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VAT Audit: Fixed the errors in VAT implementation & VAT registration

Overview VAT (Value Added Tax) system was introduced in the United Arab Emirates on 1st January 2018. As per the rules and regulations, every company whose annual turnover is above AED 375,000 must implement VAT without choice. For implementing VAT, a company first needs to perform VAT registration. There is a standard format for creating invoice which every company needs…

Cabinet Resolution No (58) Of 2019 Determining The Regulatory Authorities Concerning Economic Substance Regulations

Cabinet Resolution No (58) of 2019 determining the regulatory authorities concerned with the business mentioned in cabinet resolution no (31) of 2019 concerning economic substance regulations. Serial Number Topic Description 1 Banking Business 1. The Central Bank of the United Arab Emirates for banking activities regulated by the Bank. 2. The competent authority in the financial free zone for the…

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