In the UAE, VAT is expected to be implemented from 1st January 2018. The proposed VAT rate is 5%. VAT is one of the most common types of consumption tax found around the world. Value Added Tax is an indirect tax that is collected incrementally, based on the value added, at each stage of production…
Maintenance of books of accounts and necessary supporting and relevant records are highly essential requirements for proper management and control of the business operations. This will facilitate the correct receipt and payment of cash and other transactions entered by the company. It is mandatory to maintain the books of accounts under UAE company law and…
Value added tax (VAT) is a consumption tax that is charged on each stage of supply of goods and services. VAT is applicable for restaurant services as well in the UAE. In the UAE, VAT is likely to be introduced from 1st January 2018 and the rate is expected to be 5% for restaurant activity…
a.Description of specific assets, their location, and if applicable, such specific identification as serial or other control/code numbers. b.To keep better control over fixed assets, fixed assets register must be maintained at each location. c. Cost, acquisition date, and date placed in service (when different from acquisition date) d.Fixed assets cost includes acquisition cost…
The UAE is going to implement 5% VAT from 1st January 2018. VAT is a type of general consumption tax that is collected incrementally, based on the value added, at each stage of production or sales. It is a kind of consumer tax where the end users will be paying the desired rate of VAT. VAT…
VAT in the UAE is taking its course of action from 1st January 2018 at a minimal rate of 5%. It is compulsory for businesses to register for VAT in the fourth quarter of the year 2017. VAT Registration in UAE will be an online process using eservices. When a company has to do the…
Did you ever imagine of setting up a company at AED 8,000? If you never did, then you should. Emirates Chartered Accountants Group is actively supporting the latest scheme Hamriya Free Zone Authority (HFZA) has declared. The sole initiative has been taken to bring more people to business and uplift the entrepreneurs. This minimal company…
