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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….

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…

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…

Embarking on a new business venture is exhilarating, yet it entails a challenging journey. Starting a business requires careful planning and management of various aspects, one of which is maintaining accurate financial records through effective accounting practices. In essence, accounting involves recording all financial transactions of a business and analyzing them to generate financial statements….

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…