Blog: Audit, Accounting, VAT or Tax Guide UAE

How HNWIs Are Saving Taxes and Building Wealth in UAE

How HNWIs in the UAE manage their wealth wisely and reduce their tax bills.

A Guide To UAE Corporate Tax Registration For Freelancers And Sole Proprietors

This guide will explain UAE Corporate Tax Registration for Freelancers and Sole Proprietors, covering tax registration, planning, preparation, and accounting.

Guide to UAE Corporate Tax for Manufacturers: Building a Tax-Efficient Future

Unlock tax efficiency for your manufacturing business with our guide to UAE Corporate Tax. Build a solid foundation for a prosperous future.

5 Easy Steps to Prepare Your Business for UAE's Corporate Tax in 2024

Prepare your business for UAE's corporate tax in 2024 with 5 easy steps: embrace change, learn tax basics, assess liability, inform team, and seek expert advice.

7 Ways To Save Money And Time When Forming Your Company In Dubai

. Learn how to save time and money when forming your company in Dubai with these 7 effective strategies. Streamline your process and optimize resources today!

Avoid Penalties: Register for UAE Corporate Tax before It's Too Late

. This comprehensive guide sheds light on the importance of timely registration and provides insights into the process to help businesses navigate this new tax regime confidently.

Administrative Penalties for Corporate Tax Law Violations

UAE's Ministry of Finance introduces penalties for Corporate Tax Law violations to promote compliance and global standards.

Implementation of Corporate Tax in the UAE: Overview, Regulations, and Implications

As you may be aware that federal tax authorities have recently implemented the 9% corporate tax which will be levied on all the legal entities operating in the UAE.

How to Set Up a Business in the UAE's Growing E-Commerce Market

The United Arab Emirates (UAE) is rapidly emerging as a lucrative destination for entrepreneurs and businesses looking to tap into the flourishing e-commerce sector.

The Benefits of Free Zone Companies in UAE for Corporate Tax

The United Arab Emirates (UAE) is renowned for its robust business environment, and one of the key factors contributing to its allure is the favorable tax regime.

Corporate Tax Implementation: Obligations for Juridical and Natural Persons in the UAE

Federal Tax Authority has implemented 9% Corporate Tax on all juridical person and natural person who are doing business within the UAE.

Embracing UAE Corporate Tax Compliance: Unraveling the 9% Levy and Its Impact on Businesses.

As we usher in a new era of fiscal responsibility, it's essential for businesses in the UAE to be well-informed about the recent implementation of the 9% corporate tax.

VAT on Imports in UAE: A Guide for Businesses

If you're a business operating in the United Arab Emirates (UAE) and engaged in international trade, understanding the regulations and requirements regarding VAT on imports is crucial.

How to Claim VAT Refunds in the UAE: A Complete Guide

In this informative blog, we explored the process of claiming VAT refunds in the UAE for non-resident visitors. We provided a step-by-step guide, outlining the eligibility criteria, shopping at registered retailers, requesting tax invoices, validating invoices, and the options for claiming refunds.

Non-Compliance with VAT in the UAE: Consequences and How to Avoid Them

Value Added Tax (VAT) is a crucial component of the United Arab Emirates' (UAE) tax system, and compliance with VAT regulations is essential for businesses operating in the country.

Top 10 Key Benefits for Business Setup in Dubai Free Zone

Dubai, one of the leading business hubs in the United Arab Emirates (UAE), offers designated areas called "Free Zones" that provide exceptional opportunities for investors.

The UAE authorities have announced Small Business Relief in the last 24 hours

Well as we know, this is in line with the federal strategy as well as the Emirates strategy to promote small business, to promote startups.

How to File VAT in UAE: Simplify the Process for Your Business

Value Added Tax (VAT) was introduced in the United Arab Emirates (UAE) in 2018, making it mandatory for businesses to register and file VAT returns.

Professional Tax Consultancy in Dubai- Reliable and Efficient Solutions for Your Business

As a business owner in Dubai, understanding the complex tax laws and regulations can be a daunting task. With the introduction of VAT (Value Added Tax) in 2018, many businesses have struggled to comply with the new regulations and avoid penalties.

Save Big on VAT Services: 7 Proven Tips for Affordable Solutions in the UAE

Businesses operating in the UAE can save big on VAT services by following these 7 proven tips. In this Post, we discuss tips for affordable solutions in the Dubai, UAE.

The UAE's Federal Tax Authority announces new tax

The UAE Value Added Tax (VAT) was modified on October 30 by the Ministry of Finance. All of the amendments will take effect on January 1, 2023.

FTA raiding business and field inspections. Are you adhering tax compliances?

The Federal Tax Authority intensifies its monitoring efforts to achieve compliance, and combat tax evasion by carrying out 2,202 inspection visits in local markets during the half year 2022.

UAE to introduce Corporation Tax from June 2023!

The Ministry of Finance has announced that the UAE will introduce a federal corporation tax on business profits effective from 1st June 2023 with Corporation Tax on taxable income up to AED 375,000 will be 0% tax rate to support small and start up business.

The corporation tax has been designed to incorporate best practices across the globe. Corporation tax will be payable on the business profits as reported in their financial statements and as per the accounting standards.

UBO Dubai Update

UBO Dubai Update

File Reduction Or Waiver Of Fine Imposed By FTA.

According to the Federation Tax Authority ( FTA) if a person or category has violated provision of tax legislation can apply to authority regarding reduction or waiver of the fine imposed . The condition is that the excuse should be accepted by the authority and there is evidence which justify the existence of the excuse as well as the violation which has led to the imposition of fine.

Federal Tax Authority (FTA)

The Federal Tax Authority (FTA) has announced and clarified that any services provided byartists and social media influencers (SMIs) are subjected to Value Added Tax consideration.

Choose a Right VAT Consultant

Advantage of working with experienced and legitimate VAT Consultant

Prime Services Dubai is a well know name in VAT Consultant in Dubai can help you audit and provide you the best suggestions when it comes to maintaining the financial books in a better and efficient way. This is also extremely important for the taxpaying. Therefore you get the assurance of genuine work which will be accepted by the regulating authorities as well.

Federal Tax Authority issues guide for the e-commerce sector

The Federal Tax Authority (FTA) has clarified that Value Added Tax (VAT) is applied on e-commerce services (also known as “electronic commerce”, sometimes referred to as the “digital economy”) upon their actual use or enjoyment in the UAE. Note that although many of the general rules of VAT apply to e-commerce, there are a number of special rules that apply specifically to e-commerce transactions.

This guide issued by the FTA clarifies how the VAT Law applies to the supply of goods and services provided through electronic means, such as the internet or similar electronic networks. The guide incudes guidance on the application of VAT on goods and services supplied within the scope of e-commerce, and the imposition and accounting for VAT on those supplies.

We are here to help you in Covid-19 Panademic

We at Prime Consulancy Services, as VAT Consultant, are always available to extend helping hand to all the firms in crisis due to panademic, who is facing problems in filling their return in professional and timely manner, facing any kind of VAT related issues or submissions.

Expert Services for non-filling returns Firms

We are Dubai Based certified VAT consultant expertise in resolving and helping any small and medium size business not only in Dubai but across UAE who is facing problems in filling their return in professional and timely manner, facing any kind of VAT related issues or submissions. There are so many companies in UAE, due to ongoing situation and pandemic, are suffering from particularly non-submission of tax return due to which they are certain fixed and daily penalty imposed by FTA. We are certified VAT consultant here is Dubai UAE to extend hand to resolve such issues.

A new resolution is bringing new norms

As we are aware that UAE introduced resolution No. 31 of 2019 concerning Economic Substance Regulation as per their commitment to OECD Framework as a member state. The resolution was passed on 30th April 2019 and guidance for regulation was issued on 11th Sep 2019.

VAT trends in UAE & Saudi Arabia

The UAE has denied any plans to increase Value-Added Tax (VAT) in the country. In a statement released on Monday, the Ministry of Finance confirmed that the VAT rate will continue to stand at five per cent. Officials added that they are committed to achieving their development goals and plans, which had been previously approved by the government. The clarification comes after Saudi Arabia announced its decision to triple its VAT rate from July.

Now this has been one year since the VAT has been implemented in UAS, KSA & Bahrain (since 01-01-2019). Since last two months, Federal Tax Authority is requesting to all business and individuals who are registered for Value Added Tax, to update their latest information. Following is the lists of documents which the Federal Tax Authority is requesting to be updated:

4 Things to Consider When Hiring an Accountant in Dubai

It’s extremely important for any business owner or general entrepreneur to have a reliable accountant on their side working for their company’s best interests and making sure you see to your fiscal limits and overall potential on a regular basis.

6 Step Guide for Setting up a New Business in Dubai

If you are thinking of a new business set up in Dubai, the time is indeed ripe, considering the city has been buzzing with latest infrastructures and developments that allow it to be favorable for business owners to venture into a new business. However, before venturing into any kind of business, whether you are a resident of Dubai or looking for offshore company setup, you need to follow a gradual process to set the ball rolling for your business.

Why It is Important to Outsource Vat Return Services in Dubai

VAT or value added tax is something that every business whose turnover is over AED 375,000 needs to charge nowadays. All the customers are bound to pay VAT along with the actual price of the products or the services that they have bought or taken. Hundreds of service providers and sellers all over Sharjah, Dubai & Ajman are needed to register for VAT and file VAT return statements.

Important announcement: Bank details are now mandatory for VAT registration in UAE

Recently, FTA has made the bank details and other information mandatory for company’s VAT registration. Below are the list of documents required to do the VAT registration of company.

Beware of fraudsters: Organisations in UAE doesn't require to disclose their financial information to any person

The Federal Tax Authority (FTA), has requested to all tax registered business for not to disclose their financial data or other information to any person or organisation that is not authorised to do so. Tax authority is emphasising to ignore any message, email or telephone call received by the tax person asking for their registration details.

Federal Law No. (2) of 2015 on Commercial Companies

In the UAE it the Federal Law No.2 of 2015, chapter one General Provisions for the Companies, article 27 Accounts of the company states the followings...

Federal Tax Authority Guidelines on Penalties

Recently, this has seen that the business which are having the penalty due to not filling their VAT return on time resulting daily penalty which is occurring for not making the payment out standing liability on and before the dead line. There are so many gossips or rumours are going around now these days in the market that VAT registered business do not need to pay the penalty as the FTA is going to remove these penalties...

Filing Your Tax Return

As per recent finding, this has been revealed that many tax registered companies and individuals are in the impression that they do not have to file their VAT return to the authorities or...

Digital Tax Stamping on Tobacco Products

FTA director general, Khalid Ali Al Bustani, announced on Augast 6, 2019 that from November 1, 2019, there is new VAT tax rule on two products. Federal tax authority is implementing the second phase of the “Marking Tobacco and Tobacco Product Scheme” and eventually this will cove the waterpipe tobacco and electric cigarettes...

You should know List of Items Taxed or Exempted under VAT in UAE

Simple VAT effect on UAE resident and tourist not just the individual or business which are registered This is the list of that shows which house holds falls in the category of standard rate (5%) Value added tax or zero rate...

How to Avoid wrong tax return filing?

There are many companies which are not doing their tax return file correctly and resulting paying heavy penalties from federal tax authority. In case of wrong submission of tax return, the voluntary disclosure needs to be submitted along with the correct figure...

How to get registered for VAT in order to have TRN?

Now these days the federal tax authority is requesting more precise information if any business or individual wants to get registered for VAT in order to get the TRN. There are many business and individuals who do not aware that how to get registered for VAT in order to have TRN...

Be careful while applying for TRN No.

There are many reasons for not to get the TRN no. when you apply for as a business or an individual as there are very strict guidelines to get registered for VAT. The Arabic translation of the trading name must match one hundred percent with the name on the trade license...

COVID-19 Update UAE: Deadline to submit VAT returns extended to May 28

Amidst this lock down due to corona virus, Federal Tax Authority has come up with an alternative deadline to file tax returns for VAT for the period ended on March 31st.The new deadline is May 28, 2020....

Impact Of AI in Accounting

Artificial intelligence has now taken over all the industry. We provide VAT consultancy in Dubai and we have been using artificial intelligence. Finance and accounting services are one of them. The AI is extremely beneficial when it comes to regular updation of the criterias and the new norms given by the regulation authorities. A lot of the time-consuming tasks can be done with least human error possible...