Dubai Expo 2020 And Its Effect In UAE Economy

HOW ACCOUNTING ANALYTICAL REPORT BENEFIT FOR UAE REGISTERED COMPANIES. The Great Recession that hit the world in Q3 of 2008 had drastically slowed down the economic growth of Dubai that primarily depends upon real estate, tourism, retail and finance. The real estate prices started going down, the finance sector became debt ridden, the city’s construction [...]

Books of Accounts – Under VAT Scenario in Dubai

VAT In Dubai,UAE VAT was introduced across the UAE on 1st January 2018 at a standard rate of 5%. VAT will provide the UAE with a new source of income which will be continued to be utilised to provide high-quality public services. It will also help government move towards its vision of reducing dependence on [...]

Bad Debts Adjustment Scheme Under Vat In Dubai

What are Bad debts? In normal course of business goods or services are delivered/ rendered on credit terms, Bad debts are those expenses with regard to non-payment in this regard. In other terms, bad debt refers to an expense that a business incurs once the repayment of credit previously extended to a customer is estimated […]

Reverse Charge Mechanism

Reverse Charge Mechanism Under Normal context, VAT is to be charged, collected and paid to the government by the supplier of taxable goods/services and the process is termed as forward charge mechanism. Whereas Reverse Charge Mechanism or abbreviated as RCM shifts the responsibility of tax payment to the Buyer/Recipient of goods/services. The idea can be [...]

Vat Registration Threshold Computation In Dubai, UAE

VAT In Dubai, UAE Value Added Tax or VAT is a tax on the consumption or use of goods and services levied at each point of sale. VAT is a form of indirect tax and is implemented in more than 180 countries around the world. The end-consumer is ultimately bearing the cost. Businesses collect and account [...]