January 2022

Why You Need Standard Operating Procedures (SOPs) In Your Company?

Leave a Comment / Business Advisory / KudosPRS

January 28, 2022 Why You Need Standard Operating Procedures (SOPs) In Your Company? Business Advisory Why You Need Standard Operating Procedures (SOPs) In Your Company? A structure for growth of a company Based on set of policies, standards, and procedures the organization needs in the management and operations of the entire organization. Work flow in […]

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Benefits Of Outsourced Accounting Services

Leave a Comment / Audit in UAE / KudosPRS

January 28, 2022 Benefits Of Outsourced Accounting Services Audit in UAE Accounting in SMEs are no less complicated than large corporates as both have same regulations and taxations. But SMEs can’t afford to have highly paid Finance Manager or CFO like large corporates. Solution for this is OUTSOURCING and thereby enjoy the expertise that large companies

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Eligibility and Benefits of holding Tax Residence Certificate

Leave a Comment / Tax / KudosPRS

January 28, 2022 Eligibility and Benefits of holding Tax Residence Certificate Tax TAX Residence Certificate in UAE Tax Residence Certificate can be obtained by an individual who is resident in UAE for period more than 180 days and companies which are registered and operates in UAE for minimum one year. Offshore companies cannot obtain Tax

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AMENDMENT TO IFRS 16 FOR COVID-19 RELATED RENT CONCESSIONS

Leave a Comment / Covid 19, IFRS / KudosPRS

January 28, 2022 AMENDMENT TO IFRS 16 FOR COVID-19 RELATED RENT CONCESSIONS Covid 19,IFRS Why Internal Auditing Is Important? The IASB considered a “Practical expedient” to PROVIDE RELIEF for LESSEES (not for LESSORS) from lease modification accounting for Rent Concessions, in the form of Rent Holidays or Rent concessions for an agreed timeframe. Amendment to

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“Zero Rating of Export Services”- Explanation

Leave a Comment / Tax, VAT / KudosPRS

January 28, 2022 “Zero Rating of Export Services”- Explanation Tax,VAT The Explanation The Clarification provides some relaxation to foreign companies as No VAT to them by UAE suppliers just because they have a branch in UAE which are not related with the supplies HO by UAE suppliers. It is also clarified that in determining the

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Know More About Excise Tax In UAE

Leave a Comment / Tax / KudosPRS

January 28, 2022 Know More About Excise Tax In UAE Tax Why Internal Auditing Is Important? Excise tax is an indirect tax where business entity collects excise tax from customers and pays to the Government. Excise tax is levied on specific goods which are harmful to human health or the environment. Excise tax is levied

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Who Must Register For Excise Tax?

Leave a Comment / Tax / KudosPRS

January 28, 2022 Who Must Register For Excise Tax? Tax The Federal Decree-Law No. 7 of 2017 on Excise Tax stipulates that businesses/ persons that are engaged in any of the below activities must register for tax. Import of excise goods into the UAE; Production of excise goods in the UAE; Release of excise goods

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Know More About Jabel Ali Offshore Company

Leave a Comment / Freezone / KudosPRS

January 28, 2022 Know More About Jabel Ali Offshore Company Freezone JAFZA offshore companies are not physically present in the UAE. Shareholders are not eligible for resident visas. Offshore companies will have a certificate of incorporation as proof of registration. Company will not get a trade license and hence not allowed to do any business

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Ultimate Beneficial Owner (UBO)

Leave a Comment / Freezone / KudosPRS

January 28, 2022 Ultimate Beneficial Owner (UBO) Freezone Regulation of Procedures relating to Real Beneficiaries – Cabinet Decision No. 58 of 2020 On 24th August 2020, the UAE Ministry of Economy issued a Cabinet Resolution No.58 of 2020 on the “Regulation of Procedures Related to Real Beneficiaries”. Who has the Applicability of this Resolution? It

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VAT Implementation – 3 Phase Process

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January 28, 2022 VAT Implementation – 3 Phase Process VAT Phase 1: Impact Assessment Perform detailed analysis of end-to-end business transaction flows Perform walkthrough of the sales/accounts receivable cycle and purchases/accounts payable cycle and identify VAT risk areas. Mapping transaction for VAT enablement (tax mapping) Provide report on VAT compliance needs. Phase 2: VAT Implementation

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