The Role of Technology in Modern Accounting Practices in Dubai.

Modern Accounting Practices in Dubai

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

Tax Rates in UAE

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 TAX MISTAKES BUSINESSES MAKE AND HOW TO AVOID THEM

How to avoid common business tax mistakes

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 […]

The Impact of UAE Corporate Tax on Business Growth: Strategies for Success

UAE Corporate Tax

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 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 […]

Common Accounting Mistakes to Avoid for Dubai Businesses

Accounting Mistakes

Accounting serves as foundation for operating any business, as it involves recording, analysing and reporting of financial transactions. Mistakes in accounting can have serious consequences on the financial health and reliability of the business. Having dedicated more than three decades across the globe to serving the accounting industry, we, BCL Group, have gained direct insights […]

How to choose the Best Accounting Company in Dubai?

Accounting increases the transparency in times of volatility in the profits. A right accounting company helps the business to record the past and current financial data thus helping in future decisions. Therefore, an accounting company can help a business grow n-folds. This article is aimed at helping you analyse the important factors while choosing the […]

Unveiling Assistance and Support in UAE Corporate Tax Landscape

Support in UAE Corporate Tax

Empowering Small Businesses Small businesses are the backbone of the United Arab Emirates’ (UAE) economy, contributing significantly to its growth and dynamism. In this blog, we will explore the challenges small businesses may face in the UAE corporate tax landscape and highlight the assistance measures designed to help them thrive.   The UAE implemented Corporate […]

Don’t Miss the Deadline: Corporate Tax Registration Deadlines UAE Explained

Corporate Tax Registration Deadlines UAE

The United Arab Emirates (UAE) issued Federal Decree Law. No. 47 of 2022 on the Taxation of Corporations and Business on December 9, 2022 & implemented its Corporate Tax regime from 1st June 2023. All taxable persons (including Free Zone persons) as defined under the law, are subject to UAE Corporate Tax from the beginning […]

Are all Free Zones in UAE eligible for 0% Rate of Corporate Tax?

uae corporate tax for free zone

A strategic location, coupled with a business-friendly environment, has propelled Dubai into the modern metropolis it is today. This magnet for global companies owes much of its success to its diverse Free Zones. There are several Free zones in Dubai and each of it operates under its own set of rules and regulations. The several […]

Not all companies are required to pay Corporate Tax in UAE

Corporate Tax in UAE

The United Arab Emirates has long been regarded as a tax haven, luring businesses with its sunny beaches and promises of low taxes. However, the latest introduction of a 9% corporate tax in June 2023 seems like a game-changer. Corporate Tax, also referred to as “Corporate Income Tax (CIT)” or “Business Profits Tax” has become […]

Top FTA-Approved Accounting Software Solutions in Dubai

Top FTA-Approved Accounting Software Solutions in Dubai

In the contemporary business landscape of Dubai, where economic activities are thriving, success is not solely contingent on product sales but also hinges on accurate financial management, meticulous accounting and record-keeping. As the world advances, traditional accounting methods have transformed, and accounting software has emerged as a strategic tool utilized by accountants for recording and […]

Indicators Your UAE-Based Business Requires an outsourced Bookkeeper: A Crucial Investment for Financial Success.

outsourced Bookkeeper

Bookkeeping is crucial for a business as it involves the systematic recording, tracking, and organisation of financial transactions. Maintaining proper bookkeeping is a legal obligation under various Acts in the UAE. It serves to ensure accuracy in payments and receipts, aids in business management, monitors financial health, and ensures compliance with local regulations. Having a […]

Navigating VAT Refunds for Tourists in Dubai: Comprehensive Guide

VAT Refunds for Tourists in Dubai

Dubai, with its breathtaking skyline, luxurious shopping malls, and vibrant cultural experiences, stands as a top destination for tourists worldwide. Dubai’s shopping landscape is defined by expansive and opulent malls, offering a haven for avid shoppers and fashion enthusiasts seeking renowned global brands. Yet, let’s acknowledge the truth – all the glamour can take a […]

Closing Fiscal Year: Year end Accounting Checklist for Businesses in UAE

Year End Accounting Checklist

Whether in the UAE or any global setting, the year-end proves to be a bustling period for businesses. Right from expenses and income to audit plans, investments, and payroll processes, every aspect of the company undergoes a meticulous review and compilation, leaving no detail unexamined, down to the last penny. Despite being a complex, lengthy, […]

How Accounting Companies can help you with Payroll issues?

Payroll and HR Services Dubai UAE

The economic vitality of the UAE is driven by various factors, including industries such as oil and gas, financial services, real estate, international trade, aviation, and tourism. A common thread binding businesses across these sectors is the imperative to adhere to UAE payroll regulations. This entails ensuring timely and accurate salary payments in the appropriate […]

Penalties under the UAE Corporate Tax Law

uae Corporate Tax law

With the introduction of a federal corporate tax law, the United Arab Emirates (UAE) has undergone significant changes in its tax arena in recent years. This new legislation has implications for businesses operating in the UAE, including foreign companies with a presence in the country. One crucial aspect of this tax framework is the enforcement […]

Audit Requirements in UAE: Are All Companies Required to be Audited?

Audit Requirements in the UAE

The UAE is well-known for its rapidly expanding economy and thriving business environment. With a multitude of companies operating within its borders, it is essential to maintain transparency and financial integrity. One crucial aspect of ensuring this transparency is through auditing. Auditing serves as a means to verify the financial accuracy and compliance of companies […]

Top 9 UAE Digital Banks to Watch

UAE Digital Banks

The banking landscape has undergone a significant transformation in recent years, thanks to the rise of digital banks. These financial institutions provide their customers with a convenient and efficient way of managing their finances exclusively online. In the United Arab Emirates (UAE), the digital banking sector has been growing rapidly, providing residents with innovative banking […]

Common Mistakes Filing VAT Returns in UAE? Avoid these

mistakes filing vat returns in uae

Value Added Tax (VAT) is a consumption tax that has been implemented by many countries around the world, including the United Arab Emirates (UAE). Since its introduction in the UAE on 1st January 2018, VAT has become an integral part of the business landscape. It was introduced to compensate for the decline of oil industry […]

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