Category: Uncategorized (page 1 of 2)

General Information about Business Setup in Dubai

To setup any business in Dubai, UAE the steps sketched out underneath must be attempted with a specific end goal to meet the legal necessities of all concerned government experts and to ensure most extreme business advantage for the entrepreneur:

  • Decide, at the beginning, the categories and sort of business activities to be practiced. If you don’t mind decide all the related business activities that can be incorporated into every business permit, subject to a most extreme of ten activities for every permit.
  • Decide the suitable business legal document for your business taking over the coveted business activities and the number and nationalities of the entrepreneurs.
  • Decide the trade name of the business. To survey the terms and conditions for the determination and endorsement of trade names.
  • Present an application to the Department for an Initial Approval and enrolling the trade name.
  • After getting the Initial Approval, you can rent premises and contact the counter of the Planning Department of Dubai Municipality with a specific end goal to confirm this said premise is suitable for the business.
  • Present an application to one of the Department outside branches for a signboard permit for a business trade name as required by the monetary directions.

Documents Required for Professional firms/company setup in UAE

  • Company profile
  • Financial statements for the last two years
  • Passport copy of the local service agent
  • Board resolution for establishing a branch and to appoint the manager for the same
  • Passport copy of the Manager
  • Attested copy(from UAE Embassy) of organization memorandum of association
  • Local service agency agreement duly notarized in the UAE courts

company setup

CHOOSE YOUR BUSINESS CONSULTANT IN DUBAI

NAM ASSOCIATES CHARTERED ACCOUNTS, DUBAI

Visit: www.namaccountants.com

New DIFC Law Set to Help Small Private Companies in UAE

http://www.namaccountants.com/company-formation/llc-company-dubai-uae.html

Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, has enacted changes to the Dubai International Financial Centre (DIFC) authority’s legal and regulatory framework.

The newly enacted laws, which update the DIFC’s companies and property regimes, as well as the overall operating environment for entities based in the centre, aim to ensure that the DIFC remains the most sophisticated and business-friendly common law jurisdiction in the region.

The new law will now follow a public and private company regime after substantial research, consultation and global benchmarking to allow maximum flexibility, especially for small private companies.  In addition, it will provide appropriate levels of oversight for complex corporate arrangements, such as those associated with listed entities, mergers, schemes of arrangement and debt restructurings.

The changes to the companies law are accompanied by a complete revamp of the Centre’s companies and operating regulations to facilitate ease of doing business, whilst complying with the latest requirements of the Financial Action Task Force and the Organisation for Economic Co-operation and Development on transparency of beneficial ownership and anti-money laundering requirements.

The changes to the Real Property Law and Strata Title Law implement an updated property regime that ensures better protection for owners and mortgage holders of DIFC properties, and also introduces an off-plan register and escrow requirements for developers.      Essa Kazim, chairman of DIFC Authority Board of Directors and Governor of the DIFC, said: “A robust and comprehensive legal framework is one of the foundations of a major financial hub, such as the DIFC, as it ensures businesses and investors can operate easily and with confidence. We continue to develop and adapt our legislative system, in line with international best practices, reinforcing our position as one of the world’s top financial centres.”

He added: “In addition to elevating transparency standards and protecting purchasers and investors, the changes will continue to enhance our business environment and reduce barriers to entry, while increasing the cost-efficiency and flexibility of small businesses, which constitute an increasing number of companies operating within the DIFC.”

The new law replaced the former Companies Law and its operating regulations. We will glance through the key changes under the Companies Law and Regulations and Operating Law and Regulations.

 

Key Changes to the Former Companies Regime

  • Key changes in the Companies Law and Regulations
  • The new law has abolished limited liability companies and has introduced a new classification of public and private companies. The private and public company regime will now allow maximum flexibility, especially for small private companies. With the introduction of the new law, private companies limited by shares (Ltd.) can have up to 50 shareholders and public companies limited by shares (Plc.) can have any number of shareholders. Moreover, there will be a distinct set of requirements for both of them.
  • A public company must operate with at least two directors and a company secretary whereas a private company is not required to appoint a company secretary and can operate with just one director.
  • The new law will further expand directors’ duties for DIFC companies. They are expected to disclose any interest in a transaction that is entered into or is proposed to be entered into by the company that conflicts or may conflict with the interests of the company. Furthermore, directors are required to act honestly, lawfully and in good faith keeping the best interest of the company.
  • Another change is, a public company is required to have a minimum of USD 1,00,000 capital, of which at least 25% must be paid up. However, a private company is not required to have a minimum share capital.
  • The new law also introduced a statutory pre-emption right for existing shareholders of the companies to guard against undue dilution of their existing rights.
  • The new law has enacted a new schedule of administrative fines that the Registrar of Companies can impose on a company.
  • As per the new law, companies are not required to notify ROC about the initial allotment of shares. Notification is required only in case of subsequent allotments.
  • The law further provides new provisions for ‘whistle-blower’ protection.
  • The law also enhanced the company accounting and auditing requirements.
  • Key changes in the Operating Law and Regulations
  • The new law provides a detailed framework for the role of the Registrar of Companies. ROC’s role will now include supervision and monitoring of the DIFC law and ensuring that the companies operating within DIFC are complying with the law.
  • The new law further enhanced the licensing regime by providing a detailed framework concerning the licenses issued by the Registrar of Companies and their types. The new licensing regime will enable companies to conduct more business within DIFC or from DIFC. The new law requires companies to file a confirmation statement in case of license renewal.
  • The law has strengthened the powers of the Registrar relating to inspection and investigations.
  • The law also provides an extension of the ROC’s enforcement powers.

 

What are the objectives of the legislative changes?

The legislative changes are aimed at providing flexibility to the companies operating in the DIFC. The law further aims to enhance the business environment and reduce entry barriers in the DIFC. Moreover, it will increase the cost-efficiency and flexibility of small businesses, which constitutes a major portion operating within the DIFC.

 

How can we help you?

Nam Accountants Group is a cross-border advisory firm focusing on providing financial consultancy and advisory services . We  can assist you in registering and securing ongoing compliance by advising you on the changes as per the DIFC regime and helping you with the incorporation of a company as per new law. For further information, you can visit http://www.namaccountants.com/

or

email at Info@namaccountants.com

Strategic Business Plan for Offshore Company Formation

A determined entrepreneur must have a concrete business plan. With it, an entrepreneur knows the potential challenges in the business and providing effective business solutions. And, whenever you struggle in running your business, there is an overall direction and plan in place to follow or refer back.For startups, it is always helpful to have a company formation expert with relevant experience in strategic business planning working alongside you. They can help start your business on a positive note by recommending the most appropriate jurisdiction.

So read on. And, know the benefits of getting a formation agency with the knowledge in effective strategic plans.

 We can suggest you the best offshore registration suitable for your business and can also help you through all the legal complications that can occur in the offshore registration process.

A strategic business plan is essential for offshore company startups. Know the benefits getting a company formation agent with strategic planning skills.

Why Consult a Company Formation Agent for a Strategic Business Plan

Strategic planning can be an effective process in putting a new company abroad. Before registering a business offshore, make sure you also have better business solutions to help you in managing your company.

Always bear in mind that besides foreign companies, it is also important to consider local businesses. So, by tapping on a reliable formation specialist, you can come up with an effective business strategy. This will enable your business to outshine your competitors once you start business activities.

Now, how can you find an agent to help you create an effective strategic plan for your offshore business? Well, this guide will help you choose the right expert for your business needs.

Choosing a Company Formation Agent for Startup Business Plan Solutions

A reliable formation agency is not the only expert in registering a company. They also have the skills to provide effective business solutions, especially for offshore business startups.

Here are the top three qualities of a formation specialist that startups should look out:

Professional Knowledge and Expertise

This is the best quality of a company formation expert. They are fully aware of the local laws of the land. They know the trend and business condition of a particular jurisdiction. So, that makes them a perfect candidate to become a consultant for strategic business plan solutions.

Facilitation Skills

Since they have the knowledge and expertise in the laws and governing policies, they can easily guide you the different process of setting up a company abroad. Thus, a formation expert can immediately identify an issue and provides quick solutions.

Experience

Company formation agents have gone through the same experience as yours. Their actual experiences and interaction with the locals have honed them to become a specialist in helping entrepreneurs set up a new company. What’s more, they can easily help you find the right individuals for your corporate needs.

Get Offshoring Right With A Trusted Formation Agency

Clearly, starting a new business abroad is not all about earning more profits outside your location. It is also about providing the right product and/or service of a certain jurisdiction.

It may sound cliché. But, it would be ideal to have a strategic plan first before putting up an offshore company. So, tap on to the most trusted formation agency today.

 

UAE’s VAT refund scheme

The Federal Tax Authority (FTA) has held an awareness session in Ajman the campaign, which was in collaboration with the chambers of commerce, was  intended for the merchants and other representatives from the private sector in all norther emirates.

 The government allows visitors to recover the value added tax (VAT) incurred on their purchases through the refund scheme.

The FTA revealed that there has been a notable increase in the number of agreements signed with retailers to register them in the scheme, equip them with the necessary technology to implement it, and link them to airports and land and sea ports in the UAE.

The FTA said that dedicated offices would be established in various locations where tourists can recover taxes. It will be clearly outlining the taxes that are eligible to be refunded through the scheme’s digital system – said to be the “most advanced of its kind in the world.”

While many questions remain unanswered for now, it is likely that more information will become available in the near future. If you are concerned or have any questions as to how the proposed changes will affect your business in the UAE, please do not hesitate to contact us.visit:                                                                                                                                         http://www.namaccountants.com/                                                                                      or                                                                                                                                       contact  : +971-558876440

 

Steps to set up a business in Dubai

Business in Dubai

 

Basic steps to set up a business in Dubai

Are you thinking of starting your business in Dubai? Congratulations, you have chosen one of the best business ecosystems in the world for your new endeavor. Dubai is more than mere a city of architectural marvels– it is one of the most fertile grounds for new businesses. This is just one of the many things that make the commercial capital of UAE the best place to live and work. And as for starting up a business here, there’s no question that there’s a lot of potential to be tapped here in Dubai. So, if you are eager to set up your own enterprise, this article will help explain what you need to know and do to get your company registered and off the ground.

We have equipped this article with necessary links to guide you about the process and documentation required. Take a good look at the below before you kick off the actual process- the good news, though, is that on average, if you are ready with all required documents, it takes less than 10 days to start your company in Dubai. So, let’s start!

But before you start your legal formalities, you need to consider some elements required in the process:

  1. Know your business

    The success of a great business venture depends on sound knowledge of the local region, thorough research into the viability and demand for your product or service and a credible business plan that is likely to attract investment partners.

    Yes you have a great idea, but is there a demand for what you are offering? What does your competition look like and what puts your business offering a notch above the others?

     

  2. Select a Location that optimizes suitability, convenience, and costsAnother important step in planning a business startup in Dubai is to determine the most suitable location for the business. Setting up a profit-based enterprise in the city wouldn’t do you much good despite the growing economy if you’re customers or clients can’t reach you.You need to set up your business in an area that is most profitable for your business or most convenient to your business. A location in the right city can be selected for a shop or an office is most known for the type of product or service you are dealing with.If you are planning a Free Zone company then you must make the selection based upon the criteria of distance, costs and if it is suitable for your product, business model, and trade requirements.A tenancy contract must be concluded. If you’re aiming to start a small-scale enterprise, then the basic amenities, like telecommunication, storage, and space inside the establishment is the basic concern that must also be satisfied. Other services available in the commercial property can vary greatly.
  3. Financial viability

    Once you business is registered, the Ministry of Commerce will require owners to show proof of financial investment. If you are new to the region and have no track record, you must be prepared to find your own financial resources through your bank or by other means rather than relying on local support.

    Once you have established the validity of your concept, from a marketability stand point as well as financial viability, you can now look at the steps for turning your idea into a booming business.

    UAE Commercial Companies Law and Federal Law define seven basic categories of business organization that can be established in Dubai and the UAE. The requirements for minimum capital levels, shareholders and procedures for incorporation will vary with the type of business structure.

  4. Changes to Foreign Ownership and Visa Rules Announcement

    Anyone coming into the UAE as a professional or as an investor is typically granted a residence visa of two years, which is renewable. This has now been changed to a ten-year visa for investors and professionals in highly skilled fields such as engineering, medicine and science. Students will be given a special five-year visa, while those who consistently perform well and earn top grades will be granted a ten-year visa as well.

    Another very significant change is in the ownership of companies.Businesses within the UAE are divided into two main categories: mainland businesses and freezone businesses.

    At present, mainland businesses can be partially owned by expatriate entrepreneurs, but must have a UAE national as a majority shareholder in the company. Freezone companies, on the other hand, can have full foreign ownership and are subject to separate regulations depending on the freezone.

    With the new regulations, every business, whether mainland or freezone, will be able to have 100% foreign ownership without the need for an Emirati partner.

  5. Confirm your Visa eligibility and requirementFor a business startup in the UAE, a visa permitting you and employees to live in UAE is essential to run your business.Visas are allowed for almost all businesses.However, their number varies according to a variety of criteria such as the size of the office, nature of the business, the category of the employee or the investor.

    Documents Required for LLC

    • Investor’s passport copy
    • Local Sponsor’s passport copy
    • Manager’s Passport copy
    • Registration application form from Economic Department
    • Trade name reservation
    • Initial approval from Economic Department Tenancy contract for the Office/warehouse or showroom attested by planning department and civil defence department of Dubai municipality along with location plan.
    • Memorandum of Association duly attested from public notary.

    Documents Required for Professional firms

    • Parent Business formation certificate duly attested from the UAE embassy in the home country of the parent organisation.
    • Board resolution for establishing a branch and to appoint the manager for the same
    • Attested copy(from UAE Embassy) of organisation memorandum / articles of association
    • Financial statements for the last two years
    • Local service agency agreement duly notarised in the UAE courts
    • Passport copy of the local service agent
    • Passport copy of the Manager
    • Company profile
    • NOC letter in favour of the Manager from the sponsor, if he is a resident of the UAE
    • Company Registration in Dubai, UAE

      Businesses of any category operating in the UAE must have a license for registering into the business network of the country. Company registration in UAE requires a trade license and permission from different law enforcement agencies and the state government for setting up your business. Company registration in Dubai for businesses like financial services, food, health services, printing and publishing requires a lot more clearance than any other business.

      Company registration in UAE falls into following three categories depending on the nature of your business:

      1. Company Registration in Dubai, UAECommercial License – This license is issued to those companies who are just looking for trading business activities.
      2. Industrial License – This license is for those companies who will engage in manufacturing or other industrial activities.
      3. Professional License – This license is issued specifically for different service providers, artisans, craftsmen and other professionals.

      For the company registration in Dubai, the Department of Economic Development (DED) of UAE issues the required licenses.

  6. Get a License Notification

    There are many complex requirements associated with the issuing of the business license. The company registration in Dubai for financial services must need the approval of the Central Bank of UAE. The license for the manufacturing companies requires approval from Industry ministry of UAE. Similarly, the medical service providers require approval from the Health Ministry of UAE .Once the necessary documents are obtained and formalized, the initial application process will begin at the relevant issuing authority along with registering the company’s formal name. This crucial stage paves the way for clarification of the final fees and the final acceptance of the company’s proposed activities.

  7.  Hire a registration agent to take you through the process of business startup

    Hiring a business advisory firm to register your business startup may be your best option.

    These consultants will not only hold your hand right through the setup process but will also actually register the company for you. And will help with opening your bank account, arrange for an auditor, do your renewals and offer you nominee services.

    You may find their expertise in dealing with the local government bureaucracy and with Free Zone Authorities to be of great help in planning and itemize your business startup costs.

    In most cases, these firms offer a team of experts to plan out your company registration from scratch — this includes the strategies you need to follow in order to smoothly set up your business, itemizing potential costs, offering licensing and location options, coming up with solutions for potential business hurdles, and so on.

    Also, they will take care of all the necessary requirements to help you to have your business registered legally with minimal problems on your end.

     

    If you are looking for trading in any of these industries in Dubai or any other, then we can give you the best advice for your company registration in UAE.                                                                                              For more details visit :http://www.namaccountants.com/                                                                        or                                                                                               Contact us : 971-558876440

VAT Voluntary Disclosure Form 211

The Federal Tax Authority (FTA) has introduced a form 211 – VAT voluntary disclosure form. It will help the taxable persons to rectify the errors they committed in their UAE VAT Form 201which is already filed. It is an option given by the FTA for the tax periods to voluntarily disclose the errors one has committed.

This disclosure requirement has nothing to do with your VAT return or voluntary registration. The voluntary disclosure referred to is only to be used in the  circumstances if you later discover an error in a VAT return previously submitted.

What is meant by Voluntary Disclosure under UAE VAT Law?

Every Taxable person has an option to rectify the contents of the VAT Return (Form 201) which were already filed. By using the voluntary disclosure option, the taxable person can rectify the amount of tax disclosed by him previously. One can use the form 211 – VAT voluntary disclosure to inform the authority and rectify the same voluntarily before the authority finds it before a tax audit or through an assessment.

 

 

How to use the VAT Voluntary Disclosure Form 211?

Once the taxable person identifies the error or omission he made in his previous VAT return form 201, he can log in to the official portal of FTA by using their user name and password and access the VAT voluntary disclosure form 211 to rectify.

As shown in the above screen shot, the taxable person can select the respective periods wherein a voluntary disclosure is required by clicking the button submit form 211 to rectify the mistakes.

When can one use VAT Voluntary Disclosure Form 211?

If a taxable person makes an error or omission or a wrong treatment of tax by which the output tax payable or input tax recoverable is more than AED 10,000/- for a particular period then, he must use the VAT Voluntary Disclosure form 211 to inform the authority. The form will show the original figures disclosed under “as reported” and will give an option to edit the amount under separate box named “as current”. Further the reason for such discrepancy also should be disclosed.

Once the newly arrived figures are written in the respective boxes under “as current”, the total tax liability under box number 14 also gets changed. This will be the actual tax liability to be paid to the authority. Further, the taxable person should also upload the supporting documents for such voluntary disclosure. It includes a letter describing the background of the facts and a detailed description of the errors disclosed, the reason for voluntary disclosure as well as the impact on the relevant boxes of the tax return.

Penalty while using the VAT Voluntary Disclosure Form 211?

There are two types of penalties.

  1. Fixed penalty
  2. Percentage based penalty

Fixed penalty – if the tax payer uses the VAT Voluntary Disclosure form 211 for the first time, AED 3,000/- shall be levied. For every repetition in using the VAT Voluntary Disclosure form 211 AED 5,000/- shall be charged.

Percentage based penalty – if the tax payer discloses less than the actual tax liability in the return and subsequently uses Form 211 VAT Voluntary Disclosure form, the percentage-based penalty will be as follows:

  • If the taxable person makes a voluntary disclosure before the authority notifies (by way of tax audit or tax assessment), 5% of the tax amount which was not disclosed earlier will be the penalty.
  • If the authority notifies the taxable person for a tax audit and during the tax audit if he makes a voluntary disclosure by using VAT Voluntary Disclosure Form 211, he will be liable to pay 50% of the tax amount.
  • If the taxable person makes a voluntary disclosure after the authority notifies for a tax audit but before starting the tax audit, he has to pay 30% of the tax amount as a penalty.

What if the difference in tax amount identified is less than AED 10,000/-?         

If a taxable person makes an error or omission or a wrong treatment of tax by which the output tax payable or input tax recoverable is less than AED 10,000/- for a particular tax period, then he need not use the VAT Voluntary Disclosure form 211 to inform the authority. He can rectify such errors in the subsequent VAT Return without a separate disclosure.

For Example:

XYZ LLC is a company registered in Dubai and the tax paid is 1st January 2018 to 31st March 2018 and quarterly thereafter. For the first quarter, the total sale was AED 10,000,000/-  out of which 3,000,000/- was an export and the balance 7,000,000/- was standard rated supply. The total output VAT is AED 350,000/-. Recoverable input tax under standard rated expenses (5,000,000/-) was AED 250,000/-. Hence, net tax payable is AED 100,000/-.

Suppose, XYZ  LLC wrongly filed their VAT Return Form 201 – AED 6,000,000/-  as 5% taxable supply and AED 4,000,000/-  as export. In this case it will be showing AED 50,000/- as net tax payable to the authority.

What will be the penalty under voluntary disclosure scheme?

  1. If voluntary disclosure is filed for the first time without any notification from the FTA then fixed penalty is AED 3,000/- and percentage-based penalty will be AED 2,500/- (5% of AED 50,000/-)
  2. If the authority already sent a notification for a tax audit and if XYZ LLC discloses under VAT Voluntary Disclosure Form 211 before the authority starts a tax audit, then the fixed penalty is AED 3,000/- and percentage-based penalty will be AED 15,000/- (30% of AED 50,000/-).
  3. If the authority already started a tax audit and XYZ LLC discloses under the VAT Voluntary Disclosure Form 211 during the tax audit, then the fixed penalty is AED 3,000/- and percentage-based penalty will be AED 25,000/- (50% of AED 50,000/-)

Every taxable person should file their VAT Return with optimum precision within the time frame specified by the UAE VAT Law which is within 28 days from the end of each tax period. A taxable person should ensure that the VAT Return Filing is processed in a correct manner, so as to limit the frequency of using the VAT Voluntary Disclosure Form 211 to avoid penalties.

I strongly suggest to get your VAT Return filed by licensed tax consultants to avoid penalties and fines from FTA.

Nam Accountants can help you to deal on this matter. For more details and information call us now  : 971-558876440

or

Visit us : http://www.namaccountants.com/vat-consultants-in-uae.html

 

VAT Return Filing in the UAE

vat in uae

VAT return filing is that the official tax document to be submitted to the Federal Tax Authority before the due date. VAT return filing needs to be done by the taxable Person at regular intervals depends upon his tax amount. The VAT return should show the details of any output tax due and input tax recoverable at the side of different information as required by the format.

What has to be taken care while filing your VAT return?

While doing the VAT return filing method, details of the taxable Person are going to be pre-populated. Further, details like current VAT return amount, Tax year finish, VAT/Tax period reference range and VAT return submission due date also will be generated automatically.

The following should be taken care of VAT Return filing,

  • All mandatory fields should be completed
  • All amounts should be in AED
  • Use “0” if there are no amounts to be declared.
  • All amounts should be added to the nearest fills

The VAT Return Filing requires every registrant to provide details of taxable supplies.

Details to be summarized under Taxable Supplies include the following;

  1. Advances received.
  2. Supply of goods and services
  3. Goods sold under Profit Margin Scheme
  4. Credit notes issued
  5. Deposits received other than those which are refundable
  6. Sale of Commercial Property

The value of supplies of products and services under Reverse Charge Mechanism is to be declared separately. However, a worth of goods imported into UAE is auto-populated to the extent it had been declared under the taxable Person’s customs registration number.

Adjustments will be created to the of imported goods that are auto-populated in case of omission or mistake in the value when compared with the amounts reported within the customs and import declaration. Further, any import of products that aren’t subject to the standard rate of VAT within the UAE at 5-hitter can even be adjusted as by default all the imports are assumed to be subject to 5 VAT rate.

For assistance please contact +971-558876440 or visit:www.namaccountants.com

Auditing firm in UAE

namaccountants.com
JLT is arguably the fastest growing free zone of UAE. Its commercial location makes it an ideal place for new investors in the region. On the other hand, Dubai Multi Commodity Centre or just DMCC is also growing at a fast.

Auditing in all the registered firms in the JLT, Jebel Ali free zone, Dubai silicon oasis and DMCC region is made compulsory by the UAE state government. The audit firms in Dubai Silicon oasis, JLT, Jebel Ali Free Zone and other auditing firms in Dubai, UAE submit audited financial statements annually for Auditing in Dubai airport free zones. Our auditors in Dubai make sure that the annual financial statements are submitted three months prior to the end of the financial year.

 

 Auditing Firms in JLT, DMCC DubaiWe are proud to announce that we are one of the top most in

  • Audit Firm in Dubai
  • Auditors in Dubai, UAE
  • Audit firms in DMCC Dubai
  • Audit Firms in Jebel Ali Free Zone
  • Audit firm in Dubai silicon oasis
  • Audit firms in Dubai airport free zones

with excellent repute in the eyes of our clients. This is all because of our professional auditors’ panel who strive extremely hard to achieve and maintain all your auditing objectives and tasks.

List of Holidays of 2018 in UAE

The UAE government last month launched the Hijri calendar 1439, shortly after the Islamic New Year began.

Here’s a detailed list of all holidays, including religious ones, for the new Hijri year, according to the Islamic Affairs and Charitable Activities Department of the Government of Dubai.

These holidays are subject to moon sighting.

Name of the holiday Date in Hijri calendar Date in Gregorian calendar Holiday duration
Hijri New Year 1 Muharram 1439 Thursday 21 September 2017 1
Ashoora Day 10 Muharram 1439 Saturday 30 September 2017 0
Flag Day 14 Safar 1439 Friday 3 November 2017 0
Commemoration Day 11 Rabi Al-Awwal 1439 Thursday 30 November 2017 1
Prophet’s Birthday 12 Rabi Al-Awwal 1439 Friday 1 December 2017 1
National Day 13 Rabi Al-Awwal 1439 Saturday 2 December 2017 2
Greg. New Year 13 Rabi Al-Aakhir 1439 Monday 1 January 2018 1
Israa Wal Miraj night 27 Rajab 1439 Saturday 14 April 2018 1
Half of shaban month 15 Sha’ban 1439 Tuesday 1 May 2018 0
Beginning of Ramadan 1 Ramadan 1439 Thursday 17 May 2018 0
Bader Al Kubra 17 Ramadan 1439 Saturday 2 June 2018 0
Fateh Makkah 20 Ramadan 1439 Tuesday 5 June 2018 0
Lailat Al Qader 27 Ramadan 1439 Tuesday 12 June 2018 0
29th Ramadan 29 Ramadan 1439 Thursday 14 June 2018 1
Eid Al Fitr 1 Shawwal 1439 Friday 15 June 2018 3
Arafat (Haj) day 9 Thul-Hijjah 1439 Tuesday 21 August 2018 1
Eid Al Adha 10 Thul-Hijjah 1439 Wednesday 22 August 2018 3

 

Penalties and fines for tax violators|Tax agents in UAE|

The UAE Council of Ministers on Monday has announced the penalties for violations of the country’s tax law.

Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one.
The Cabinet decision states that a fine must be no less than Dh500 and no more than triple the value of the tax on the transaction in question.
In the case of a business failing to keep the required records and other information specified in the tax laws, the business will be fined Dh10,000 the first time and Dh50,000 for a repeat offence.
Businesses were required to have a full accounting of their stock and to begin keeping records as of October 1, 2017, upon the introduction of the UAE’s Excise Tax. We will offer your business with the best team of VAT advisory in Dubai, to help your business with a range of VAT services and advices.
Since UAE will be implementing the VAT starting from 1st January 2017, our best and experienced value added tax consultant in Dubai will be able to provide the best advice for one. our VAT consultant in UAE will be able to help your company out with the procedure of the registration.

Separately, a failure by the businesses to display prices inclusive of excise tax will incur a Dh15,000 fine.
As for VAT, the new decision states that a failure to comply with conditions and procedures related to keeping the taxable goods in a designated zone or moving them to another designated zone will result in a fine of Dh50,000 fine, or 50 per cent of the tax, whichever is higher, paid on the goods that resulted in the violation.
The Cabinet also decided on the fees for services provided by the Federal Tax Authority (FTA).
This decision outlined what fees would be collected for the services provided by the FTA to its clients.
Tax registration services and the issuance of an electronic tax registration certificate will be free of charge, the decision said. An attested paper registration certificate, however, will carry a Dh500 fee, whilst registration — and renewal — fees for tax agents were set at Dh3,000 for three years.

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