Monthly Tax insights and updates – October 2023

November 30, 2023

HLB HAMT - Accounting Firm in UAE

Phone:- +971 4 327 7775
WhatsApp:- +971 56 219 1607
Email:- dubai@hlbhamt.com

    Schedule a Consultation




    Explore the detailed insights from the below information in our October edition for a comprehensive understanding of the latest developments in the world of taxation.

    1. UAE Corporate Tax:
      • New Transfer Pricing Guide released, aligning with OECD guidelines.
      • Emphasis on comprehensive documentation for Controlled Transactions.
    2. GCC Updates:
      • KSA: Proposed comprehensive tax law.
      • Oman: VAT Regulation amendments for nonprofit tax refunds.
      • Kuwait: Considering a 15% Business Profits Tax.
    3. International Updates:
      • Mexico: Immediate deductions for investments in fixed assets.
      • India: Supreme Court decision on MFN clause in tax treaties.
      • Sri Lanka: VAT rate raised to 18% from January 1, 2024.
      • OECD: Multilateral agreement for a minimum tax on cross-border intra-group payments.

    Stay informed to navigate the evolving tax landscape effectively. For any tax-related assistance, call our experts at +971 4 327 7775 or email tax@hlbhamt.com

    Public Consultation Document Issued For UAE Corporate Tax

     

     

    Would you like to rate us on Google?         

     

    Varun R Chandra
    Varun R Chandra
    07:38 25 Apr 21
    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
    Giuseppe Assi
    Giuseppe Assi
    06:20 31 Jan 21
    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
    Mohamed Sheriff
    Mohamed Sheriff
    16:16 28 Jun 20
    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
    218141 JOSEPH THOMAS
    218141 JOSEPH THOMAS
    16:20 23 Jun 20
    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
    PMI
    PMI
    07:14 23 Jun 20
    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
    RAVI CHOKSI
    RAVI CHOKSI
    08:28 21 Jun 20
    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
    Maharajan Subramaniam
    Maharajan Subramaniam
    18:17 06 Jun 20
    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
    Mohammed L
    Mohammed L
    08:07 05 Jun 20
    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
    ROY ROSHAN VIVIAN
    ROY ROSHAN VIVIAN
    06:32 04 Jun 20
    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
    Basil Daniells
    Basil Daniells
    05:55 03 Jun 20
    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
    Amar Kashyap
    Amar Kashyap
    19:28 02 Jun 20
    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
    Radz de Jesus
    Radz de Jesus
    16:03 02 Jun 20
    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
    Next Reviews
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    Advantages of Investing in UAE

    HLB HAMT Team

    image

    HLB HAMT - Accounting Firm in UAE

    Phone:- +971 4 327 7775
    Mobile:- +971 55 160 1291
    WhatsApp:- +971 56 219 1607
    Email:- dubai@hlbhamt.com

      Schedule a Consultation




      In the world of global investments, the United Arab Emirates (UAE) has established itself as a beacon of prosperity and promise. For an extensive period, the UAE has held its ground as a top choice for those seeking to embark on business ventures or expand existing enterprises.

      Join us in this blog to explore the benefits of investing in the UAE and the investment opportunities.

      What Makes the UAE Attractive to Foreign Investors?

      Robust Infrastructure

      • The UAE boasts some of the world’s most impressive infrastructure. Investments have been made in various sectors, such as green energy, power, and telecommunications.
      • Furthermore, the UAE possesses an exceptionally sophisticated network of land, sea, and air transportation. It is also known for its exceptional internet service and consistently ranks at the top globally for mobile network speed.

      Stability and Security

      • The UAE’s economic strength and stability are underpinned by a robust legal and security system, substantial sovereign wealth funds, and significant financial reserves.
      • Notably, it boasts one of the lowest crime rates globally, a fact evident to every resident, citizen, and visitor. As a result, the UAE stands as one of the safest countries in the world, surpassing countries like Switzerland and Japan according to a global database.

      Innovation

      • As a global hub, the UAE has unparalleled access to a wealth of resources encompassing information, skills, technology, and funding. Businesses in diverse sectors, including commerce, manufacturing, media, aviation, healthcare, and agriculture, can leverage the UAE’s ecosystem for operations, research, and export.
      • The nation has emerged as an innovation hub in various fields, such as stem cell therapy, vertical farming (enabling pesticide-free, year-round harvests), and advanced materials for use in aviation, green energy, vaccinations, and transportation.

      Strategic Location

      • The UAE’s geographical location offers a strategic gateway to key markets in the Middle East, Africa, and South Asia. It serves as an ideal launchpad for businesses looking to access these regions, making it particularly attractive for investors from Russia, Ukraine, Palestine, and Israel seeking to expand their reach.

      Tax Incentives

      • The UAE offers numerous tax benefits to foreign investors, with various free zones providing tax exemptions and incentives. This advantageous tax regime can significantly reduce the financial burden on investors, making it a cost-effective choice for those from Russia, Ukraine, Palestine, and Israel.

      Bilateral Trade Agreements

      • The UAE has established numerous bilateral trade agreements and partnerships with countries around the world. These agreements can simplify trade and investment for investors from Russia, Ukraine, Palestine, and Israel, enhancing market access and reducing trade barriers.

       

      What Investment Opportunities Hold Promise for Foreign Investors?

       Real Estate and Property Investments

      • The UAE offers a dynamic real estate market with opportunities for property investment and development. Foreign investors can explore real estate projects, both residential and commercial, in thriving cities like Dubai and Abu Dhabi, contributing to their portfolio diversification.
      • If you aim to capitalize on the city’s ambitious development plans and future expansion, real estate investments can provide substantial returns. Participating in real estate investment trusts (REITs) or acquiring shares in real estate-related companies are alternative routes to engage in the UAE’s real estate sector without purchasing a property.

      IT Services

      • The UAE has made substantial investments in establishing a world-class regulatory framework for IT and AI ventures, alongside infrastructure development to nurture an ideal environment for tech startups, SMEs, and multinational corporations. Hence, investing in IT services in the UAE holds significant promise.
      • The country’s well-developed logistical infrastructure, distribution network, high rate of digitization, and widespread adoption of cashless payments have all contributed to the success of its e-commerce ventures.

      General Trading

      • Whether you are affiliated with the government or running your enterprise, there are occasions when the services of a trading company are indispensable. Typically, you have two choices: engage a specialized firm or establish your own general trading company in Dubai.
      • The UAE’s general trading license provides investors with the flexibility to trade a diverse range of goods. It permits the sale of various items that may not necessarily be related. Investing in a general trading company proves to be a lucrative option for foreign investors.

      Food and Agriculture Business

      • With the enactment of the UAE’s 2018 FDI Law, allowing 100 percent foreign ownership in agriculture, investors are displaying unprecedented interest in food production, processing, and agriculture.
      • Domestic investment prospects are also on the rise, given the expected growth of the food sector driven by increasing tourism, high per capita income, and ongoing economic recovery.

      Kickstart on Your UAE Investment Journey with HLB HAMT

      Still curious about the appeal of foreigners starting businesses or investing in the UAE? Connect with the experts at HLB HAMT to gain insights on investment opportunities in Dubai and other emirates holds advantages for foreign investors.

      Our expert consultants will lead you through the process, clarify your choices, and offer recommendations on optimal business structures and the most fitting jurisdictions. Invest in Dubai and transform your business to new heights.

      Reach out to us today!

       

       

      Would you like to rate us on Google?         

       

      Varun R Chandra
      Varun R Chandra
      07:38 25 Apr 21
      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
      Giuseppe Assi
      Giuseppe Assi
      06:20 31 Jan 21
      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
      Mohamed Sheriff
      Mohamed Sheriff
      16:16 28 Jun 20
      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
      218141 JOSEPH THOMAS
      218141 JOSEPH THOMAS
      16:20 23 Jun 20
      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
      PMI
      PMI
      07:14 23 Jun 20
      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
      RAVI CHOKSI
      RAVI CHOKSI
      08:28 21 Jun 20
      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
      Maharajan Subramaniam
      Maharajan Subramaniam
      18:17 06 Jun 20
      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
      Mohammed L
      Mohammed L
      08:07 05 Jun 20
      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
      ROY ROSHAN VIVIAN
      ROY ROSHAN VIVIAN
      06:32 04 Jun 20
      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
      Basil Daniells
      Basil Daniells
      05:55 03 Jun 20
      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
      Amar Kashyap
      Amar Kashyap
      19:28 02 Jun 20
      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
      Radz de Jesus
      Radz de Jesus
      16:03 02 Jun 20
      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
      Next Reviews
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      Eliminate VAT Return Filing Worries: Answering Common FAQ’s

      HLB HAMT Team

      image

      HLB HAMT - Accounting Firm in UAE

      Phone:- +971 4 327 7775
      Mobile:- +971 50 677 5860
      WhatsApp:- +971 56 219 1607
      Email:- dubai@hlbhamt.com

        Schedule a Consultation




        Value Added Tax (VAT) is a consumption tax that is applied to most goods and services in the United Arab Emirates (UAE). Businesses that are registered for VAT are required to file quarterly VAT returns with the Federal Tax Authority (FTA).

        VAT return filing can be a complex and time-consuming process, especially for businesses that are not familiar with the UAE VAT regime. HLB HAMT offers VAT return filing services to help businesses in the UAE comply with their VAT obligations and avoid costly penalties.

        Frequently Asked Questions about VAT Return Filing!

        1. What is the deadline for filing VAT returns in the UAE?

          VAT returns in the UAE must be filed within 28 days of the end of the tax quarter.

        2. What information is required in a VAT return?

          VAT returns must include information on the business’s taxable supplies, input VAT, and net VAT due.

        3. How can I file my VAT return?

          VAT returns can be filed electronically through the FTA’s e-Services portal.

        4. What are the penalties for late or inaccurate VAT return filing?

          Businesses that fail to file their VAT returns on time or file inaccurate VAT returns may be subject to penalties. The FTA may also charge interest on late payments.

        5. How HLB HAMT Can Help You with VAT Return Filing

          HLB HAMT is a leading provider of VAT return filing services in the UAE. We can help you to:

          • Prepare your VAT returns accurately and on time
          • File your VAT returns electronically through the FTA’s e-Services portal
          • Advise you on the VAT implications of your business transactions
          • Help you to avoid costly penalties

        Conclusion

        VAT return filing is an important obligation for businesses in the UAE. By outsourcing your VAT return filing to HLB HAMT, you can ensure that your VAT returns are filed accurately and on time, and that you avoid costly penalties.

        If you need help with VAT return filing in the UAE, contact HLB HAMT today. Our team of experienced professionals can help you to comply with your VAT obligations and minimize your risk of penalties.

        For any related assistance or queries, call us at +971 4 327 7775 or email tax@hlbhamt.com to schedule a meeting.

         

         

        Would you like to rate us on Google?         

         

        Varun R Chandra
        Varun R Chandra
        07:38 25 Apr 21
        HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
        Giuseppe Assi
        Giuseppe Assi
        06:20 31 Jan 21
        I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
        Mohamed Sheriff
        Mohamed Sheriff
        16:16 28 Jun 20
        Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
        218141 JOSEPH THOMAS
        218141 JOSEPH THOMAS
        16:20 23 Jun 20
        Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
        PMI
        PMI
        07:14 23 Jun 20
        In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
        RAVI CHOKSI
        RAVI CHOKSI
        08:28 21 Jun 20
        Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
        Maharajan Subramaniam
        Maharajan Subramaniam
        18:17 06 Jun 20
        High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
        Mohammed L
        Mohammed L
        08:07 05 Jun 20
        We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
        ROY ROSHAN VIVIAN
        ROY ROSHAN VIVIAN
        06:32 04 Jun 20
        Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
        Basil Daniells
        Basil Daniells
        05:55 03 Jun 20
        I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
        Amar Kashyap
        Amar Kashyap
        19:28 02 Jun 20
        Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
        Radz de Jesus
        Radz de Jesus
        16:03 02 Jun 20
        We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
        Next Reviews
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        Significance of MIS Reporting Services in UAE

        HLB HAMT Team

        image

        HLB HAMT - Accounting Firm in UAE

        Phone:- +971 4 327 7775
        Mobile:- +971 56 147 0259
        WhatsApp:- +971 56 219 1607
        Email:- dubai@hlbhamt.com

          Schedule a Consultation




          Management information systems (MIS) reports provide valuable insights into a company’s performance, enabling decision-makers to identify trends, track progress, and make informed choices about the future. MIS reporting services in the UAE can help businesses of all sizes to implement and manage effective MIS reporting systems, ensuring that they have the data they need to succeed.

          What is MIS reporting?

          MIS reporting is the process of collecting, analyzing, and presenting data to provide insights into a company’s operations. MIS reports can be used to track a wide range of metrics, including financial performance, sales data, customer satisfaction, and employee productivity.

          Why is MIS reporting important in UAE?

          MIS reporting is essential for any business in UAE that wants to make informed decisions about its future. By tracking key performance indicators (KPIs) over time, businesses can identify trends, spot potential problems, and measure the effectiveness of their strategies.

          What are the benefits of using MIS reporting services in UAE?

          There are many benefits to using MIS reporting services, including:

          • Access to expertise: MIS reporting services providers have the expertise and experience to help businesses implement and manage effective MIS reporting systems.
          • Time savings: MIS reporting services can save businesses a significant amount of time and resources by automating the MIS reporting process.
          • Improved accuracy: MIS reporting services providers can help businesses to ensure that their MIS reports are accurate and reliable.

          Frequently asked questions about MIS reporting

          1. What are the different types of MIS reports?

            There are many different types of MIS reports, but some of the most common include:

            • Financial reports: These reports track financial performance, such as revenue, expenses, and profits.
            • Sales reports: These reports track sales data, such as sales by product, region, and customer.
            • Customer satisfaction reports: These reports track customer satisfaction, such as customer churn rates and Net Promoter Score (NPS).
            • Employee productivity reports: These reports track employee productivity, such as sales per employee and hours worked per employee.
          2. How often should I generate MIS reports?

            The frequency of MIS reporting will vary depending on the needs of the business. Some businesses may generate MIS reports daily, while others may only generate them weekly, monthly, or quarterly.

          3. How do I choose the right MIS reporting software?

            There are many different MIS reporting software solutions available, so it is important to choose one that is right for the needs of your business. When choosing MIS reporting software, consider the following factors:

            • The size and complexity of your business
            • The types of MIS reports you need to generate
            • Your budget
            • Your level of technical expertise
          4. How can I ensure that my MIS reports are accurate and reliable?

            To ensure that your MIS reports are accurate and reliable, it is important to:

            • Use high-quality data sources
            • Implement data validation checks
            • Review your MIS reports regularly

          Conclusion

          MIS reporting is an essential tool for businesses of all sizes in the UAE. MIS reporting services can help businesses to implement and manage effective MIS reporting systems, ensuring that they have the data they need to make informed decisions and succeed.

          If you are looking for MIS reporting services in the UAE, contact HLB HAMT today. Our team of experienced professionals can help you to implement and manage an effective MIS reporting system that meets the needs of your business.

           

           

          Would you like to rate us on Google?         

           

          Varun R Chandra
          Varun R Chandra
          07:38 25 Apr 21
          HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
          Giuseppe Assi
          Giuseppe Assi
          06:20 31 Jan 21
          I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
          Mohamed Sheriff
          Mohamed Sheriff
          16:16 28 Jun 20
          Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
          218141 JOSEPH THOMAS
          218141 JOSEPH THOMAS
          16:20 23 Jun 20
          Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
          PMI
          PMI
          07:14 23 Jun 20
          In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
          RAVI CHOKSI
          RAVI CHOKSI
          08:28 21 Jun 20
          Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
          Maharajan Subramaniam
          Maharajan Subramaniam
          18:17 06 Jun 20
          High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
          Mohammed L
          Mohammed L
          08:07 05 Jun 20
          We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
          ROY ROSHAN VIVIAN
          ROY ROSHAN VIVIAN
          06:32 04 Jun 20
          Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
          Basil Daniells
          Basil Daniells
          05:55 03 Jun 20
          I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
          Amar Kashyap
          Amar Kashyap
          19:28 02 Jun 20
          Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
          Radz de Jesus
          Radz de Jesus
          16:03 02 Jun 20
          We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
          Next Reviews
          js_loader

          Essential FAQs: Understanding and Complying with Corporate Tax in the UAE

          HLB HAMT Team

          image

          HLB HAMT - Accounting Firm in UAE

          Phone:- +971 4 327 7775
          Mobile:- +971 50 677 5860
          WhatsApp:- +971 56 219 1607
          Email:- dubai@hlbhamt.com

            Schedule a Consultation




            As the United Arab Emirates (UAE) embarks on a new era of fiscal policy, the introduction of corporate tax marks a pivotal moment in the nation’s economic trajectory. This comprehensive guide aims to provide a clear understanding of the new tax regime, addressing frequently asked questions (FAQs) and delving into the intricacies of corporate tax implementation.

            In the wake of this significant development, it is crucial for businesses operating in the UAE to gain a thorough understanding of the implications of corporate tax. This guide serves as an invaluable resource, equipping businesses with the knowledge they need to navigate the new tax landscape effectively.

            Frequently Asked Questions About Corporate Tax in UAE

            1. What is the corporate tax rate in UAE?

              The standard corporate tax rate in UAE is 9%. However, there is a zero-rate for taxable profits of AED 375,000 or less. Additionally, Qualifying Free Zone Persons can benefit from a 0% corporate tax rate on their Qualifying Income.

            2. Who is subject to corporate tax in UAE?

              Corporate tax in UAE is applicable to all businesses, including resident companies, foreign companies with a permanent establishment in the UAE, and juridical persons established in a UAE Free Zone. However, there are certain exemptions, such as UAE government entities, UAE government-controlled entities, and Qualifying Public Benefit Entities.

            3. What is the timeline for corporate tax implementation in the UAE?

              The timeline for corporate tax implementation in the UAE is as follows:

              • June 1, 2023: Corporate tax comes into effect for businesses with financial years starting on or after this date.
              • December 31, 2023: Deadline for businesses to register for corporate tax with the Federal Tax Authority (FTA).
              • June 30, 2024: Deadline for businesses to file their first corporate tax return for the financial year ending on or before June 30, 2023.
            4. Which businesses will be subject to corporate tax in the UAE?

              All businesses operating in the UAE will be subject to corporate tax, with the exception of small businesses with taxable profits of less than AED 375,000.

            5. What are the benefits of implementing corporate tax in the UAE?

              The UAE government has stated that the implementation of corporate tax is intended to help the country achieve its strategic objectives, including:

              • Diversifying the economy
              • Attracting foreign investment
              • Creating a more competitive business environment
              • Ensuring that the UAE’s tax regime is aligned with international standards
            6. What are the challenges of implementing corporate tax in the UAE?

              Some of the challenges of implementing corporate tax in the UAE include:

              • Ensuring that the tax system is simple and easy to administer
              • Educating businesses about the new tax regime
              • Preventing tax avoidance and evasion
            7. How is corporate tax calculated in the UAE?

              Corporate tax is calculated on the net profit of a business, which is determined by deducting allowable expenses from total revenue. The taxable profit is then subject to the applicable tax rate.

            Conclusion

            The implementation of corporate tax in the UAE is a significant development for businesses operating in the country. It is important for businesses to start planning now to ensure that they are ready to comply with the new tax regime. Businesses are encouraged to familiarize themselves with the new regulations and seek professional guidance if needed. Still confused? Read our article based on complete FAQs related to UAE Corporate Tax.

            If you need help implementing corporate tax in the UAE, contact HLB HAMT today. Our team of experienced professionals can help you to comply with the new tax regime and minimize your tax liability.

             

             

            Would you like to rate us on Google?         

             

            Varun R Chandra
            Varun R Chandra
            07:38 25 Apr 21
            HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
            Giuseppe Assi
            Giuseppe Assi
            06:20 31 Jan 21
            I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
            Mohamed Sheriff
            Mohamed Sheriff
            16:16 28 Jun 20
            Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
            218141 JOSEPH THOMAS
            218141 JOSEPH THOMAS
            16:20 23 Jun 20
            Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
            PMI
            PMI
            07:14 23 Jun 20
            In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
            RAVI CHOKSI
            RAVI CHOKSI
            08:28 21 Jun 20
            Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
            Maharajan Subramaniam
            Maharajan Subramaniam
            18:17 06 Jun 20
            High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
            Mohammed L
            Mohammed L
            08:07 05 Jun 20
            We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
            ROY ROSHAN VIVIAN
            ROY ROSHAN VIVIAN
            06:32 04 Jun 20
            Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
            Basil Daniells
            Basil Daniells
            05:55 03 Jun 20
            I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
            Amar Kashyap
            Amar Kashyap
            19:28 02 Jun 20
            Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
            Radz de Jesus
            Radz de Jesus
            16:03 02 Jun 20
            We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
            Next Reviews
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            Accounts and Financial Statements in UAE Corporate Tax Regime

            Gireesh Kumar Padmini

            image

            HLB HAMT - Accounting Firm in UAE

            Phone:- +971 4 327 7775
            Mobile:- +971 50 749 0576
            WhatsApp:- +971 56 219 1607
            Email:- dubai@hlbhamt.com

              Schedule a Consultation




              The United Arab Emirates (UAE) has entered a transformative journey with the recent implementation of corporate tax, marking a pivotal moment in its fiscal history. With the commencement of the first corporate tax year for entities starting June 01, 2023, and the imminent initiation for those adhering to the calendar year, the UAE’s business landscape is undergoing a fundamental shift. In the pre-corporate tax era, the absence of regulatory requirements concerning tax filings and audited financial statements allowed businesses to operate without the stringent accounting and reporting practices prevalent in global standards. As the corporate tax regime takes root, a comprehensive understanding of corporate tax accounting, audit implications, and the absence of personal income tax becomes essential for businesses and individuals navigating this new chapter in the UAE’s tax landscape.

              Tax Regime in UAE

              UAE started its new journey by implementing Corporate Tax, a milestone in its taxation landscape. The entities whose financial year starts on June 01, 2023, have already begun their first corporate tax year in the country. However, most of the UAE entities follow the calendar year as their financial year; therefore, the first tax year for them will start on January 01, 2024. Since there were no regulatory requirements for corporate tax filing or submission of audited financial statements to the tax authorities in the pre-corporate tax regime in UAE, the country’s business Entities were not very keen on adhering to the accounting and reporting process as per the global standards especially the transfer pricing and organizational structure requirements which is the foundations for most of the corporate tax regimes throughout the world.

              Corporate Tax Accounting

              Corporate tax should be accounted for in line with the provisions of IAS 12 “Income Taxes” of International Financial Reporting Standards (IFRS). Before entering the corporate tax regime, the entities should reconfigure their chart of accounts to ensure that the business accurately captures, tracks and reports financial data to comply with tax law and regulations and federal law requirements, applicable to its operations, including restructuring their business, assessment of the fixed assets in the books and the accounting of related party transactions. A Gap analysis will help the entity to optimize its tax position within the bounds of the tax regulations.

              Also, this will prevent compliance issues that may arise in the future. Moreover, the entity shall consider redrafting or changing the accounting policies of the entity for different accounting areas that may have a direct or indirect impact on the corporate tax regulations in place. As a part of the transitional process for entering the corporate tax regime, the closing balances of the prior year of the first corporate tax year should be prepared by considering the Arm’s Length Principles of Transfer Pricing Rules and the provision of the General Anti-Abuse Rule (GAAR) in respect of transactions and arrangements entered on or after the date of corporate tax law published in the Official Gazette.

              Audit of Financial Statements

              The external auditors will expand their scope of verification by including the test of recognition and measurement of income tax, related tax differences, tax liabilities, related party transactions and their disclosures under the requirements of IFRS. Even though the entities incorporated under the mainland UAE whose annual turnover is less than 50 million are not mandatorily required to file audited financial statements, it is advisable to do the audit of financial statements to confirm that the books of accounts and financial statements prepared by the management are in line with the International Financial Reporting Standards (IFRS) and applicable Corporate Tax regulations of the country. The entities that derive a revenue exceeding 50 million during the relevant tax period and Qualifying free zone entities must prepare financial statements under the IFRS reporting framework and get them audited by licensed auditors in the country. Since the auditor integrates corporate tax law in their audit process, the entity should maintain tax compliance, mitigate risk, and effectively manage its tax obligations towards the regulators.

              Personal Income Tax

              UAE has not implemented any personal income tax. Therefore the income earned by individual are not considering for income tax and they not obliged to follow any tax regulations of the country. However the income generating by the individuals by doing any kind of business activities in UAE are liable to follow the corporate tax regulations and a tax impact assessment will help them to plan it properly in line with the tax regulations of country.

              Conclusion

              The introduction of corporate tax in the UAE has ushered in a new era of financial transparency and compliance for businesses operating within its borders. The transition into the corporate tax regime necessitates a comprehensive overhaul of accounting practices, with a particular focus on adherence to the International Financial Reporting Standards (IFRS) and relevant tax laws. As entities navigate the complexities of corporate tax accounting, the restructuring of charts of accounts, the assessment of fixed assets, and the consideration of related-party transactions become pivotal. Moreover, the audit of financial statements by external auditors becomes not only advisable but, for certain entities, mandatory.

              For any related assistance, call HLB HAMT’s experts at +971 4 327 7775 or email audit@hlbhamt.com to schedule a consultation.

               

               

              Would you like to rate us on Google?         

               

              Varun R Chandra
              Varun R Chandra
              07:38 25 Apr 21
              HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
              Giuseppe Assi
              Giuseppe Assi
              06:20 31 Jan 21
              I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
              Mohamed Sheriff
              Mohamed Sheriff
              16:16 28 Jun 20
              Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
              218141 JOSEPH THOMAS
              218141 JOSEPH THOMAS
              16:20 23 Jun 20
              Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
              PMI
              PMI
              07:14 23 Jun 20
              In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
              RAVI CHOKSI
              RAVI CHOKSI
              08:28 21 Jun 20
              Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
              Maharajan Subramaniam
              Maharajan Subramaniam
              18:17 06 Jun 20
              High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
              Mohammed L
              Mohammed L
              08:07 05 Jun 20
              We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
              ROY ROSHAN VIVIAN
              ROY ROSHAN VIVIAN
              06:32 04 Jun 20
              Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
              Basil Daniells
              Basil Daniells
              05:55 03 Jun 20
              I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
              Amar Kashyap
              Amar Kashyap
              19:28 02 Jun 20
              Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
              Radz de Jesus
              Radz de Jesus
              16:03 02 Jun 20
              We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
              Next Reviews
              js_loader

              Audit Requirements in UAE Free Zones

              HLB HAMT Team

              image

              HLB HAMT - Accounting Firm in UAE

              Phone:- +971 4 327 7775
              Mobile:- +971 50 749 0576
              WhatsApp:- +971 56 219 1607
              Email:- dubai@hlbhamt.com

                Schedule a Consultation




                Are you a company operating in a Free Zone in the UAE? Do you understand the importance of audit services for your business? In this blog, we will explore the significance of audit services in UAE Free Zones and address the most frequently asked questions by our clients at HLB HAMT. As a leading audit firm specializing in conducting audits for companies in UAE Free Zones, we aim to provide valuable insights and guidance to help you navigate the world of free zone audits.

                Audit services in UAE Free Zones involve the review and examination of a company’s financial records and statements to ensure compliance with accounting standards and regulations within the Free Zones. Accredited audit and accounting firms, such as HLB HAMT, specialize in providing these services to companies operating in the Free Zones of the UAE. With our expertise and experience, we offer hassle-free submission to free zone authorities for our clients, ensuring their financial compliance within the Free Zones.

                Frequently Asked Questions About Free Zone Audits

                1. Why are audit services important for companies in UAE Free Zones?

                  Audit services are crucial for companies in UAE Free Zones for several reasons. Firstly, compliance with regulations is mandatory for companies that exceed a certain turnover threshold or have a certain number of employees. The free zone authority may apply penalties or fines for noncompliance with the audit requirements. Additionally, audits help companies maintain transparency and accountability in financial reporting, availing incentives and exemptions, and ensuring regulatory compliance in specific Free Zones, such as the DMCC-Free Zone.

                2. What are the benefits of conducting an audit in a UAE Free Zone?

                  Conducting an audit in a UAE Free Zone provides various benefits for businesses. Firstly, it ensures compliance with accounting and financial regulations, maintaining transparency and accountability in financial reporting. Secondly, auditors assess the overall financial system of a company, identifying errors and inconsistencies for improvement. Thirdly, audits help companies comply with specific Free Zone regulations, avoiding penalties or legal issues. Lastly, the maintenance of accurate financial records through audits allows companies to make informed decisions and analysis.

                3. How can companies prepare for an audit in UAE Free Zones?

                  To prepare for an audit in UAE Free Zones, companies should follow these steps. Firstly, they must understand the regulations and specific audit requirements set by the Free Zone authorities. Secondly, maintaining financial records accurately for a minimum of five years is essential. Companies should engage approved auditors based in Dubai, UAE, to conduct their audits. Lastly, companies registered with specific Free Zones, like the DMCC, must submit their audited financial statements as per the implementing regulations.

                Conclusion

                Audit services in UAE Free Zones are crucial for companies to ensure compliance, maintain transparency, avail incentives, and enhance financial credibility. At HLB HAMT, we understand the importance of free zone audits and offer professional services to meet your auditing needs. Whether you require compliance with regulations, financial record maintenance, or assistance with regulatory frameworks, our experienced team is here to support you. Contact us today to experience hassle-free audit services tailored to your business in UAE Free Zones.

                Call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.

                 

                 

                Would you like to rate us on Google?         

                 

                Varun R Chandra
                Varun R Chandra
                07:38 25 Apr 21
                HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                Giuseppe Assi
                Giuseppe Assi
                06:20 31 Jan 21
                I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                Mohamed Sheriff
                Mohamed Sheriff
                16:16 28 Jun 20
                Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                218141 JOSEPH THOMAS
                218141 JOSEPH THOMAS
                16:20 23 Jun 20
                Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                PMI
                PMI
                07:14 23 Jun 20
                In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                RAVI CHOKSI
                RAVI CHOKSI
                08:28 21 Jun 20
                Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                Maharajan Subramaniam
                Maharajan Subramaniam
                18:17 06 Jun 20
                High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                Mohammed L
                Mohammed L
                08:07 05 Jun 20
                We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                ROY ROSHAN VIVIAN
                ROY ROSHAN VIVIAN
                06:32 04 Jun 20
                Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                Basil Daniells
                Basil Daniells
                05:55 03 Jun 20
                I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                Amar Kashyap
                Amar Kashyap
                19:28 02 Jun 20
                Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                Radz de Jesus
                Radz de Jesus
                16:03 02 Jun 20
                We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                Next Reviews
                js_loader

                Online Accounting Services in UAE- Common Queries Asked

                HLB HAMT Team

                image

                HLB HAMT - Accounting Firm in UAE

                Phone:- +971 4 327 7775
                Mobile:- +971 56 147 0259
                WhatsApp:- +971 56 219 1607
                Email:- dubai@hlbhamt.com

                  Schedule a Consultation




                  In the rapidly evolving landscape of business management, the demand for streamlined financial solutions has led to the widespread adoption of online accounting services. As businesses seek efficient and cost-effective ways to manage their finances, numerous questions arise regarding the utilization of these digital platforms. This blog aims to address the common queries that businesses and individuals often have when considering or using online accounting services and provide valuable insights and guidance to help businesses make informed decisions.

                  Online Accounting Services: Frequently Asked Questions

                  1. What are online accounting services in UAE?

                    Online accounting services are services offered through the internet that provide bookkeeping and accounting support to businesses. Similar to hiring a part-time bookkeeper, these services include tasks such as accounts receivable, accounts payable, payroll, and other typical accounting functions. They can be accessed on a monthly or weekly basis and often involve the use of specialized software.

                  2. What are the benefits of using online accounting services?

                    • Efficiency through Automation: Online accounting services automate data transfer from the bank to the books, eliminating manual transcription and reducing effort while improving accuracy.
                    • Real-time Financial Insights: These services provide real-time access to a business’s current financial position, facilitating better decision-making and financial planning.
                    • Collaborative Multi-User Access: Multi-user access enables seamless collaboration between the business, its team, and advisors, fostering efficient communication and information sharing in virtual environments.
                    • High Accuracy: Leveraging industry-leading bookkeepers, online bookkeeping services ensure high accuracy, minimizing the risk of errors and financial discrepancies.
                    • Accessibility and Convenience: With the ability to access financial records from anywhere with an internet connection, online accounting services save time and effort compared to traditional methods.
                  3. How do online accounting services work?

                    Online accounting services work by utilizing virtual accountants and bookkeepers who provide accounting services remotely through online channels such as phone, email, and video calls. These accountants help set up and maintain accurate and current financial records for businesses, performing tasks such as accounts receivable and accounts payable management to ensure smooth cash flow for the company. Digital tools and cloud-based solutions are incorporated to streamline the bookkeeping process and keep financial records up to date.

                  4. What is the difference between virtual and online accounting services?

                    While the terms “virtual accounting services” and “online accounting services” are sometimes used interchangeably, there can be slight differences. The term “virtual” generally refers to working with a person through online networks or computers, while “online” accounting typically refers to a more comprehensive service available through the internet, often including software solutions.

                  5. What security measures are implemented in online accounting services?

                    Security is a top priority in online accounting services. Some key security measures commonly used include password management, enforcement of complex passwords, VPN usage to encrypt data transmission, regular file backups, cloud accounting data backup, and multi-factor authentication (MFA). These measures help protect sensitive financial data and ensure data integrity and availability.

                   

                  Conclusion

                  Online accounting services have become an indispensable tool for businesses seeking efficient and accurate financial management. By addressing the most frequently asked questions about online accounting, we hope to provide valuable insights and guidance to businesses considering these services. From the benefits of efficiency and real-time access to collaboration and accuracy, online accounting services offer a wide range of advantages. With the proper security measures in place, businesses can confidently embrace online accounting and enjoy the convenience and reliability it brings.

                  For more information or assistance with online accounting services, contact HLB HAMT today.

                  Our proficiency and in-depth knowledge of global standards guarantee that your financial data is clear, precise, and prepared for important strategic decision-making.

                  Call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.

                   

                   

                  Would you like to rate us on Google?         

                   

                  Varun R Chandra
                  Varun R Chandra
                  07:38 25 Apr 21
                  HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                  Giuseppe Assi
                  Giuseppe Assi
                  06:20 31 Jan 21
                  I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                  Mohamed Sheriff
                  Mohamed Sheriff
                  16:16 28 Jun 20
                  Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                  218141 JOSEPH THOMAS
                  218141 JOSEPH THOMAS
                  16:20 23 Jun 20
                  Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                  PMI
                  PMI
                  07:14 23 Jun 20
                  In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                  RAVI CHOKSI
                  RAVI CHOKSI
                  08:28 21 Jun 20
                  Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                  Maharajan Subramaniam
                  Maharajan Subramaniam
                  18:17 06 Jun 20
                  High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                  Mohammed L
                  Mohammed L
                  08:07 05 Jun 20
                  We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                  ROY ROSHAN VIVIAN
                  ROY ROSHAN VIVIAN
                  06:32 04 Jun 20
                  Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                  Basil Daniells
                  Basil Daniells
                  05:55 03 Jun 20
                  I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                  Amar Kashyap
                  Amar Kashyap
                  19:28 02 Jun 20
                  Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                  Radz de Jesus
                  Radz de Jesus
                  16:03 02 Jun 20
                  We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                  Next Reviews
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                  Get in touch

                  Whatever your question our team will point you in the right direction

                  Start the conversation

                  Accountant Secondment Services in UAE: Addressing Client Queries

                  HLB HAMT Team

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 56 147 0259
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Schedule a Consultation




                    Accountant secondment services in the UAE offer businesses the opportunity to access skilled and experienced accountants on a temporary basis. This arrangement allows organizations to complete specific projects or tasks without the need to create permanent positions, resulting in cost savings and increased flexibility.

                    In this blog, we will address some of the most frequently asked technical questions about accountant secondment services in the UAE, providing valuable insights and guidance for businesses in need of accounting, bookkeeping, and internal audit assistance.

                    What is an accountant secondment in UAE?

                    Accountant secondment in the UAE refers to the temporary transfer of experienced accountants from one organization to another for a specified time period. This arrangement allows businesses to benefit from the expertise and knowledge of skilled accountants without the need to create full-time positions. It offers a cost-effective solution for organizations in need of accounting support and helps reduce administration costs.

                    What are the benefits of accountant secondment services in UAE?

                    There are several benefits to utilizing accountant secondment services in the UAE:

                    1. Acquiring new talents and updated knowledge: Accountant secondment services in Dubai allow businesses to gain access to a variety of new talents and expertise in areas such as VAT, corporate tax, and auditing. This enables organizations to stay updated with the latest accounting practices and regulations.
                    2. Managing employee numbers: Many big companies and organizations use secondments to effectively manage their employee numbers. By bringing in temporary accountants, businesses can efficiently handle workload fluctuations and specific projects without disrupting their existing workforce.
                    3. Cost savings: Utilizing staff secondment services can save businesses money on ancillary costs associated with hiring staff, such as employment visas and medical expenses. It provides a cost-effective solution for organizations that need accounting support on a temporary basis.
                    4. Increased in-house capacity: Temporary accounting secondment services offered by Nex Consultants in the UAE help clients boost the capacity of their in-house accounting team. This allows organizations to handle increased workloads without the need to hire additional permanent staff.

                    What qualifications are needed for accountant secondment services in UAE?

                    To qualify for secondment services in the UAE as an accountant, the following qualifications are typically required:

                    1. Expertise and Experience: Accountants who offer secondment services in the UAE should have expert knowledge and extensive experience in accounting, bookkeeping, audit, and tax management. They should be capable of managing all accounting-related tasks effectively and efficiently.
                    2. Certified Accounting Technician (CAT) Qualification: Pursuing the Certified Accounting Technician (CAT) qualification can enhance an accountant’s qualifications. This involves taking three additional specialist exams and gaining a year of relevant experience, further validating their expertise and knowledge in the field.
                    3. High Academic Achievement and Interpersonal Skills: Accountants aiming for secondment services in the UAE need to possess a high level of academic achievement and strong interpersonal skills. These qualities are essential to meet the global recruitment standards set for such roles.
                    4. Business-Related Degree or Diploma: Prospective Chartered Accountants (CAs) in the UAE should enroll in a degree or diploma program in a business-related course. This education provides a strong foundation for accountants and equips them with the necessary knowledge and skills required for their profession.

                    Conclusion

                    Accountant secondment services in the UAE offer businesses a flexible and cost-effective solution for addressing accounting, bookkeeping, and internal audit challenges. By temporarily bringing in skilled accountants, organizations can benefit from their expertise and knowledge without the need to create permanent positions. This blog addressed the most frequently asked technical questions about accountant secondment services in the UAE, providing valuable insights and guidance for businesses seeking accounting support.

                    For more information or to explore how our accountant secondment services can benefit your organization, contact HLB HAMT today.

                    Call our experts at +971 4 327 7775 or email dubai@hlbhamt.com to schedule a meeting.

                     

                     

                    Would you like to rate us on Google?         

                     

                    Varun R Chandra
                    Varun R Chandra
                    07:38 25 Apr 21
                    HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                    Giuseppe Assi
                    Giuseppe Assi
                    06:20 31 Jan 21
                    I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                    Mohamed Sheriff
                    Mohamed Sheriff
                    16:16 28 Jun 20
                    Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                    218141 JOSEPH THOMAS
                    218141 JOSEPH THOMAS
                    16:20 23 Jun 20
                    Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                    PMI
                    PMI
                    07:14 23 Jun 20
                    In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                    RAVI CHOKSI
                    RAVI CHOKSI
                    08:28 21 Jun 20
                    Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                    Maharajan Subramaniam
                    Maharajan Subramaniam
                    18:17 06 Jun 20
                    High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                    Mohammed L
                    Mohammed L
                    08:07 05 Jun 20
                    We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                    ROY ROSHAN VIVIAN
                    ROY ROSHAN VIVIAN
                    06:32 04 Jun 20
                    Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                    Basil Daniells
                    Basil Daniells
                    05:55 03 Jun 20
                    I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                    Amar Kashyap
                    Amar Kashyap
                    19:28 02 Jun 20
                    Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                    Radz de Jesus
                    Radz de Jesus
                    16:03 02 Jun 20
                    We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                    Next Reviews
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                    Audit Services in UAE Mainland FAQs

                    HLB HAMT Team

                    image

                    HLB HAMT - Accounting Firm in UAE

                    Phone:- +971 4 327 7775
                    Mobile:- +971 50 749 0576
                    WhatsApp:- +971 56 219 1607
                    Email:- dubai@hlbhamt.com

                      Schedule a Consultation




                      Audit services encompass a comprehensive examination of a company’s financial statements, records, and internal controls. This thorough assessment helps to identify potential errors, irregularities, or areas of non-compliance, enabling businesses to take corrective actions and safeguard their financial well-being. By identifying and addressing any potential issues, businesses can proactively mitigate risks, protect their assets, and foster a culture of financial integrity. With the UAE’s ever-evolving regulatory landscape, it is crucial for businesses to seek guidance from experienced and qualified audit professionals.

                      At HLB HAMT, we understand the importance of audit services in UAE mainland for businesses operating in both free zones and the mainland. The authorities in the UAE have made it mandatory for companies to file audit reports to ensure compliance with legal requirements. As an approved audit firm for all UAE mainland entities registered under various government authorities and departments, we offer a comprehensive range of audit services to cater to the diverse needs of businesses across the Emirates.

                      But why are audit services important for businesses in the UAE mainland? Let’s explore their significance:

                      • Identify potential business risks: Audit services play a crucial role in identifying potential risks associated with daily business operations. By proactively addressing and mitigating these risks, companies can safeguard their interests and ensure smooth operations.
                      • Verify and validate financial data: Audits involve an impartial review of a company’s financial records and statements. This process ensures the accuracy and compliance of financial data with legal requirements, enhancing transparency and trust.
                      • Enhance overall business performance: Through the streamlining of procedures and functions, audit services help improve the overall performance of a business. By making operations more efficient and effective, companies can achieve sustainable growth and success.
                      • Compliance with UAE Commercial Companies Law: The UAE Commercial Companies Law mandates that every company must assign professional auditors to assess and audit their financial records. By adhering to this requirement, businesses can demonstrate their commitment to compliance and avoid legal complications.
                      • Credibility and Confidence: Financial auditing adds credibility to a company’s financial statements by ensuring their accuracy. This instills confidence in investors and stakeholders, which is crucial for attracting investment and maintaining trust.
                      • Avoid penalties and increase credibility: External audits in the UAE play a significant role in compliance, helping businesses avoid penalties and ensuring adherence to legal and regulatory requirements. They also enhance credibility, profitability, and efficiency.

                      Some frequently asked questions (FAQs) related to audit services in UAE mainland:

                      1. Are audit services mandatory for all businesses in the UAE mainland?

                        Yes, it is a mandatory requirement for both free zone and mainland businesses in the UAE to file audit reports.

                      2. What types of audits are offered by audit firms in Dubai and UAE?

                        Audit firms in Dubai and UAE offer a range of audits, including financial audit, internal audit, tax audit, and stock audit.

                      3. How can audits benefit businesses in the UAE mainland?

                        Audits help identify potential risks, verify financial data, enhance business performance, ensure compliance with laws and regulations, and enhance credibility and confidence.

                      4. What is the process of conducting an audit in the UAE mainland?

                        The process typically involves registering auditors with the UAE Ministry of Economy, reviewing financial statements, testing internal controls, and assessing the organization’s financial statements.

                      5. How to choose the right audit service provider in the UAE mainland?

                        Factors to consider include the firm’s clientele, employee strength, reputation, industry experience, registered auditors, and certifications.

                      HLB HAMT to Assist!

                      While the importance of audit services for businesses in the UAE mainland is clear, it is essential to understand the benefits of conducting audits in detail. These benefits include appealing to a larger investor base, ensuring compliance with accounting principles and standards, improving profitability and management systems, assuring stakeholders, inhibiting fraud, and providing a complete report for better decision-making.

                      When it comes to choosing the right audit service provider in the UAE mainland, there are several factors to consider. These factors include considering the client base, employee strength, reputation, industry experience, registered auditors, and certifications of the audit firm. By evaluating these aspects, businesses can ensure they partner with a reliable and competent audit service provider.

                      At HLB HAMT, we possess the expertise, experience, and credibility to meet your audit service needs in the UAE mainland. Our dedicated team of professionals is committed to delivering exceptional services and assisting businesses in achieving their goals. Contact us today to learn more about our audit services and how we can support your business.

                       

                       

                      Would you like to rate us on Google?         

                       

                      Varun R Chandra
                      Varun R Chandra
                      07:38 25 Apr 21
                      HLB Hamt is highly recommended! They have the quality of services that would satisfy your needs. I'm glad I found them.
                      Giuseppe Assi
                      Giuseppe Assi
                      06:20 31 Jan 21
                      I HAD A GOOD EXPERIENCE WITH HLB HAMT DUBAI. THEY HAVE A VERY PROFESSIONAL TEAM, GOOD QUALITY OF SERVICES, GOOD VALUE... FOR PRICE.I RECOMMEND THIS COMPANY.read more
                      Mohamed Sheriff
                      Mohamed Sheriff
                      16:16 28 Jun 20
                      Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
                      218141 JOSEPH THOMAS
                      218141 JOSEPH THOMAS
                      16:20 23 Jun 20
                      Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
                      PMI
                      PMI
                      07:14 23 Jun 20
                      In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc.Wishing HLB Hamt team all the very best.read more
                      RAVI CHOKSI
                      RAVI CHOKSI
                      08:28 21 Jun 20
                      Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
                      Maharajan Subramaniam
                      Maharajan Subramaniam
                      18:17 06 Jun 20
                      High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
                      Mohammed L
                      Mohammed L
                      08:07 05 Jun 20
                      We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
                      ROY ROSHAN VIVIAN
                      ROY ROSHAN VIVIAN
                      06:32 04 Jun 20
                      Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
                      Basil Daniells
                      Basil Daniells
                      05:55 03 Jun 20
                      I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
                      Amar Kashyap
                      Amar Kashyap
                      19:28 02 Jun 20
                      Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
                      Radz de Jesus
                      Radz de Jesus
                      16:03 02 Jun 20
                      We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
                      Next Reviews
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