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UKWho 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 […]
Common Accounting Mistakes to Avoid for Businesses in Dubai, UAE
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, UAE?
How to Choose the Best Accounting Firm in Dubai: Key Factors 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. Experience: An experienced […]
Support in UAE Corporate Tax For Small Businesses & Industrial SMEs
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 For Corporate Tax Registration Deadlines in 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 […]
UAE Corporate Tax for Free Zones | Zero-Rate Eligibility Guide
Free Zones in UAE Who Are Eligible For Zero Rate Corporate Tax 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 […]
Understanding Corporate Tax in Dubai UAE | Exemptions Explained
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 Listed FTA-Approved Accounting Software Solutions in Dubai UAE
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
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
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
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 Help For Payroll Issues in 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 […]