Factors to Consider When Doing Taxes in UAE

UAE has been among the few countries in the world whose accounting and tax compliance is less complex, but with the planned VAT introduction in 2018, accounting complexities are bound to arise. Here are some of the things entrepreneurs should watch out for when doing taxes in UAE:

Don’t do it alone

Entrepreneurs take pride in managing every aspect of their business. But when it comes to taxes, you should definitely look for professional help to avoid unnecessary penalties.

Keep your accounts separate

This is a challenge

An annual audit is one of the most significant tools in any financial institution. Auditing is simply a thorough evaluation of the institution’s efficiency, appropriateness, and overall performance.

As an entrepreneur or a business owner, deciding to contact an auditing agent at the end of the financial year or immediately after financial mismanagement suspicions are the best verdict. This step is essential in managing financial resources. Setting the precedent now will make it an inevitable routine in future, resulting in a well-organized association.

In addition to protecting your institution’s financial assets,

On January 1, 2018, a Value Added Tax (VAT) of 5% will be added to consumer goods in countries that are a part of the Gulf Cooperation Council (GCC). In the UAE this tax is expected to increase revenue for public services and decrease the country’s dependence on funds from oil and other hydrocarbons.

According to Sheikh Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai and Minister of Finance, the first step businesses need to take to comply with the new tax is to create an account online via