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How to Implement VAT in your Business

Value Added Tax (VAT) has been launched in the UAE since January 1, 2018 as per the VAT agreement signed by all the member states of the Gulf Cooperation Council (GCC). In UAE, VAT will be levied on supply of goods and services at the standard rate of 5%. As per the VAT regulations there[...]
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Super Effective Accounting & Financial Management Checklist

EXCEPTIONAL FINANCE CHECKLIST FOR YOUR BUSINESS A company needs to be profitable in order to thrive and be successful, and whether it is a small and medium sized entity or a large listed company, having a team of qualified accountants is integral to determining whether the revenue earned is more than the expenditure incurred by[...]
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Types of VAT Supplies in the UAE

The applicability and reporting of VAT on supplies varies depending on the type of supply being made by the taxable person to its customer. There are many factors like location of supplier, place of supply, location of the recipient, and VAT registration status of the buyer and seller etc. which plays a key role in[...]
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What is Reverse Charge Mechanism?

Normally the taxable person providing supplies to customers is responsible for charging VAT and also liable to pay the VAT charged to the tax authority. In case of Reverse Charge Mechanism (RCM), it is the buyer of goods/ services that levies VAT to itself instead of the supplier of the goods/ services. The major change[...]
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How to Solve Problems of your Bookkeeper?

Have conversations with your bookkeeper about how matters are going. You don’t want to know all the fine details of doing the numbers entry and reconciliations; however, you need to be able to examine your profit & Loss declaration and Balance Sheet at a simple level to know how things are going. In case your[...]
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Robots to mark the advent of Accounting

Mark Carney, the chief of Bank of England stated that almost 15 million of the existing jobs in Britain could be automatized in a period of time, this includes a lot of professions including accounting in its entirety. In response to the statement by Mr. Carney, John Williams, the head of ACCA (Association of Chartered[...]
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Alabbar, Amazon Assists UAE’s E-Commerce Get a Grip

Thanks to the rapid investments, launches, as well as the meetings that took place over the last 30 days, November 2016 could be considered as the cusp for UAE’s unfledged e-commerce section. The billionaire chairman of Emaar Properties, Mohamed Alabbar, is a man who has been acquiring some initial experience in retail, has become the[...]
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