VAT Registration and VAT Return Filing service in Dubai

VAT

VAT registration method in UAE for brand new corporations was created obligatory for all businesses with Associate business. The new rule has gained momentum from each the general public and community. VAT registration in UAE involves a group of procedures that should be followed by a person/business to register with the Federal Tax Authority (FTA). Our team of RBS Auditing specialists is trained & appointed to fast-track the method and guide them through an equivalent to make sure that each rule & tip is complied with lawfully.

VAT registration in UAE
VAT registration in UAE

Set out to provide seamless expertise with UAE VAT registration online, our cluster of pros expertly & proven record can begin from the fundamentals of VAT tips to providing end-to-end services in VAT registration & filing.

They are intelligent concerning the newest norms set by the Federal Tax Authority and are equipped to supply you with timely help altogether matters associated with VAT.

 

Our Services

VAT Registration UAE

Our team of skilled tax professionals can facilitate in coping with tax-related problems to hurry up the processes for company formation within the UAE. We provide our purchasers with the foremost customized and practical solutions, guidance, and support in VAT registration in UAE.

 

Accounting Services

The key to success for a corporation is to stay a track of accounting, invoicing, and maintaining records. Our accounting partners are dedicatedly operating for the consumer in maintaining clerking. The knowledgeable accountants can also assist them by submitting documents, checking the accuracy, keeping & accounting funds, sharing tips, and being compliant with the law.

 

VAT Filing

Make intelligent business choices by maintaining Associate false accounting of books. Audit reports are created as per the wants recommended by the clients. We offer audit report services for corporations in areas within the UAE to renew their business license, company closure, or for a gap checking account.

 

Why select RBS Auditing 

VAT practice service

Our dedicated team of pros brings Associate in perspective to every challenge, vocation upon years of advantages experiences in various businesses and industries, and mixing their abilities and purpose, insights and intuitions, creativity, and usefulness.

 

Best business data

We have an Associate in a knowledgeable team of hired Accountants VAT consultants in the urban center & monetary Consultants; World Health Organization have many years of business data and experience and are continuously committed to victimization their experience to our client’s growth.

 

Customize solution

Each consumer and every business is different. Our experience of Vat Return Filing In UAE practice lies in delivering the customized answer that suits your gift and future business needs.

 

Best reasonable Outsourced Accounting Services

Outsourced-Accounting-Services

First, you’d wish to work with an organization with their success parameters victimization the worth of service they deliver to clients. The RBS auditing is such a firm! An Outsource Accounting Services In Dubai, our team of capable accountants and auditors aims to serve shoppers to manage risks and increase the potency of their business operations.

The firm features a young and dynamic team of pros in its leadership. They have a vision, passion, experience, and dedication to providing services in adherence to the most current international standards on auditing and monetary coverage. We have clients across Dubai and UAE, ranging from small-medium enterprises to massive companies.

Outsource Accounting Services In Dubai,
Outsource Accounting Services In Dubai,

Suppose you’re trying to find skilled steering that might leverage formalities required to ascertain businesses within the trade, industrial, or services sectors, offshore, local, or in any free zones in the UAE. In that case, we tend to are the corporate to travel to! The accountant offers tax and accounting services: statutory, internal, and management audit, VAT practice, and many alternative monetary practice services.

 

Outsourced Accounting Services

The accountant has witnessed tremendous growth and enlargement within the UAE. Thanks to the standard outsourcing accounting services offered. With the increase of huge companies and the legal necessities of companies to keep up correct monetary records, it’s become even more vital for each business to rent accounting consultants in Dubai.

According to the UAE business Company Law 2015, businesses must keep up correct accounts for a minimum of 5 years. Also, as per the UAE VAT law, companies’ books of account are to be maintained for a minimum of five years.

To keep pace with the growing economy of UAE and to accommodates the legal necessities for all levels of business, yet effectively contend with alternative companies, it’s generally tough for firms to manage their business accounting activities while not having to rent an associate degree accounting company (especially for SMEs). Therefore, it becomes the most effective possibility.

The accountant offers outsourced accounting services that meet the monetary desires of any class of business within the international market. We tend to make sure that the financial statements we offer comply with International economic coverage Standards and that we conceive keeping the number of professional standards and quality as high as is.

 

Corporate Finance

Our Vat & Excise Advisory In UAE offers associate degree best capital structure to your organization at low prices. We tend to leverage our sturdy relationships with the banks and institutions to facilitate and manage the organization’s borrowing desires.

 

Best Audit Firms UAE for your Business

Audit-firms-in-UAE

RBS auditing delivers top-notch audit, outsourced accounting & payroll, consulting and tax services with a spotlight on client-focused, business-centric solutions. On RBS Audit firms in UAE, Organisations trust our team of skilled advisers for high-value recommendations grounded on world experience and native insight.

Audit firms in UAE
Audit firms in UAE

Mutually of the most important freelance audit, accounting, consulting and tax corporations within the UAE. RBS auditing presently has several partners with many employees members severally specialising in audit and assurance, entry strategy, company formation, risk consultatory, tax consulting & compliance, outsourced accounting & payroll, consulting, business consultatory and company finance.

RBS auditing is the leading accounting, auditing, management and money consulting company in United Arab Emirates’ capital, UAE. Managed by skilled accountants and auditors, consultants altogether aspects of the auditing and money consulting services have helped RBS auditing to supply applicable and useful auditing services and advice for your business. we tend to be the simplest, most trusty and leading professionally managed audit and business practice firm in United Arab Emirate’s capital.

With expertise in our field of operations, RBS auditing has emerged as a pacesetter among accountants and accounting corporations in UAE and incorporates vast people to corroborate this reality. the right combination of non-public attention with due diligence, resources and skill have helped RBS auditing stand out from the group of chartered accountants in UAE. Our main ability is having the ability to reply to shopper needs quickly and resolutely.

RBS auditing offers a comprehensive variety of services within the areas of Audit & Accounting, Business consultatory, company consultatory, Family workplace, Finance & disposition Services, money Services, rhetorical Accounting, service industry, consultatory services, IT services, Payroll services Superannuation Solutions, and Taxation Consulting.

Based mostly in UAE, the corporate has a workplace in United Arab Emirates’s capital with enlargement plans to the remainder of UAE. The firm’s excellence in giving accounting, audit services that include: statutory, internal and management audits and a bunch of monetary practice services has created RBS auditing a distinguished audit firm within the UAE.

 

Our Services

RBS auditing provides skilled Auditing Services In Dubai to purchasers everywhere in the UAE. As a city & United Arab Emirate’s capital based mostly and registered audit & business firm, RBS auditing’s audit, accounting and tax consultants ideally placed to assist purchasers accommodate all domestic and statutory audit & tax laws in city and United Arab Emirates’s capital.

Best Accounting Firms Dubai | rbsauditing

Accounting

RBS auditing is the parent company of the complete Accounting & accounting Services, which functions because the accounting unit, and hired Accountants function because of the audit unit. Accounting corporations In the urban center are passionate once it involves delivering the most Accounting Firms In Dubai to our customers.

Accounting Firms In Dubai

 

We have services like –

  • Accounting services
  • Auditing and Assurance services
  • VAT services
  • Accounting code
  • Payroll accounting services
  • Business services

 

Our quality accounting, auditing, and business consulting services provided to purchasers across the UAE are tailored to accomplish their business goals and economic prospects with more significant gain. From Business consultatory Services to Tax Auditing, RBS auditing offers an effective form of services to AN inclusive people. Supercharged by a gaggle of pros, UN agencies aren’t simply skillful; however, conjointly addicted to the services they surpass, RBS auditing can give the most effective expertise and results.

Due Diligence, Feasibility Study, and formulating tax methods which will facilitate cutting back your liabilities and improve your revenue. We are amongst the most famous consultancies for accounting outsourcing corporations in UAE, consisting of a team of most acceptable auditors and Business consultants that keeps reliable & up to this point knowledge of monetary statements serving to you to coordinate well with laws. And that we FTA Certified Accounting Firm and FTA Registered Vat Consultants providing excellent quality of professional Tax Agents in Dubai.

Also Read: Professional Auditing Services In Dubai

 

Benefit from Our World-Class Accounting and accountancy firm in Dubai, UAE

We are one of the sure and recognized accounting firms across UAE. We cater to diverse business sectors and industries, from welcome, healthcare, retail, provision, production, and distribution. This applies of holding the documentation a few business’s fund functioning is currently turning into as necessary as a spine, due to enlarged dependency upon processed programs and therefore the critical observation being done on business transactions originating from heightened restrictive laws and coverage courses of action. Documentation or maintaining knowledge has become more subtle in how knowledge is recorded and kept owing to new techniques and technologies within the market. As way as maintaining records becomes vital, additional facilities are being provided by accounting firms like RBS . we tend to continuously try to urge the foremost for our shoppers.

Being one of the highest audit corporations in urban centers and across the UAE, we offer progressive accounting and audit solutions to assist purchasers in growing and expanding their businesses with success. RBS auditing consultants supply comprehensive benefits, and Accounting, Auditing, VAT-related services, corporate executive services, accounting, Due Diligence, and a great deal additional to support businesses befits the UAE tax and accounting laws. All our services are designed and dead with the uppermost priority of Ethics. While not compromising quality and ethics, RBS auditing will deliver the most effective accounting and accounting services in the urban center. Once it involves selecting an Accounting Services In Dubai, RBS auditing is the prime alternative as we’ve consultants to resolve any entirely monetary challenges in business.

 

Customer Due Diligence (CDD) in AML / CFT Law – is there any difference between CDD and KYC?- Part 4

Customer Due diligence

Customer Due Diligence (CDD) in AML / CFT Law

Through CDD an entity can pinpoint risk and provide protection from potential regulatory, reputational and financial damage.

What is Customer Due Diligence (CDD) in AML/CFT?

Is there any difference between CDD and KYC?

What is the difference between CDD and EDD?

Why do we carry out CDD?

What documentation do we need to carry out CDD?

UAE to introduce 9% corporate tax on business profits from June 1, 2023

corporate-tax

Ministry of Finance to introduce federal corporate tax on business profits, effective for financial years starting on or after 1 June 2023

ABU DHABI, 31st January, 2022 (WAM) — The Ministry of Finance has announced that the UAE will introduce a federal corporate tax on business profits that will be effective for financial years starting on or after 1st June 2023. Businesses will become subject to UAE corporate tax from the beginning of their first financial year that starts on or after 1st June 2023.

The UAE corporate tax regime has been designed to incorporate best practices globally and minimise the compliance burden on businesses. Corporate tax will be payable on the profits of UAE businesses as reported in their financial statements prepared in accordance with internationally acceptable accounting standards, with minimal exceptions and adjustments. The corporate tax will apply to all businesses and commercial activities alike, except for the extraction of natural resources which will remain subject to Emirate level corporate taxation.

With a standard statutory tax rate of 9 percent and a 0 percent tax rate for taxable profits up to AED375,000 to support small businesses and startups, the UAE corporate tax regime will be amongst the most competitive in the world.

No corporate tax will apply on personal income from employment, real estate and other investments, or on any other income earned by individuals that does not arise from a business or other form of commercial activity licensed or otherwise permitted to be undertaken in the UAE.

“As a leading jurisdiction for innovation and investment, the UAE plays a pivotal role in helping businesses grow, locally and globally. The certainty of a competitive and best in class corporate tax regime, together with the UAE’s extensive double tax treaty network, will cement the UAE’s position as a world-leading hub for business and investment”, said Younis Haji Al Khoori, Undersecretary of the Ministry of Finance.

Younis Haji Al Khoori further adds that “with the introduction of corporate tax, the UAE reaffirms its commitment to meeting international standards for tax transparency and preventing harmful tax practices. The regime will pave the way for the UAE to address the challenges arising from the digitalisation of the global economy and the other remaining BEPS [Base Erosion and Profit Shifting] concerns, and execute its support for the introduction of a global minimum tax rate by applying a different corporate tax rate to large multinationals that meet specific criteria set with reference to the above initiative.”

Recognising the contribution of free zones to the UAE’s economy and competitiveness, the UAE corporate tax regime will continue to honour the corporate tax incentives currently being offered to free zone businesses that comply with all regulatory requirements and that do not conduct business with mainland UAE.

Given the position of the UAE as a global financial centre and an international business hub, the UAE will not impose withholding taxes on domestic and cross border payments, or subject foreign investors who do not carry on business in the UAE to corporate tax.

As an international headquarter location, a UAE business will be exempt from paying tax on capital gains and dividends received from its qualifying shareholdings, and foreign taxes will be allowed to be credited against UAE corporate tax payable.

The UAE corporate tax regime will have generous loss utilisation rules and will allow UAE groups to be taxed as a single entity or to apply group relief in respect of losses and intragroup transactions and restructurings.

The UAE corporate tax regime will ensure the compliance burden is kept to a minimum for businesses that prepare and maintain adequate financial statements. Businesses will only need to file one corporate tax return each financial year and will not be required to make advance tax payments or prepare provisional tax returns. Transfer pricing and documentation requirements will apply to UAE businesses with reference to the OECD Transfer Pricing Guidelines.

“The introduction of a corporate tax regime will help the UAE achieve its strategic ambitions and incentivise businesses to establish and expand their activities in the UAE,” said Younis Haji Al Khoori.

UAE businesses will be given ample time to prepare for the introduction of corporate tax in the UAE. The UAE Ministry of Finance plans to issue further information on the UAE corporate tax regime toward the middle of the year to help businesses get ready and be fully compliant.

*For further information, please visit the Federal Tax Authority website: https://tax.gov.ae/en

Courtesy:-  https://wam.ae/en

Redetermination of penalties equal to 30% of the total unpaid penalties, pursuant to Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

Tax Reduction in the Penalties

 

Redetermination of penalties equal to 30% of the total unpaid penalties

31 December 2021 is the due date to avail the benefit of the Tax Penalties Amnesty or Redetermination of penalties pursuant to Cabinet Decision 49 of 2021 (the Redetermination of penalties equal to 30% of the total unpaid penalties).

To benefit from the tax penalties amnesty or redetermination, all of the following conditions have to be met according to Article 3 of Cabinet Decision 49 of 2021 on the Administrative Penalties for Violation of Tax Laws in the UAE:

  1. Any of the administrative penalties set out in Cabinet Decision No. 40 of 2017 have been imposed on the person before the effective date of Cabinet Decision No. 49 of 2021 (i.e. before 28 June 2021);
  2. The person has not settled all the administrative penalties imposed on it as per Cabinet Decision No. 40 of 2017 in full before 28 June 2021
  3. The taxable person has undertaken all of the following:
  • Settled all payable tax, i.e. the registrant shall ensure that by 31 December 2021, no payable tax is still outstanding whether such tax was payable before or after 28 June 2021, and that all such amounts have been received by the FTA by 31 December 2021; and
  • Settled 30% of the total unsettled administrative penalties referenced above which were imposed before 28 June 2021, no later than 31 December 2021.
  • In order to avail the tax amnesty benefit, ensure that all of the above mentioned conditions are fulfilled.
  • All payable taxes is the tax payable (based on tax returns submitted and any adjustments due to voluntary disclosures or tax assessments) that is still outstanding whether such tax was payable before or after 28 June 2021.
  • 30% of the total unsettled administrative penalties refer to the administrative penalties imposed prior to 28 June 2021 pursuant to Cabinet Decision No. 40 of 2017.
  • All the payable taxes and 30% of the administrative penalties must be settled by 31 December 2021.
  • The amount to be settled as per Cabinet Decision No. (49) of 2021 may be viewed by logging into your E-services account and by clicking the option: “Click Here” to view the Amendment of Administrative Penalties imposed as per Cabinet Decision No. 49 of 2021.
  • Please ensure that the payment transfer(s) reflect on the FTA portal by 31 December 2021 and the payment receipts are available to substantiate the transfer.

Saturday, Sunday weekend from January 1 in UAE: Four-and-half-day working week

Organizations

New weekend: UAE announces reduced working week

All Federal government departments will move to the new weekend from January 1, 2022

UAE announced on Tuesday that it will transition to a four-and-a half-day working week, with Friday afternoon, Saturday, and Sunday forming the new weekend. All Federal government departments will move to the new weekend from January 1, 2022.

The #UAE becomes the first nation in the world to officially introduce a national working week shorter than five days as it moves to 4.5 day week, Friday afternoon, Saturday and Sunday to be new weekend.
The Dubai and Abu Dhabi governments said their employees would adopt the same hours. The National understands all schools will move to the same working week on the first day of term, with hours expected to be announced soon.

The decision “will better align the Emirates with global markets, reflecting the country’s strategic status on the global economic map”, the UAE Government Media Office said.