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Financial statement audits and other assurance services are provided by VATCOM Accounting in UAE in a transparent and methodical manner to give you information about your business. Our knowledgeable auditors in the UAE produce a precise, thorough, and impartial audit, ensuring regulatory compliance.
The Commercial enterprises Federal Law, No. 32 of 2021, Chapter 2, Article 27 mandates that all mainland enterprises in the United Arab Emirates maintain audited financial records. These companies are required to keep their financial records for a minimum of five years. This kind of audit examines financial transactions, accounting records, banking balances, and business activity. Now that the tax system is in place, businesses will unquestionably find it much more important to preserve their accounting records and audits this year. Your accounting demands, including many others, are easily met by VATCOM Accounting.
The greatest accounting, auditing, and assurance services for businesses may be had at reasonable prices by working with a respected and competent audit firm in the UAE. The UAE needs vatcom accounting for a number of reasons. Among the causes are:
As a leading auditing company in UAE, we offer audit services such as:
Pacioli Consulting offers comprehensive audit services in UAE. Our tax experts thoroughly examines the effectiveness of the existing Standard Operating Procedures. Accounting and financial statements are discussed, as well as record-keeping, resource allocation, budgeting, and financial risk management. Our experienced auditors in the UAE evaluate the effectiveness of the financial controls of a firm.
Our auditors will examine compliance with regulatory and legal duties. In the UAE, compliance audits might involve more than simply financial compliance. It can include operational, tax, remuneration activities, anti-money laundering, VAT, ESR, and other business tasks. VAT Accounting works with management to create effective governance and compliance systems.
According to the Tax Processes Law, the Federal Tax Authority (FTA) conducts Tax Audits in the UAE to check the commercial records or any information or data of taxable people doing business (Federal Decree-Law no. 7). The FTA verifies that the taxable person has paid all of their duties and that any taxes outstanding are collected and submitted to the government within the time provided by undertaking tax audits. Vatcom accounting aids businesses in getting organized when they get asked to submit tax audits from the FTA.
A Forensic Audit is a detailed inquiry into the internal operations of a firm. It aids businesses in detecting and controlling risks linked with financial crimes, bribery, fraud, embezzlement, misconduct, and legal violations. Our forensic auditing services in UAE can help you manage and reduce reputational risk and compliance difficulties.
The UAE Ministry of Finance has released a Corporate The UAE has formally adopted a federal decree-law imposing a 9% corporate tax on taxable firm revenues exceeding AED 375,000. The new law was introduced in December 2022 and is scheduled to go into effect on June 1, 2023.Tax Law that will be effective from June 1, 2023, with a headline rate of 9%. Businesses generating over 375,000 AED (about USD $100,000) in profits will be subject to the tax. The new system includes features that represent best practices in international taxation and several exemptions for businesses operating across strategic sectors.
On Taxable Income exceeding AED 375,000, Corporate Tax will get charged at a rate of 9%. Taxable income below this threshold is liable to a 0% corporate tax rate.
It is currently unknown when the UAE Corporate Tax law and additional recommendations will be published. Given that the UAE Corporate Tax regime will go into effect on 1 June 2023, and the UAE MoF has stated its aim to give UAE enterprises plenty of time to prepare, it seems likely that the UAE Corporate Tax law and accompanying recommendations will be released soon. Keep checking back for more!
Persons shall be exempt from UAE Corporate Tax on • Salaries and other sources of income from employment, whether in the private or public sector. • Real estate investments in their capacity, unless such activity requires a commercial license or permit. • Dividends, capital gains, and other income gained from personal equity assets. • Interest and other profits made from bank accounts or savings plans.
Several free zones in the UAE provide varied benefits, such as tax-free periods of up to 50 years. According to information released by the UAE MoF, the UAE Corporate Tax regime will continue to honor these tax breaks for free zone firms that meet the appropriate regulatory standards and do not conduct business with the rest of the UAE.
Corporate Tax will get levied at the following rates on firms’ taxable income: • 0% on the portion of taxable income up to AED 375,000; • 9% on the portion of taxable income above AED 375,000.
The CT will get administered, collected, and enforced by the Federal Tax Administration (FTA).
At vatcom accounting, we understand how difficult it can be to navigate the tax rules. That’s why we’re here to walk you through every stage of the tax process and keep you in line with government requirements. Subscribe to our consultancy to unlock tax services in the UAE now!