In order to direct efforts towards reducing the negative effects of harmful consumption patterns, the UAE Ministry of Finance announced the details of the amendment of Cabinet Resolution No.(38) of 2017 regarding excise goods, excise tax rates and the formula to calculate the excise price. In addition to the goods currently subject to excise tax (i.e. tobacco products, soft drinks and...

The Federal Tax Authority (FTA) has recently issued a user guide for refund on Vat Paid for Goods and Services Connected with Dubai Expo 2020. The issuance is at par with the Cabinet Decision No. 1 of 2019 on the ‘Refund of Value Added Tax Paid on Goods and Services Connected with Expo 2020 Dubai’. The Official Participants of the Dubai Expo 2020 will be able to take VAT Refund as incurr...

Businesses hire auditing firms for a variety of reasons. A company may need a financial audit of its business’s records for federal auditing or need financial advice to prevent debacles. No matter what the reason might be, companies hire auditing firms for professional assistance and guiding them in financial matters. Here are some of the major reasons why a business needs to hire an aud...

What is Voluntary VAT Registration &Mandatory VAT Registration Under VAT in Bahrain? VAT registration is required for all companies whose taxable turnover exceeds the mandatory VAT registration threshold, ie BHD 37,500/. However, Voluntary VAT Registration option is available for a business having turnover BHD 18,750 or more, but less than BHD 37,500/. National Bureau of Taxation ...

VAT refers to value added tax which is levied on the sale of different types of good and services. The prices of all these goods and services include VAT’s value. There are various types of VAT rates which are applicable to different types of goods & services. However, there are specific goods and services on which VAT cannot be charged. Retailers, therefore, need to know what tax ra...

The main objective of an organization is to maximize the profits of its shareholders and performing its corporate social responsibility. However, a situation may arise in which these profits start reducing and the company needs a complete review of its functioning. This assessment is done by a third party and will allow the management to understand the drawbacks in the business mechanism...

There are a few events when entrepreneurs need to know or gauge the value of their business. It is basic to evaluate business valuation to become acquainted with that whether you have critical resource or obligation. Generally, genuine valuation of business happens just when entrepreneurs sell the business. There is a typical advance which goes under every one of the strategies, aggregat...