of the state. WIO Bank is regulated by the Central Bank of the UAE. In the rapidly growing economy of Dubai, WIO hits the mark by offering a suite of financial services through online and mobile platforms, […]
Quickbooks VS Zoho Books- A Comprehensive Comparison:
Quickbooks VS Zoho Books- A Comprehensive Comparison: As technology advances, the number of available software options steadily increases. Such a scenario can be found in the accounting domain as well. Selecting the right accounting software can make a significant difference for small and medium businesses. Two popular accounting software options available on the market today […]
Benefits of Outsourcing Payroll in Dubai, UAE
Advantages of Outsourcing Payroll Human resources are one of the most crucial parts of a business. For a business to grow and sustain itself, the duties and responsibilities pertaining to payroll and labour laws must be handled effectively and promptly. It is important to disburse accurate salaries on time as well as comply with legal […]
Accounting for e-Commerce Businesses
E-commerce, in simpler words, means the process of buying or selling goods or services through the internet or through online platforms. The ever-changing IT industry has compelled accountants to change and adapt to their evolving nature. Accounting not only involves recording, categorizing, and reconciling transactions into sales, purchases, payments, receipts, journals, etc., but also encompasses […]
Top Accounting Software Used In Dubai, UAE
Managing financial information is a critical component of any business. Selecting the right accounting software helps businesses solve a substantial amount of their problems. There are numerous accounting software solutions accessible in Dubai, including Zohobooks, Quickbooks, Xero, Sage, Tally, Odoo, Intacct, Epicor, and others. We recognise that choosing the correct accounting software may be difficult […]
Who is a Related Party as per Corporate Tax Law?
According to the Corporate tax Law, any transactions carried out with the related parties should be subject to the arm’s length principle under the transfer pricing regulations. A transaction or arrangement meets the arm’s length standard if it results in the same effect as arising from a similar transaction or arrangement or similar circumstances between […]
DOCUMENTS REQUIRED FOR CORPORATE TAX REGISTRATION IN DUBAI UAE
The Introduction of Corporate tax in the United Arab Emirates (UAE) marks a significant shift in the country’s fiscal geography. Businesses operating within the UAE will now be subject to CT, and is required to register with the Federal Tax Authority (FTA). To ensure a smooth registration process, having a clear understanding of the requisite […]
Outsourcing Accounting Benefits For Businesses in Dubai, UAE
With the introduction of VAT and corporate tax laws, businesses established in Dubai are expected to keep track of all transactions and maintain reconciliations. This could be overwhelming, as businesses have to spend a lot of time on these activities, which could hinder their core business activities. Outsourcing the accounting could reduce this burden and […]
Accurate Bookkeeping Significance For Dubai Startups in UAE
For a business to flourish and attain its maximum potential, it must embrace practices and procedures that save the time of the management while offering insights to the business, enabling the management to make wise decisions. Accounting is one of the important tools that is often overlooked and ignored, but when implemented religiously, it offers […]
The Role of Technology in Modern Accounting Practices in Dubai UAE
Technology has swiftly transformed our lives into a sphere of comfort and convenience. Accounting is one of the fields that has witnessed revolutionary change. Years ago, the field of accounting was dominated by manual processes by posting the transactions to journals, ledgers, transfer of ledger balances, maintaining trial balance, drawing Profit and loss account and […]
Types of Tax Rates in UAE VAT
The UAE, specifically Dubai is known for its tax-free environment. However, with the introduction of VAT and Corporate tax laws, the question that needs to be answered is “Is UAE still one of the tax-free countries?” In our blog, let us explore the reality of applicability of taxes and delve into the types of tax […]
COMMON BUSINESSES TAX MISTAKES TO AVOID IN DUBAI UAE
The introduction of corporate tax in the UAE isn’t just a change in policy; it’s a catalyst for a shift in business practices. This move is expected to have a widespread impact, not only strengthening the UAE’s economy but also leading to a more refined and transparent approach to business operations within the country. The […]
UAE Corporate Tax Result on Business Growth: Strategies for Success
The UAE’s business outlook transformed in June 2023 with the introduction of corporate tax. This move signals a shift towards a more sustainable economic model, prioritizing fiscal responsibility without sacrificing the country’s growth ambitions. Businesses operating in the UAE must now understand this new tax environment strategically to ensure continued success. This blog explores the […]
25 Best Accounting Related FAQs
Accounting related FAQs What services are offered by BCL, Dubai? BCL, Dubai, offers the below services: Accounting and Bookkeeping services, VAT advisory and filing services Corporate Tax advisory services Business Advisory services that include- Management Reporting services, Financial Planning services, Financial Forecasting services, CFO services, Budgeting services, etc. Compliance with Economic Substance Regulations, VAT and […]