Economic Substance Regulations For The Mainland Companies In The UAE
The economic substance regulations are applicable to all the Mainland Companies that are established in the UAE and generate income from a relevant economic sector (termed as Relevant Activity) from January 01, 2019. The scope of Economic Substance Regulations in mainland companies in the UAE excludes such entities in which a minimum of direct investment […]
Taxation in Saudi Arabia
Saudi Arabia levies corporate income tax on non-resident shares in a resident corporation. The share of Saudi Arabia and GCC nationals are subject only to a religious levy called Zakat, The Saudi Arabia tax regulations came into effect on July 30, 2004, which has introduced certain new concepts and/or modified existing practices. The taxation system […]
Economic Substance Regulations In The UAE
The regulations require UAE onshore and free zone companies and other UAE business forms that carry out any of the “ Relevant Activities†to maintain adequate economic pressure in the UAE relative to the activities they undertake. The Economic substance rules in UAE were introduced in April 2019, and businesses need to assess how they […]
Sheikh Mohammed Issues New Law on DMCC
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, on Sunday issued Law No. (3) of 2020 on the Dubai Multi Commodities Centre (DMCC). Established pursuant to Decision No. (4) of 2002, DMCC is dedicated to enhancing the flow of commodity trade through Dubai. […]
Common mistakes made by SMEs on VAT filings in UAE
It has been almost two years since the introduction of 5% VAT on goods and services. Since the taxation system has been introduced for the first time in the country, a number of smaller companies have been prone to making mistakes in filing their tax returns, thus attracting fines. Tax experts say poor planning, hiring […]
Facebook announces 5% VAT on ad services in UAE
Facebook announced a tax on one of their services in UAE this week. In a notice issued to users in UAE, the social media giant said that it was implementing value-added tax (VAT) on the sale of ads in UAE: Due to an implementation of a value-added tax (VAT) in the United Arab Emirates, Facebook […]
Feasibility Study
Feasibility Study: In this era of globalization, where every business competes with the other in order to attain and achieve huge amounts of profits and establish a better corporate image, it becomes really necessary that all the decisions are taken after due assessment of the factors that are capable of affecting the profitability as well […]
EXCISE TAX on sugar based product in UAE
Do you import, produce, stockpile, or release Sugar-Based Products? Have you registered for Excise Tax? As per the Cabinet Decision, no 52 of 2019, EXCISE TAX on sugar-based products will become effective from Dec 01, 2019. Therefore, any company involved in Trading, Importing, Producing or Stocking of such goods need to make Excise Tax registration […]
Accounting & Bookkeeping Service in Al Khobar
Accounting is the systematic and comprehensive recording of financial transactions of a company business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. companies Act No. M/6 of 1965 (Amended in 2015) Saudi Arabia, mandates that maintaining proper account books for at least […]
Accounting & Bookkeeping Services in Jeddah KSA
Accounting is the systematic and comprehensive recording of financial transactions of a company business. Accounting also refers to the process of summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. companies Act No. M/6 of 1965 (Amended in 2015) Saudi Arabia, mandates that maintaining proper account books for at least […]