There are many methods that auditors use to detect errors in financial statements. These methods can be used in both Abu Dhabi and Dubai. Some of the common methods are: Comparison: Auditors compare financial statements with previous industry years’ statements, and budgets to identify any unexplained...
The United Arab Emirates (UAE) implemented a value-added tax (VAT) system in January 2018. VAT is a consumption tax that is applied to most services and goods supplied in the UAE. The standard VAT rate is 5%. Business visitors to the UAE may be eligible for...
The UAE Corporate Tax Law (CT Law) was introduced in 2022 and applies to all UAE-resident corporations, regardless of their size or industry. The CT Law defines a taxable person as a juridical person incorporated, established, or recognized under the laws of the UAE, including...
In January 2022, The UAE announced a new Federal Corporate Tax applicable to business profits for financial years starting on 1 June 2023. This was a significant shift in the UAE’s tax landscape, especially affecting businesses operating within the nation’s Free Zone Regime. The UAE Free...
