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Artificial Intelligence and Accounting Industry

How AI will Change the Accounting Industry What does the Future hold in store? What will be the role of Artificial Intelligence (AI) in the accounting profession? AI was purposefully designed for boring, mind-numbing tasks; it handles these better than any human, because it works 24 hours per day, doesn’t get tired, doesn’t miss things,[...]

Federal Tax Authority Announces Results of the First Year after Implementation of VAT in the United Arab Emirates

On January 5, 2019, the Federal Tax Authority (FTA) announced that 296,000 business entities have been registered for VAT in the UAE since its introduction on 1 January 2018. The authority said in a statement that more than 650,000 VAT returns were submitted by VAT registered business entities in the UAE in past one year[...]

Impact of VAT on Businesses Providing Digital Marketing Services in the UAE

The digital marketing industry is one of the fastest growing industries in the world. The industry is widespread across various emirates of the UAE where digital marketing services are rendered across various platforms like Social Media Marketing, SEO, Marketing through E-Mail, Marketing through Search Engine, etc. VAT has been launched in the UAE since January[...]

VAT Impact on Online Trading in the UAE

VAT has been implemented in the state of United Arab Emirates since 1 January, 2018. As the concept of VAT is new for the region, it is bound to impact the online transactions in the UAE. In the past few years, the evolution of online business in the UAE has been significant to an extent[...]

Everything you need to know about Tax Agents in the UAE

Who is a Tax Agent? As per the Tax Procedures Law of the UAE, Tax Agent is any person who is registered with the Federal Tax Authority (FTA). Any taxable person in the UAE can appoint an agent to deal with the FTA on his/ her and aid in fulfilling responsibility of meeting his/ her[...]

Important Factors and Processes to Consider when Implementing VAT Compliant Systems

VAT has been implemented in the state of UAE from January 1, 2018. The VAT is charged on supply of goods and services in the UAE at the standard rate of 5% baring some exceptions. VAT is a type of consumption that could be found working in a number of countries around the world. VAT[...]

Should the Companies in Free Zones and Designated Zones Register for VAT?

The companies operating within the Free Zone areas are required to get registered for VAT in the UAE just like the companies operating outside the Free Zones. However, the companies operating in a Free Zone that has been classified as a designated zone by the government of UAE will be subject to slightly different VAT[...]

VAT Invoice

VAT has been implemented in the UAE from January 1, 2018. A lot has been said and published about VAT and its impact on businesses, registration for VAT in the UAE, types of VAT, standard and exempt supplies, etc. However, there is one important element of VAT implementation that is not much talked about in[...]

Impact of VAT on Restaurants in the UAE

The value added tax (VAT) has been launched in Saudi Arabia and the UAE on January 1, 2018. VAT is a consumption tax that is levied by businesses at each phase in the supply chain. Businesses providing restaurant services are required to charge VAT at 5% to its customers. As per the VAT law the[...]

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