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Most common VAT penalties levied by FTA

Introduction The Federal Decree-Law No. (8) of 2017 on Value-Added Tax, which came into effect on January 1, 2018, introduced VAT in UAE. Along with the law came several guidelines, executive regulations, and notifications to help the businesses to comply with all the requirements of the law. However, it is difficult for businesses to understand and fulfil all the requirements…

Basics of voluntary VAT disclosure in UAE

VAT was introduced in UAE on January 1, 2018. Since that time, companies have been required to comply with a myriad of requirements to abide by the VAT law. Some of these requirements include VAT registration, deregistration, accounting, return filing, implementation, and many other compliance requests. VAT voluntary disclosure is one such requirement that companies must follow to remain compliant…

Most common errors made while filing a VAT return

Introduction Since January 1, 2018, when VAT was introduced in UAE, businesses are required to comply with multiple requirements under the VAT Law. Filing VAT returns to the Federal Tax Authority (FTA) is an important activity for all businesses that are registered for VAT. However, you need to be extra careful while filing VAT returns since some common mistakes generally…

UAE’s measures against money laundering

There is a high magnitude of money laundering activities happening across the world. Since these are illegal activities and difficult to identify, there are no precise statistics or even estimates available that show the actual money that is being laundered every year. Several international organizations and global and regional integrated committees and task forces work together to fight against money…

How to prevent a payroll fraud

Payroll fraud is a common type of fraud that is prevalent in the business world for many years. It also features among the costliest forms of fraud amongst businesses. Since the company’s internal teams managing the human resource processes manage it, payroll fraud cases rarely feature in media reports. Besides, there is a minimum likelihood of recovering money from such…

Best defence mechanism actions against scam emails

The entire world is moving towards complete digitalization, and with it, the threats to online security have increased. It is not that the world is not aware of it. The world is aware of the problem as well as varied solutions or preventable ways to it. Still, data breaches happen, phishing scams happen, and we lose money. Hackers use email,…

Sharjah Research, Technology and Innovation Park Free Zone (SRTIP): The Complete Guide

Sharjah is one of the most prominent industrial hubs in the world. The reason could be its holistic approach, where the emirate focuses on human-centric experience. For that reason, Sharjah Research, technology, and Innovation Park Free Zone (SRTIP) was established in the year 2016.  SRTIP provides an opportunity for enterprises to research, develop, and manage innovation in the best possible…

6 tips for making and accepting global payments

1. Abide by all the appropriate rules and procedures for making global payments 2. Opt for the popular regional payment methods and their providers to ensure swift global payments  3. Try to use one digital payment solution for all your clients to ensure efficient and error-free cross-border payments  4. Avoid mistakes by being extra careful in the procedure of making…

Best practices for payroll processing

Here are the best practices to enable you to ensure accurate year-end processed payroll:  Start the year-end payroll processing in the last quarter of the financial year  You must prepare for completing all the steps of payroll processing successfully. For this, you must create a payroll checklist and allocate some deadlines for each point. This gives you a goal for…

How automation will change the future of audits

The impact of automation is visible in most industries. The auditing industry is not an exception. With multiple recent developments in technology and data, the audit industry is witnessing a surge in automation. The interruption of advanced technologies in the audit process is essential since some auditing tasks consume a lot of auditors’ time. Some of these tasks are prone…

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