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Smooth Financial Reporting Process: Key Considerations
The year-end period holds great significance for accounting professionals. This is primarily due to the necessity of generating financial statements for the entire year. While the balance sheet, income statement, and cash flow statement are the most commonly prepared financial statements, the year-end closing process is far from straightforward. Accountants and finance professionals often have…
Corporate Tax for Free Zone Person
Starting from June 2023, a new tax policy will be implemented in the UAE, as introduced by the Federal Tax Authority (FTA) and the Ministry of Finance – Corporate Tax. Under this policy, Free Zone Businesses and Qualifying Free Zone Persons may be subjected to a corporate tax rate of either 0% or 9%, depending…
Pros and Cons of Outsourcing Payroll
Payroll management is vital for accurate and timely employee compensation, but it can be a daunting task for businesses. Don’t let it overwhelm you. By partnering with external payroll service providers, you can free up valuable time to focus on your core operations. However, informed decisions are key. Understand the Pros and Cons of outsourcing…
Transfer Pricing in UAE- What does it mean?
Transfer pricing refers to the pricing of goods, services, or intangible assets transferred between related entities within a multinational company or across different jurisdictions. It involves determining the appropriate prices or charges for such transactions to ensure they are conducted on an arm’s length basis, meaning that they are priced as if the entities involved…
Top 5 Digital Marketing Tools that are must have’s in 2023 (H1)
There are many tools in the DM space but the top Digital Marketing tools to be used in 2023 include
5 Essential Documents for Crafting a Good Estate Plan
Financial planning can be most concisely defined as the act of evaluating your future goals and putting a plan together to ensure you achieve them. Do you want to retire early? How about travel? Maybe get that vacation home you’ve always wanted? These are all common goals for the future, but what about further down the…
Penalties for Violations of Tax Laws in the UAE
Taxes play a crucial role in generating revenue for economies worldwide. They are essential for governments to provide essential services to their citizens, and tax compliance is crucial for the smooth functioning of the overall economy. Unfortunately, tax collection is not always as seamless as it should be, and violations of tax laws can occur….