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    • VALUE ADDED TAX - UAE >
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        • Place of supply of services in special cases
      • FAQ - Registration >
        • Introduction to VAT Laws in UAE
        • Frequently Used Terms in Indirect Tax System
        • VAT Registration in UAE
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        • VAT registration Deadlines in UAE
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        • VAT Registration Threshold Calculation in UAE
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        • What is Capital Asset Scheme in UAE VAT ?
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Audit requirements in Free Zone in Dubai

25/3/2017

 
  • All companies (FZE & FZCO) registered in free zones have to conduct their annual audit of financial statements from the auditors which are approved by the respective free zone authority.
  • Audit report in general are needed by most of the free zone within 3 months from the end of the financial years as followed by the companies as per their memorandum of association. 
For more information on how Gupta Accountants could assist you in getting your accounts audited  in compliance with requirement in free zones in Dubai, ​contact us today. 

Audit compliance by Dubai Free Zone Establishments

24/3/2017

 
Auditing is mandatory for most of the Free Zone Companies in accordance with most of the free zones authorities in Dubai 
  • Audit reports are subject to submission in general within 3 months from the end of the financial year ending followed by the company as per its memorandum of association. 
For more information on how Gupta Accountants could assist you in getting your accounts audited  for compliance, ​contact us today. 

Audit requirements for Free Zone Companies in Dubai Free Zones.

23/3/2017

 
  •  While applying for a licence renewal the licensee company must submit annual audited accounts.
  • Audited financial statements must be submitted annually.
  • Audited financial must be submitted within 3 months from the end of the respective financial year followed by the company as per the memorandum of association of the company. 
  • Failure to submit the audited financial statements/audit confirmation within 3 month of the close of the company’s financial year would be a violation and could lead to imposition of penalty in some free zones in Dubai. 
For more information on how Gupta Accountants could assist you for compliance audit for the free zone companies in Dubai, ​contact us today. 

Value Added Tax (VAT) in UAE

12/3/2017

 
What is basis of VAT ? 
Value-added taxation is based on a taxpayer's consumption of goods rather than his income. More than 160 countries around the world use value-added taxation. Its directly linked to the consumption of products on which VAT is applicable in the respective country. 
About Value Added Tax (VAT) in UAE - In Simple Terms - Picture
What is Value Added Tax (VAT) ?
A value-added tax (VAT) is a type of consumption tax that is placed on a product whenever value is added at a stage of production and at final sale. ​The amount of VAT that the user pays is the cost of the product, less any of the costs of materials used in the product that have already been taxed.
Example : 
When a computer is built by a company, the manufacturer is charged VAT on all of the supplies it purchases to produce the computer. Once the computer reaches the shelf, the consumer who purchases it must pay the applicable VAT.
What is implementation date of VAT in UAE ?
​VAT is likely to be introduced across the UAE on January 1 2018. 
What does a business need to do to prepare for VAT?
Concerned businesses will have time to prepare before VAT will come into effect. Businesses will need to meet requirements to fulfill their tax obligations. Businesses could start preparing themselves now so that they will be ready later. To fully comply with VAT, businesses might need to make changes to their core operations, their financial management and book-keeping, their technology, and also if needed even their human resource mix (e.g., accountants and tax advisers). It is essential that businesses try to understand the implications of VAT now and once the legislation is issued make every effort to align their business model to government reporting and compliance requirements. 
Please note that UAE VAT law is currently being finalized and would be be published once approved. by the authorities in UAE. Currently the primary source of information regarding the UAE VAT Law is the Ministry of Finance website. 
For more information on how Gupta Accountants could assist your business in making changes to the bookkeeping and accounting  in  compliance with expected VAT tax in UAE contact us today. 

Business in Free Trade zones of UAE

11/3/2017

 
Free-trade zones in the United Arab Emirates are areas that have a special tax, customs and imports regime and are governed by their own framework of regulations (with the exception of UAE criminal law). The UAE has several free zones across Dubai, Abu Dhabi, Sharjah, Fujairah, Ajman, Ras al Khaimah and Um Al Qwain. Free zones may be broadly categorized as sea port free zones, airport free zones, and mainland free zones. Free-trade zone exemptions are:
  • 100% foreign ownership of the enterprise
  • 100% import and export tax exemptions
  • 100% repatriation of capital and profits
  • Corporate tax exemptions for up to 50 years
  • No personal income taxes
  • Assistance with labor recruitment, and additional support services, such as sponsorship and housing.
Each Free Zone is designed around one or more business industry categories and only offers licenses to companies within those categories. An independent Free Zone Authority (FZA) governs each free zone, and is the agency responsible for issuing FTZ operating licenses and assisting companies with establishing their business in the FTZ.
Investors can either register a new company in the form of a Free Zone Establishment (FZE) or simply establish a branch or representative office of their existing or parent company based within the UAE or abroad. An FZE is a limited liability company governed by the rules and regulations of the Free Zone in which it is established. Except for acquiring nationality in the UAE, the provisions of the Commercial Companies Law (CCL) do not apply to FZEs, provided that the Free Zones have special provisions regulating such companies.
    Picture

    Author

    Ramesh Kumar Gupta is a young and dynamic Chartered Accountant and has 22 years of experience in assurance, accounting, audit and business management.  He is a member of the Institute of Chartered Accountants of India (ICAI).  He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE

logo of the gupta accountants, dubai
"WE AT GUPTA ACCOUNTANTS, ASSIST IN THE TIMELY AND CORRECT OBLIGATORY COMPLIANCES BY YOUR BUSINESS BASED IN UAE AND ADD VALUE BY REDUCING THE COST OF NON- COMPLIANCE​"
HEAD OFFICE 
PO Box 123 383 Dubai UAE 
T: +971 4 396 7982 
M: +971 55 9893299 
​E:  info@guptaaccountants.com 

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  • HOME
  • ABOUT US
    • GUPTA ACCOUNTANTS
    • MANAGEMENT
    • UNITED ARAB EMIRATES
  • SERVICES
    • ACCOUNTING >
      • Accounting Dubai
      • Accounting Abu Dhabi
      • Accounting Sharjah
      • Accounting RAK
      • Accounting Fujairah
      • Accounting Ajman
      • Accounting UAQ
    • AUDIT COMPLIANCE >
      • Audit Dubai
      • Audit Sharjah
      • Audit RAK
      • Audit AD
      • Audit Ajman
      • Audit Fujairah
      • Audit UAQ
    • AUDIT INTERNAL >
      • Review Dubai
      • Review AD
      • Review Sharjah
      • Review RAK
      • Review Ajman
      • Review Fujairah
      • Review UAQ
    • VAT REGISTRATION >
      • Registration Dubai
      • Registration AD
      • Registration Sharjah
      • Registration Ajman
      • Registration Fujairah
      • Registration RAK
      • Registration UAQ
    • VAT DEREGISTRATION >
      • Deregistration Dubai
      • Deregistration AD
      • Deregistration Sharjah
      • Deregistration RAK
      • Deregistration Ajman
      • Deregistration Fujairah
      • Deregistration UAQ
    • VAT COMPLIANCE >
      • Compliance Dubai
      • Compliance AD
      • Compliance Sharjah
      • Compliance Ras Al Khaimah
      • Compliance Fujairah
      • Compliance Ajman
      • Compliance Umm Al Quwain
    • VAT CONSULTING >
      • Consulting Dubai
      • Consulting AD
      • Consulting Sharjah
      • Consulting RAK
      • Consulting Fujairah
      • Consulting Ajman
      • Consulting UAQ
    • VAT REFUND >
      • Refund Dubai
      • Refund AD
      • Refund Sharjah
      • Refund RAK
      • Refund Ajman
      • Refund Fujairah
      • Refund UAQ
    • VAT VDS >
      • VDS Dubai
      • VDS AD
      • VDS Sharjah
      • VDS RAK
      • VDS Ajman
      • VDS Fujairah
      • VDS UAQ
    • VAT AUDIT >
      • VAT Audit Dubai
      • VAT Audit AD
      • VAT Audit Sharjah
      • VAT Audit RAK
      • VAT Audit Ajman
      • VAT Audit Fujairah
      • VAT Audit UAQ
    • ESR COMPLIANCE >
      • ESR Dubai
      • ESR Sharjah
      • ESR RAK
      • ESR AD
      • ESR Ajman
      • ESR Fujairah
      • ESR UAQ
    • UBO COMPLIANCE >
      • UBO DUBAI
      • UBO AD
      • UBO SHARJAH
      • UBO RAK
      • UBO AJMAN
      • UBO FUJAIRAH
      • UBO UAQ
    • UAE AML COMPLIANCE >
      • AML DUBAI
      • AML ABU DHABI
      • AML SHARJAH
      • AML AJMAN
      • AML RAS AL KHAIMAH
      • AML UAQ
      • AML FUJAIRAH
  • CONTACT
  • BLOG
  • Insights
    • VALUE ADDED TAX - UAE >
      • FAQ - How to >
        • How to check TRN validity in UAE
        • How to de-register under VAT in UAE
        • How to apply for VAT registration in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Supplies not eligible for input tax recovery under VAT in UAE
        • Input VAT Adjustments under Capital Assets Scheme
      • FAQ - Place of Supply >
        • Place of supply of goods under VAT in UAE
        • Place of supply in case of export of goods
        • Place of supply of specific goods
        • Place of supply of services
        • Place of Supply of Certain Transport Services
        • Place of Supply of Services Related to Real Estate
        • Place of Supply of Telecommunication and Electronic Services
        • Place of supply of services in special cases
      • FAQ - Registration >
        • Introduction to VAT Laws in UAE
        • Frequently Used Terms in Indirect Tax System
        • VAT Registration in UAE
        • Who should register under VAT
        • Tax Registration Number (TRN)
        • VAT registration Deadlines in UAE
        • VAT Group Registration
        • VAT Registration Threshold Calculation in UAE
        • Input Tax Recovery under VAT in UAE
        • What is Capital Asset Scheme in UAE VAT ?
    • CORPORATE TAX - UAE >
      • INTRODUCTION OF CORPORATE TAX - UAE
      • Public Consultation Document Issued
    • Due dates