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It is possible to recover all input tax based on invoices? No.
This article we provide an overview of conditions to claim input Tax in UAE. VAT is an indirect tax govern by public (Government) which is imposed on goods and services at each stage. You need to fulfill certain conditions when you recover VAT as input tax.
The severity of the current global economic downturn has left organizations around the world searching for ways to contain costs, improve efficiencies, maintain customer satisfaction levels and protect their balance sheets. This unprecedented economic crisis has been nothing short of an urgent call to action for more robust risk management practices in global organizations of every size and industry.
Every industry changes with time- so is accounting. It is a widely-held opinion among the world’s leading accounting commentators that the future of accounting is online. Today accounting sector is evolving vigorously than ever before- specially due to the advancement in technology and internet. Since we all are well aware of the state of the accounting sector at present, let’s have a look at how the future of accounting is going to be like with cloud accounting. Among other cloud solutions, Xero is our bets recommendation. Let us look in to detail how Xero can bring the change you need.
It was always debatable topic VAT on JOP in the United Arab Emirates (UAE), till the Federal Tax Authority (FTA) issued guidelines on real estate VAT, which has been covered the VAT liability of JOP/OAs in the year 2018. There are plenty of opinions from different parties still in the market on VAT liability relating to services charges. Main reason for that is there is no legal establishments in many cases for JOP/OAs in the industry. But FTA has issued clear guidelines to follow. Let’s go in to details to understand and identify practical issues facing JOP/OAs in terms of tax environment.
Dubai Government launched an AED 1.5 billion economic stimulus package for the next three months to support companies and the business sector in Dubai. The package seeks to enhance liquidity and reduce the impact of the current global economic situation.
Operating a SME can be stressful with the pressure of an economic downturn. The outbreak of the coronavirus has slowed the global economy and most companies are in a state of flux. As this epidemic evolved to a pandemic, it is projected that this ordeal may last for considerable period. In the face of this uncertainty, many Small Medium Enterprises (SME’s) are already struggling to maintain their financial stability. What relief is available for these companies?
It is a challenging time for all due to the COVID-19 pandemic. As a business owner, you have to look at things differently, as the business environment has changed significantly and most part of it is not under your control. Still there are things which you can do and which will help you to continue your business.
When you are processing payments for different recipients in different currencies, the management behind the scenes in transactions can get out of the control quickly. This can hinder your business growth in a great deal.
The amount of manual work of the payment processing will take more and more of your team’s time and effort while reducing the efficiency and the accuracy of the process. Automating your payment process can deliver a solution to all your payment processing struggles once and for all.
When you finally decide to outsource some of your operations, the next biggest question is finding the right outsourcing partner in U.A.E. It doesn’t matter whether it’s accounting and tax, customer service or marketing that you are outsourcing, it’s crucial to partner up with a reputable service that capable of getting the job done well.