Two Sides of the Audit Coin: Understanding the Power of Internal and External Auditing
Understanding Internal Auditing Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps organizations accomplish their objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. Key Features of Internal Auditing: Objective: Enhance organizational […]
VAT Penalty Prevention: What Every UAE Business Owner Should Know for 2025
Understanding VAT Penalties in the UAE VAT penalties in the UAE can be severe and disruptive. They include fines for late registration, errors in VAT returns, delayed payments, and non-maintenance of proper records. With penalties reaching up to AED 50,000 or more depending on the violation, even minor oversights can prove costly. Common triggers for […]
The Ultimate Guide to Company Formation in UAE: Step-by-Step Process
Step 1: Decide on Your Business Activity The first step in setting up a company in the UAE is determining your business activity. The UAE government classifies businesses into several categories, such as: #Commercial (Trading Businesses) #Industrial (Manufacturing & Production) #Professional (Consulting, IT, Media, etc.) #Tourism (Hospitality, Travel, and Tourism-related services) Selecting the right business […]
Outsourcing Bookkeeping: The Smart Move for Business Growth
1. Save Time and Focus on Core Business Bookkeeping involves tracking financial transactions, reconciling accounts, and generating reports. These tasks, while essential, consume valuable time that could be spent on strategic business activities. By outsourcing bookkeeping, business owners and managers can focus on expanding their operations, improving customer service, and driving innovation. 2. Cost-Effective Financial […]
Corporate Tax in UAE: Your Ultimate FAQ Guide by Accruon Consultants
1. What is Corporate Tax in UAE? Corporate tax is a direct tax imposed on the net profits of businesses operating in the UAE. It was introduced to diversify the country’s revenue sources and comply with international tax standards. 2. When Does Corporate Tax in UAE Come into Effect? Corporate tax is applicable from June […]
VAT on Exports and Imports in the UAE: What Businesses Need to Know
VAT on Exports: When is It Zero-Rated? Exports in the UAE are typically subject to a 0% VAT rate, but there are conditions: 1)Exports to Non-GCC or Non-VAT Implementing GCC Countries 2)Exports to VAT-Implementing GCC Countries Keeping track of these requirements can be overwhelming, which is why many businesses rely on VAT consultants in the […]
ICV Certification: How to Benefit and Win in the UAE Market
Want a bigger slice of the UAE’s booming economy? Look no further than the In-Country Value (ICV) program! Launched in 2018 by oil giant ADNOC, ICV is like a golden ticket for businesses that want to win big in the UAE (and beyond!). ICV certification program incentivizes local suppliers across Oman, Qatar, Saudi Arabia, and […]
Role of VAT Consultants in UAE in Corporate Tax Scenario
Are VAT consultants in UAE efficient enough in a corporate tax scenario? VAT(Value Added Tax) in UAE is a consumption levy imposed on goods and services throughout their production and distribution phases. The standard VAT rate stands at 5%, and businesses are mandated to register and submit VAT returns if their taxable supplies exceed AED […]
Corporate Tax penalty of AED 10,000 for late tax registration in UAE!
In the bustling landscape of business in the United Arab Emirates (UAE),staying abreast of regulatory changes is crucial. One recent development stirring the corporate realm is the implementation of a corporate tax penalty of AED 10,000 for late tax registration in the UAE.
Benefits of Hiring Tax Consultant in UAE : Maximize Savings & Minimize Risk
Are you worried about tax complexities? Do you know the benefits of hiring tax consultants in UAE? Tax policies may create ambiguity but partnering with Accruon simplifies the process.