Business Behavior Hub

The VAT is charged at every step of the 'supply chain,' and consumers generally bear the VAT cost. The initiation of a Value Added Tax (VAT) regime in the UAE marks the opening of a new age in the history of the UAE economy where the common public will start sharing the burden of budgetary expenditure, which was launched from January 1, 2018. While the VAT is presumed to contribute Dh12 billion to the UAE exchequer and enhance the GDP of UAE, studies show that consumption tax across GCC countries is expected to raise additional revenues between 1.2 to 1.6 percent of GDP to the UAE in the first year. VAT Implementation across GCC: The United Arab Emirates, along with Saudi Arabia, has taken the pioneering step in introducing VAT in the entire region. It will be implemented slowly across the GCC in phases over the coming years. The most significant concern around the introduction to tax is its impact on purchasing power and the overall cost of living. Gove...

Performing an audit has numerous benefits for the company, but many misunderstandings and rumors are going around regarding the auditing of a company. These are some of the myths that prevent us from conducting an audit, which ultimately hampers the company. The most prominent misunderstandings/myths that every business person should know about audits are explained below: Auditing is considered a Boring Profession: It is normally agreed upon by everyone that professions such as auditing and accountancy are very droll and very boring. Whenever we say auditors, a figure of a skinny person with thick glasses sitting in front of a large ledger resembles in our mind. This thought is just a fantasy of our vision. In reality, the accounting services and audit firms in Dubai have seen a visible disruptive revolution in the job. Nowadays, everything is done online or via a computer. Various soft wares help in reducing the time of a process, which would have taken days to ...

The Dubai, UAE, cabinet has approved the entire list of all the administrative VAT Fines and vat Penalties in UAE that may be imposed on businesses for violations of the VAT laws. Administrative penalties are additional amounts imposed on a taxable person for breaching the provisions of the VAT Law. The following are some of the steps which i nvite administrative penalties under VAT in UAE. Actions on Administrative penalties under VAT in UAE All actions inviting penalties under VAT Administrative penalty (subjected to change) When a taxable person, fails to display prices inclusive of VAT 15,000 AED Failure to notify FTA regarding the charge of tax based on margin 2,500 AED Failure to comply with maintenance of the record of goods within designated zones or moving them to other designated zones Higher of 50,000 AED or 50% of chargeable tax Failure while issuing a tax invoice or an alternative docu...

The United Arab Emirates is developed into a rewarding business scene. Among one of its Emirates, Dubai, offers convincing foundation and an amicable business condition which is exceptionally helpful for new business arrangement. Having indulgent government strategies, simplicity of setting up an organization, straightforwardness in business exercises, and immense supply of labor pulls in scores of business visionaries from around the globe. Each business little or huge needs a clerk/bookkeeper who will deal with their funds. Entrepreneurs today acknowledge like never before that in the event that they are not cautious about their accounts, they before long won't be ready to go. It tends to be costlier for littler organizations to name a full-time clerk or bookkeeper, re-appropriating this capacity has gotten extremely alluring to entrepreneurs and an incredible open door for accountants or bookkeepers to fire up their very own accounting or bookkeeping business in Dubai....