ESR Audit in UAE

HLB HAMT ESR Team

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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

    Get Free Consultation




    As part of the UAE’s commitment as a member of the Organization for Economic Co-operation and Development (OECD) inclusive framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations.

    This established a requirement for companies to conduct specific relevant activities to maintain an adequate “Economic Presence” in the UAE relative to the activities they undertake. The goal is to avoid harmful tax practices and to prevent low-tax jurisdictions from attracting profits from certain mobile activities without adequate corresponding economic activity. The Regulations’ main objective is to guarantee that UAE firms declare actual profits that are adequate for the level of economic activity conducted.

    The entities will need to assess whether they perform any relevant activities mentioned in the regulations. Businesses operating in the UAE are required to adopt a “substance over form” position when determining whether they engage in a Relevant Activity and, thus, fall under the coverage of the ESR Regulations. In order to make this decision, the UAE business would need to examine well beyond the information on their commercial licence and at the actions carried out throughout the course of a financial period.

    ESR Audit

    The Federal Tax Authority (FTA) has now begun to conduct ESR audits, clarifications, and assessments starting with the 2019 financial year. FTA is the National Assessing Authority, and they can conduct an audit of any licensee to ensure their compliance with ESR regulations. They intend to examine the substance to analyse whether the licensee demonstrates that:

    • The Licensee and the Relevant Activity are being directed and managed in the UAE
    • The relevant Core Income Generating Activities (CIGAs) are being conducted in the UAE
    • The Licensee has adequate people, premises, and expenditure in the UAE

    For this purpose, companies falling under ESR regulations shall maintain appropriate records proving the presence of Economic Substances in the UAE and provide this information to the FTA within five days from the date of the FTA’s request for the same.

    Entities are required to maintain relevant documents depicting adequate Economic Substance in the UAE for a period of six years to ensure their readiness to provide the information if asked by the Regulatory Authority or the FTA.

    Adequate substance is not mentioned in the regulations, but FTA can still challenge it.

    Process

    1. FTA will inform the client that they are subject to an ESR audit via email and through the MOF ESR portal. In the initial mail itself, they will share the requirement list which needs to be reverted with adequate explanations and documents within five working days.
    2. The ESR audit is commenced to assess whether the entity meets the substance test. It includes the licensee being directed and managed in UAE, having adequate people, premises and expenditure and also whether they perform adequately the relevant Core Income Generating Activities (CIGAs) in UAE. The below mentions the CIGA for each relevant activity:
    3.  

      Banking Business
      • Raising funds, managing risk including credit, currency and interest risk.
      • Taking hedging positions.
      • Offering credit, loans, or other financial services to consumers.
      • Managing capital and preparing reports to investors or any government authority with functions relating to the supervision or regulation of such business.
      Insurance Business
      • Predicting and calculating risk.
      • Offering clients with insurance business services and insuring or re-insuring against risk.
      • Underwriting insurance and reinsurance.
      Investment Fund Management Business
      • Taking decisions on the holding and selling of investments.
      • Calculating risk and reserves.
      • Making the decisions about interest or currency volatility and hedging holdings.
      • Preparing reports to investors or any government authority with functions relating to the supervision or regulation of such business.
      Lease-Finance Business
      • Agreeing funding terms.
      • Locating and obtaining the assets that will be leased (in the case of leasing).
      • Setting the duration and terms & conditions of any financing or lease.
      • Monitoring and revising any agreements.
      • Managing any risks.
      Headquarters Business
      • Taking relevant management decisions.
      • Incurring operating expenditures on behalf of a Group.
      • Coordinating Group activities.
      Shipping Business
      • Managing crew (including hiring, paying and overseeing crew members).
      • Overhauling and maintaining Ships.
      • Overseeing and tracking shipping.
      • Determining what goods to order and when to deliver them, organizing and overseeing voyages.

      Holding Company Business Intellectual Property Business

      all activities related to that business

      • Where the Intellectual Property Asset is a:
        • patent or a similar Intellectual Property Asset; the Core Income Generating Activity shall be research and development.
        • marketing intangible or a similar Intellectual Property Asset; the Core Income Generating Activity shall be branding, marketing and distribution.
      • In exceptional cases, except in the case where the Licensee is a High-Risk IP Licensee, the Core Income-Generating Activity in respect of an Intellectual Property Business may include any of the following:
        • taking strategic decisions and managing as well as bearing the principal risks related to the development and subsequent exploitation of the Intellectual Property Asset generating income;
        • taking the strategic decisions and managing as well as bearing the principal risks relating to the acquisition by third parties and subsequent exploitation and protection of the Intellectual Property Asset;
        • carrying on the ancillary trading activities through which the Intellectual Property Asset are exploited leading to the generation of income from third parties.
      Distribution and Service Center Business
      • Transporting and storing component parts, materials, or goods ready for sale.
      • Managing inventories.
      • Taking orders.
      • Providing consulting or other administrative services.

       

    4. The following is an inexhaustive list of documents that the regulatory authority may require from a company selected for an ESR audit:
      • Board minutes and resolutions
      • Evidence that the non-resident directors who formed the quorum were in the UAE for board meetings
      • Documents outlining the operations process flow
      • Documents of relevance and emails/correspondence to commensurate with CIGA
      • Working papers for calculation of relevant income, operating expenditure, and accounting profit/loss
      • Working papers for the calculation of FTEs
      • Contracts and agreements
      • Employee CVs and Timesheets / biometric logs of FTEs
      • Details of physical assets
      • Outsourcing agreements.
    5. The ESR auditors can schedule an in-office visit to gain more understanding and seek further documentation and explanations beyond those sought in the requirement list.
    6. The auditors will issue a report on their observations and findings during the audit, and if the licensee fails to prove adequate substance as mentioned in the submitted ESR report, the licensee will be subjected to a penalty of AED 50,000.

    How HLB HAMT can assist you?

    • Review the previous ESR submissions to evaluate on the adequacy of the substance demonstrated.
    • Compilation of documents as per the audit requirement list from FTA.
    • Review of documents to ensure the audit requirements are complied with.
    • Draft responses to the audit queries from FTA and assist in the submissions.
    • Review and assist in drafting an appeal in the case of a penalty, and support procedures to waive a
    • Assist in understanding and formulating responses for communications with FTA.

     

     

    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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    Sabbatical Leave in UAE

    HLB UAE Payroll Team

    image

    HLB HAMT - Accounting Firm in UAE
    Phone:- +971 4 327 7775
    Mobile:- +971 50 205 9540
    WhatsApp:- +971 56 219 1607
    Email:- dubai@hlbhamt.com

      Get Free Consultation




      Ministry of Human Resources and Emiratization (MOHRE) has announced the introduction of Federal Decree-Law No. 33 of 2021 which will regulate labor relations and employment practices in UAE. The New UAE Labor Law has come into effect from February 2, 2022 and it will replace the Current UAE Labor Law entirely. A new leave type with the name Sabbatical Leave was added as per the new law.

      Sabbatical Leave

      A sabbatical Leave is a full break during which employees are not expected to report to their employers or perform their normal job duties at all. However, the employee is still employed by the company. In UAE, the national worker shall be entitled to a sabbatical paid leave to perform the national service, in accordance with the legislation in force in the state.

      1. What is a sabbatical leave?

        sabbatical leave is a paid leave a national employee can avail when performing national service for the country.

      2. who is eligible for sabbatical leave?

        Only UAE national employees can avail this leave.

      3. How long can the employee be in sabbatical leave?

        The number of days the national employee can use is in accordance with the legislation in force in the state.

      4. Does Expat staffs are eligible for Sabbatical leave?

        No, Only UAE nationals are eligible for Sabbatical leave.

      Please see the below extract of Article 32, 3

      Article (32)

      Various Leaves

      The national worker shall be entitled to a sabbatical paid leave to perform the national service, in accordance with the legislation in force in the State.

      To know more about UAE leave please follow the link UAE Leave Policies

       

      Did you find the blog informative?         

       

      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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      Impact of Recent UAE VAT Amendment on Companies dealing in Hydrocarbons

      HLB HAMT

      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

        Get Free Consultation




        Impact of Recent UAE VAT Amendment on Companies dealing in Hydrocarbons

        In place of “any hydrocarbons,” the amendment clarifies that the reverse charge mechanism will only apply to “Pure hydrocarbons”.

        Pure Hydrocarbons:

        Any of the various pure compounds of the chemical formula consisting solely of hydrogen & carbon (CxHy).

        Practical Example

        • ABC Bitumen LLC (Hereinafter referred to as “The Company”) is a UAE mainland entity operating from the emirate of Dubai.
        • The company is engaged in the supply of bitumen and bitumen products.
        • The effective date of VAT registration of the company is 1st January 2023.
        • The effective date of VAT registration of the company is 1st January 2023.
        • The client gave the company a statement stating that the goal of the purchase is to resale the same products to another customer in their current condition.
        • The company issued a Tax invoice with 5% VAT to the client for the goods delivered.
        • The client rejected the Tax invoice based on the ground that bitumen is a hydrocarbon, hence reverse
          charge mechanism will be applicable to bitumen.

        Whether the client’s argument is correct? Does bitumen fall within the reverse charge procedure outlined in Article 48 (3)?

        Basis of Opinion

        • Article 1 of the VAT Decree-Law
        • Article 48 (3) of the VAT Decree-Law
        • Article 48 (4) of the VAT Decree-Law

        Application of the Law

        Classification as Hydrocarbon:

        The reverse charge mechanism provided by Article 48(3) of the Decree Law is a special mechanism that can be employed in certain circumstances, such as the supply of crude oil or hydrocarbons.

        Hydrocarbons:

        The term “Hydrocarbon” refers to any class of organic compound solely of the elements carbon (C) and hydrogen (H). On the basis that bitumen contains carbon, hydrogen as well as other components, bitumen is not a hydrocarbon.

        Recommendation

        In view of the aforementioned, bitumen and bitumen products are not considered to be hydrocarbons.

        Note: Article 48 of the Decree Law is not limited to hydrocarbons, hence to the extent that bitumen is classified as, for example, crude oil, such supply may fall within the scope of Article 48(3) of the Decree Law and the company will have to apply the reverse charge mechanism where all other conditions are met.

         

         

        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

        UAE VAT Law Amendment Effective from 01.01.2023

        HLB HAMT Tax 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

          Get Free Consultation




          On September 26, 2022, President His Highness Sheikh Mohamed bin Zayed Al Nahyan issued the Federal Decree-Law No.18 of 2022, amending some provisions of the Federal Decree-Law No. 8 of 2017 on value-added tax (VAT).

          The effective date of amendments: January 1, 2023

          Below, we’ve outlined our opinions on the modified articles:

          Amended Article

          HLB Comments

          Article (1) – Definitions
          • Relevant Charitable Activities, Tax Evasion, Tax Audit, Tax Assessment, Voluntary Disclosures, Tax Procedures Law, and Pure Hydrocarbons now have new definitions.
          • A few minor additions, clarifications, and linguistic modifications have been made to the existing definitions.
          Article (5) – Supply of Goods
          • The definition of the supply of goods is expanded to include the instance wherein more than two parties enter into a contract entailing the transfer of goods on a later date.
          Article (7) – Supply in Special Cases
          • Article 7 has a new clause that states that the Executive Regulations may specify any other supplies that will be excluded from the application of UAE VAT.
          Article (15) – Registration Exceptions
          • Following the change, FTA permits current tax registrants to request an exception from VAT registration if their supplies are completely zero-rated.
          Article (21) – Cases of Tax Deregistration
          • FTA reserves the right to cancel the VAT Registration of any Tax Registrant if the continuance of such registration prejudices the integrity of the tax system.
          • Additionally, even after deregistration has been granted, the amendment permits the authority the power to collect any unpaid taxes or penalties.
          Article (26) – Date of Supply in Special Cases
          • The determination of the date of supply in case of the contract with periodic payments or consecutive invoices has specifically included in clause 1(d) i.e., the date of expiration of one year from the date the Goods or Services were provided.
          Article (27) –Place of Supply of Goods
          • The amendment states that the place of supply of goods involving export or import, will be in the UAE where the supply is a continuous supply that falls under the date of supply rules in Article 26(1) of the VAT Law and the ownership of goods is transferred in UAE.
          • This makes it clear that where the ownership of the goods is transferred in UAE, the VAT will still be applicable to the payments made when goods are physically kept outside UAE.
          Article (30) – Place of Supply in Special Cases
          • Article 30(8) regarding the place of supply in special cases, now states that the place of supply of transport-related services will be the place where the transportation starts.
          • Amendment to Article 30 (3) makes it clear that the special place of supply rule will be applicable only to services provided on goods (previously it was related to goods).
          Article (33) – The Agent
          • The place of residence of the principal shall be considered as the place of residence of the agent wherein it was previously mentioned as a place of residence of the agent shall be regarded as the place of residence of the principal for the respective cases mentioned in Article.
          Article (36) -Value of Supply for Related Parties
          • Article 37 is also considered in listing out the exceptions for the value of supply between related parties.
          • The amendment clarifies that where a deemed supply occurs between related parties, the value of supply should be determined by the market value subject to other conditions mentioned in the Article
          Article (45)-Supply of Goods and Services Subject to Zero Rate
          • Clauses (4),(5),(6),(12) and (14) of the Amendment of VAT Law have been extended to also include the importation of goods and/or services in addition to the supply of goods and/or services that shall be zero-rated.
          Article (48) – Reverse Charge
          • Clause 3 of Article 48 is revised, and the domestic reverse charge will apply only to Pure Hydrocarbons. This means RCM will be applicable to those hydrocarbons consisting solely of elements Carbon ( C ) & Hydrogen (H).
          • Procurement of any crude or refined oil, unprocessed or processed natural gas or Pure Hydrocarbons for the purpose of use for the production or distribution of any form of energy will also trigger the implication of domestic reverse charge mechanism.
          • Clause 8 is added whereby it is clarified that the Cabinet may issue a decision specifying other goods & services that are subject to reverse charge & specify the relevant conditions and provisions.
          Article (55) – Recovery of Recoverable Input Tax in the Tax Period
          • Clause 1 (a) is expanded to include the requirements to keep invoices and import documentation in relation to imported goods and services.
          Article (57) – Recovery of Tax by Government Entities and Charities
          • Government entities & Charitable institutions can recover the input VAT incurred against the provision of sovereign and relevant charitable activities respectively subject to normal input VAT recovery rules listed in the Law.
          Article (61) – Instances and Conditions for Output Tax Adjustments
          • Clause 1 (e) is expanded whereby a tax registrant can adjust the output tax where the previously applied tax treatment was in error.
          Article (62) – Mechanism for Output Tax Adjustment
          • A Tax Credit Note should be issued within 14 days from the date in which the output tax adjustment is required as listed out in clause 1 of Article 61 of the VAT Decree Law.
          Article (65) – Conditions and Requirements for Issuing Tax Invoices
          • As per the Amended VAT Law, not only when a person receives the VAT amount, but also when it issues a tax invoice, it must pay such VAT amount to the FTA as the Tax Due amount.
          Article (67) – Date of Issuance of Tax Invoice
          • The amended article mandates the issuance of tax invoices within 14 days from the date of supply for continuous supply as well.

           

          Note: Other Amended Articles exist but aren’t included in the list above because they, in our judgment, only include minor changes.

          Addition of New Article 79 bis – Statute of Limitations

          1. Except in cases under Clauses 2, 3, 6, and 7 of this Article, the Authority may not conduct a Tax Audit or issue a Tax Assessment to the Taxable Person after the expiration of 5 years from the end of the relevant Tax Period.
          2. The Authority may conduct a Tax Audit or issue a Tax Assessment to the Taxable Person after 5 years from the end of the relevant Tax Period, if he has been notified of the commencement of such Tax Audit’s procedures before the expiration of the 5-year period, provided that the Tax Audit is completed or the Tax Assessment is issued, as the case may be, within 4 years from the date of notification of the Tax Audit.
          3. The Authority may conduct a Tax Audit or issue a Tax Assessment after the expiration of 5 years from the end of the relevant Tax Period if such Tax Audit or Tax Assessment issuance relates to a Voluntary Disclosure submitted in the fifth year from the end of the Tax Period, provided that the Tax Audit is completed or the Tax Assessment is issued, as the case may be, within one year from the date of submission of the Voluntary Disclosure.
          4. The Cabinet may, according to a suggestion by the Minister, issue a Decision to amend the period specified for the completion of the Tax Audit or the issuance of the Tax Assessment as per Clauses 2 or 3 of this Article.
          5. No voluntary disclosure may be submitted after the expiration of 5 years from the end of the relevant Tax Period.
          6. In the case of Tax Evasion, the Authority may conduct a Tax Audit or issue a Tax Assessment within 15 years from the end of the Tax Period in which the Tax Evasion occurred.
          7. In case of Tax Registration failure, the Authority may conduct a Tax Audit or issue a Tax Assessment within 15 years from the date on which the Taxable Person should have registered for Tax.
          8. The statute of limitation set forth in this Article shall be interrupted for any of the reasons provided for in the Federal Law No. 5 of 1985, promulgating the Civil Transactions Law, or any other Federal law replacing it.

          How HLB HAMT can help?

          Our tech-driven professionals ensure that we make use of the latest technologies to provide accurate and effective results to clients. Moreover, we are first among the few registered tax agents at Federal Tax Authority enabling us to provide the best in quality services.

          Any questions or queries on this, please revert to tax@hlbhamt.com

           

           

          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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          The UAE Cryptocurrency Laws

          Midhun Menon P

          image

          HLB HAMT - Accounting Firm in UAE

          Phone:- +971 4 327 7775
          Mobile:- +971 52 830 7998
          WhatsApp:- +971 56 219 1607
          Email:- dubai@hlbhamt.com

            Get Free Consultation




            The United Arab Emirates is regarded as one of the world’s most forward-thinking crypto nations. The Dubai Financial Services Authority (DFSA) now accepts cryptocurrency payments, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), to pay for various trade licenses and visas through the government-owned licensing company KIKLABB in Mina Rashid, Dubai. Additionally, the DFSA declared in January 2021 that as part of its 2021–2022 Business Plan, it would create a thorough framework for crypto-regulatory standards.

            The United Arab Emirates unveiled the Emirates Blockchain Strategy 2021 in April 2018. The strategy aims to make the most of blockchain technology and make the United Arab Emirates the first government powered by blockchain by moving at least 50% of its transactions onto the platform by the end of 2021.

            The Central Bank of the United Arab Emirates (CBUAE) and the Central Bank of Saudi Arabia jointly conducted a year-long project titled “Project Aber: Joint Digital Currency and Distributed Ledger Project,” which “explored the viability of a single dual-issue digital currency as an instrument of domestic and cross-border settlement between the two countries.” Similar to the findings of similar pilots carried out by other central banks, Project Aber’s results confirmed that it was feasible for central banks to develop domestic and international payment systems using distributed ledger technology.

            Dubai is also working to increase the use of cryptocurrency nationwide. For instance, the Dubai Multi Commodities Centre (DMCC) recently opened a new Crypto Centre that is accessible to businesses working on different blockchain and cryptocurrency technologies. With the strong support of the national government, the DMCC specifically houses businesses that offer, issue, list, and trade digital assets as well as those creating trading platforms that use blockchain technology.

            Many well-known and emerging businesses are choosing to relocate their headquarters to the United Arab Emirates as a result of the country’s pro-crypto policies, most recently the American technology company Ripple. The Securities and Commodities Authority (SCA) sought input on the regulations’ text from the cryptocurrency industry and the general public in 2019, which attracted more crypto companies to the nation.

            Cryptocurrency Legal Issues: Insights

            Most jurisdictions and authorities have not yet passed legislation governing cryptocurrencies, so it is unclear whether crypto mining is legal in most nations.

            According to the Financial Crimes Enforcement Network (FINCEN), crypto miners are money transmitters, and as such, might be subject to money transmitter laws. For instance, Israel taxes businesses and treats cryptocurrency mining as one. Regulatory uncertainty still exists in India and other countries, although Canada and the US are relatively friendly to cryptocurrency mining.

            However, very few nations forbid cryptocurrency mining, except for those that have taken specific action to do so.

            To know more about UAE cryptocurrency laws, please contact our experts, 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
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            Whatever your question our team will point you in the right direction

            Start the conversation

            Set Up Offshore Company in Dubai

            “Dubai-the land of unfailing promises”

            HLB HAMT

            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

              Get Free Consultation




              Creating a business in the UAE is the first step toward financial success. You can establish an offshore company in Dubai or any other part of the UAE. Factors such as the industry can influence the type of company chosen. In this instance, an offshore company formation provides exclusive benefits to ex-pats.

              Offshore Company Setup in Dubai

              The term offshore corporation refers to a company that operates outside its registered jurisdiction and ultimate ownership location.

              Creating an offshore company in the UAE is a suitable, tax-efficient, and affordable corporate structure for companies looking to engage in international trade.

              In Dubai, a non-resident paper firm is another name for an offshore business. Now international businessmen can freely operate throughout the Middle East and Africa without having to worry about administrative hassles. Additionally, by using an offshore bank account, business investors can conduct operations on a global level.

              Offshore companies in Dubai conduct their business operations outside of the UAE but are registered there for tax purposes. Since they are limited liability companies, your money is well protected.

              There are several reasons why people want to establish offshore businesses in Dubai, but perhaps the primary one is that they may avoid paying corporate taxes in the UAE on earnings made overseas. Starting an offshore company in this country could potentially result in tax savings of thousands of dollars compared to doing so in the company’s home jurisdiction.

              Consider an international business consultant who has a sizable clientele in several Middle Eastern nations. They don’t want to cope with the hassle of paperwork and filing procedures or pay taxes on their earnings in all those other nations. As a result, they decide to establish an offshore business in Dubai, where they may continue to work abroad and pay no taxes.

              Businesses that frequently launch offshore companies in Dubai include:

              • Property holding firms.
              • Intellectual property holding firms.
              • Shipping companies.
              • General trading firms
              • Businesses that advertise online.
              • Logistics and distribution companies.
              • General (worldwide) trading firms.
              • Expert assistance and consulting.
              • Different kinds of brokers.

              It’s important to note that offshore companies can be based in Dubai but cannot do trading within the country or employ people in the UAE; all business must take place outside the country. A mainland or free zone company is required if you want to trade in the UAE or with partners here.

              It’s also crucial to understand that offshore businesses are not permitted to conduct certain types of business, such as aviation, media, or insurance. Finally, offshore corporations must conduct legal business! When establishing your company, you will be needed to go through Know Your Customer (KYC) checks. Authorities may investigate if the company is suspected of engaging in illegal activity.

              The Pros of Offshore Company Formation in UAE

              Offshore company registration in the UAE has numerous advantages. Such businesses have remarkable freedom from governmental agencies and formalities. The simple procedures and rules make forming an offshore corporation more appealing. Setting up an offshore business in Dubai offers numerous advantages to entrepreneurs, holding companies, and consultants.

              • Tax deductions and other monetary support.
              • Not governed by state legislation.
              • Able to conduct worldwide transactions without difficulty or limitation.
              • Faster registration than other sorts of businesses.
              • Complete confidentiality.
              • The authority conducts no financial audits.

              In addition to these, there are several other advantages to establishing an offshore corporation in Dubai, UAE.

              • Bank account
                You can open a bank account in the UAE and hold several currencies in it.
              • Take your business global
                Dubai offshore businesses offer the chance to grow abroad.
              • Solid foundation
                As far as economic, social, and political stability is concerned, Dubai stands out. Additionally, there is a solid legal system in place to protect your valuables.
              • The privacy
                An offshore business is not required to have its accounts audited or published. The information, including the shareholders and the board of directors, does not have to be made public.
              • Access to funding
                Due to Dubai’s strong reputation, your company may find it simpler to secure international investment than if you are headquartered in less reputable nations.

              The right move for a better future with HLB HAMT

              Forming a business in Dubai entails several deeper and broader factors. Hiring HLB HAMT, a famous business consultant in Dubai, may assist you in establishing a firm. HLB HAMT in UAE support, guide, and aid entrepreneurs in setting up businesses in UAE. We have only hired people with extensive experience in the UAE’s business and industrial sectors. They are well-versed in all aspects of business setup.

               

              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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              Accounting of Cryptocurrency

              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

                Get Free Consultation




                There are many situations, where the accountants are not very clear about the accounting treatments of certain transactions. Accounting of investment in Cryptocurrency, such as Bitcoin, Ethereum etc., is one such transaction. Since there are no accounting standards under the International Financial Reporting Standards (IFRS) to address the recognition, measurement, and disclosure of such activities, it is a big challenge for accountants to record and present those activities within the framework of IFRS.

                What is Cryptocurrency?

                Cryptocurrency is any form of digital currency that exists virtually in which the transactions are verified and records maintained by a decentralized system using cryptography. The most significant, influential and well-known Cryptocurrency is Bitcoin, which was first launched in 2008. Using Cryptocurrency, we can transfer the value of money anywhere globally without the help of a bank or any other intermediary financial institution. The cryptocurrencies were not issued or controlled by any country’s government or other authorities. But it is secured by the technology Blockchain.

                Accounting challenge

                “The International Financial Reporting Standards (IFRS)” does not have specific standards or guidelines to account for the activities of Cryptocurrency. Since this is a new type of business activity globally, there is no straightforward industrial practice for recording these transactions. While considering the accounting of Cryptocurrency, accountants might consider the below International Financial Reporting Standards for its recognition, guidance and disclosures.

                A. IFRS 9 “Financial Instruments”

                Under the IFRS 9 “Financial Instruments”, if an entity requires to recognize a financial asset, it should be either “cash, equity instruments or a contractual right to receive cash or other financial instruments”.

                We cannot consider the Cryptocurrency as cash since it does not match the typical characteristics of cash and cash equivalents (Refer Paragraph 6, IAS 7). Also, it is evident that Cryptocurrency is not an equity instrument, and the holder of Cryptocurrency does not have a contractual right to receive cash or any other financial instruments. Therefore, we cannot treat this as a financial asset (refer Paragraph 11, IAS 32), and IFRS 9 ‘Financial Instruments’ is not acceptable to record and present the Cryptocurrency.

                B. IAS 40 “Investment Property”

                Under IAS 40 “Investment Property”, Investment property is property (land or a building—or part of a building— or both) held (by the owner or by the lessee as a right-of-use asset) to earn rentals or for capital appreciation or both.

                Some entities invest in Cryptocurrency only for capital appreciation. Since they are not tangible assets, it is not appropriate to classify them as investment properties and measure them in fair value. Using the same logic, we cannot classify Cryptocurrencies under property plant and equipment using the provisions of IAS 16.

                C. IAS 2 “Inventories”

                As defined by IAS 2, “inventories”; the inventories are the assets held for sale in the ordinary course of business or in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or the rendering of services.

                The standard does not require inventories in tangible or physical form (Refer Paragraph 6 – IAS 2). In this scenario, if the entity is holding Cryptocurrency for sale in the ordinary course of business, they can record and present it using the provisions of IAS 2 “Inventories”. Generally, inventories recognize and measure at cost or net realizable value, whichever is less. However, paragraph 3 of the standards also mentions that IAS 2 does not apply to the measurement of inventories held by commodity broker-traders who measure their stocks at fair value less costs to sell. Therefore, before using IAS 2 for the recognition and measurement of Cryptocurrency, we should adequately review the entity’s business model and determine that the inventory accounting is suitable for the asset and would be measured at cost or net realizable value, whichever is less. However, for entities that hold cryptocurrencies to sell them shortly, generating a profit from price fluctuations or traders’ margins, we might apply the commodity broker-trader exception of IAS 2.

                Recognition and measurement of Cryptocurrency as Inventory

                Inventory (Normal)Inventory (Commodity broker)
                Initial MeasurementCostCost
                Subsequent Measurementcost or net realizable value, whichever is lessFair value less costs to sell
                Movement in carrying valueIncome statement, if cost decreasedIncome statement (all movements)

                 

                D. IAS 38 “Intangible assets.”

                An intangible asset is defined as an identifiable non-monetary asset without physical substance. Also, it is a resource controlled by the entity due to past events and from which future economic benefits are expected to flow to the entity. The asset is identifiable if it is either:

                1. Is capable of being separated or divided from the entity and sold, transferred, licensed, rented or exchanged, either individually or together with a related contract, identifiable asset or liability, regardless of whether the entity intends to do so; or
                2. Arises from contractual or other legal rights, regardless of whether those rights are transferable or separable from the entity or other rights and obligations.

                The value of Cryptocurrency is not fixed or cannot be predicted since it is subject to significant variations that arise from supply and demand. That means it is a non-monitory asset in nature. Also, the Cryptocurrency can be sold or exchanged individually, and the entity can expect the inflow of economic benefits in future from such investments. Moreover, this asset does not have a physical substance.

                The facts mentioned above and related interpretations of the different standards, The IAS 38 “intangible assets will be the most appropriate standard in IFRS currently available to recognize and measure the value of the investment in Cryptocurrency. However, in certain situations, as mentioned earlier, we can account for them as inventories under IAS 2.

                Recognition and measurement of Cryptocurrency as Inventory

                 Revaluation modelCost model
                Initial MeasurementCostCost
                Subsequent measurementFair value less accumulated amortization and impairmentcost less accumulated amortization and impairment
                Movement in carrying valueOther Comprehensive Income, if cost increasedWill not recognize profit, if cost increased
                Income statement, if cost decreasedIncome statement, if cost decreased

                 

                Even though IAS 38 permits the entities to choose a revaluation model for intangible assets, the standard demands that the fair value is measured by reference to an active market. In the case of cryptocurrencies, the “active market” to refer to the fair value is not common, and the revaluation model may not be possible in such a scenario. However, If cryptocurrencies are traded, on an exchange revaluation model may be viable, but they are rare scenarios.

                Amortization and Impairment

                As mentioned in the above table of recognition and measurement, the subsequent measurement of Cryptocurrency as per IAS 38 is after accumulated amortization and impairment adjustment. Since cryptocurrencies are designed to act as a store of value over time, their useful life will be considered indefinite, and no amortization is required on such assets. However, even though the asset’s useful life is indefinite, the entity’s management should conduct the impairment test on those assets by comparing the recoverable amount with the carrying amount on a periodical basis. If there is an indication of impairment, the such effect should recognize as an expense through the income statement.

                Conclusion

                The above information on the recording and presentation of Cryptocurrency is provided based on the interpretation of standards issued under IFRS. Before applying any of the above mentioned standards, you should review the entity’s business model, cryptocurrency type, and investment nature. Then take a wise decision based on the best judgement. However, IAS 38 “Intangible assets” will be the most suitable standard for accounting of Cryptocurrency, except where they are held for sale in the ordinary course of business (IAS 2). Also, since the entity’s functional currency may differ from Cryptocurrency, it needs to be translated under the provisions of IAS 21, “The Effects of Changes in Foreign Exchange Rates”. Moreover, while presenting the investment in Cryptocurrency in financial statements, the entity should follow the disclosure requirements of ISA 38 or ISA 2, whichever is applicable.

                 

                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

                Company Formation in Dubai UAE

                HLB HAMT

                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

                  Get Free Consultation




                  Dubai has developed as a global center for commerce and trade over the past decade, and as a result, many business communities from across the world have moved their activities therein. In the corporate environment, Dubai is a thriving centre for both domestic and foreign investment. It is renowned for its extravagant luxury and cutting-edge amenities and is one of the few economies in the world with the fastest rate of growth.

                  Are you an investor or entrepreneur who is eager to launch a venture in Dubai? Then this blog will assist you.

                  Things to know before launching your company in Dubai

                  When you intend to establish a new company in Dubai, you should be aware of choosing the proper license for your business. In Dubai, there are three main licensing categories for company formation.

                  • Commercial license
                    Any company that engages in the buying and selling of goods, as well as any other kind of trading activity, must have a commercial license.
                  • Industrial license
                    Businesses that want to operate in the manufacturing or industrial sectors
                  • Professional License
                    Investors and entrepreneurs need a professional licence before offering any form of professional services to customers.

                  The Major Steps for company formation in Dubai

                  • Select the type of commercial activity as the initial procedure
                  • Choose a name that is appropriate for the business you are in.
                  • In order for the business to run, choose a location.
                  • Choose the legal structure for the creation of the firm.
                  • Request initial approvals and have them approved by the authorities.
                  • Based on the information collected, drafting a Memorandum of Association (MOA).
                  • A competent authority verifies documents as part of the attestation procedure.
                  • Upon completing the aforementioned steps, investors will be given a business license.

                  The Benefits of Company Formation in Dubai

                  • Dubai demonstrates its importance as a location since it facilitates business growth and gives investors access to other Gulf countries.
                  • Provides a variety of advantages to attract investors in business, such as 100% foreign ownership, no personal income tax, etc.
                  • The UAE can streamline its logistics operations because to its excellent connectivity across sea, air, and land channels.
                  • Getting a visa for Dubai is an easy and straightforward process.
                  • The funding and support system in Dubai is excellent because it is well-established and practical.
                  • With totally open business regulations, first-rate infrastructure, and exposure to a competent labour population, the governance is pro-business.
                  • One of the most technologically advanced cities, Dubai promotes economic improvement through the steady expansion of its industries.
                  • Legal procedures for registering and acquiring a license are straightforward, and a variety of business operations are possible.
                  • Direct exchange of goods and services between international businesses and the local market without currency restrictions.

                  In Summary

                  Analyze your abilities and limitations, research activities and potential dangers before moving forward with company formation in Dubai. It is best to seek out expert assistance while launching a new business. Even if you believe you are an expert in your field, professionals can still be of assistance by comparing the magnitude of the market to your possible services, delivering advice on how to cope with the competitors or how to take advantage of their weaknesses, and in a variety of other methods.

                  How can HLB HAMT assist with company formation in Dubai?

                  HLB HAMT provides a one-stop destination for business setup services in Dubai. Our experienced team is fully dedicated to assisting you along your business journey since we recognise how critical and significant your business plan is to you. We not only assist you in the early phases of starting a business in Dubai, but we also provide you with all the resources you want after the business has been established. Our breadth of experience allows us to streamline and simplify the procedure.

                   

                  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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                  Salary Payment Currency under the New UAE Labour Law

                  HLB UAE Payroll Team

                  image

                  HLB HAMT - Accounting Firm in UAE

                  Phone:- +971 4 327 7775
                  Mobile:- +971 50 205 9540
                  WhatsApp:- +971 56 219 1607
                  Email:- dubai@hlbhamt.com

                    Get Free Consultation




                    Salary payment currency refers to the currency in which the organization actually pays salaries to its employees as remuneration for the services they offer. Each nation has its own regulations on the payment currency to be applied for processing payroll. If specified in the employment contract, salary payment may be made in either Emirati Dirhams, the UAE’s official currency, or in any other currency.
                    Arab Emirates dirham, the official currency of Dubai and the other Emirates, is referred to by its currency acronym, or AED. It is frequently shown with the letters Dhs or DH. The United Arab Emirates Central Bank is responsible for printing the nation’s currency.

                    According to Article 22 of Federal Decree-law no 33 of 2021, salary shall be paid in UAE’s official currency i.e AED or any other currency upon agreement between both the employer and employee in an employment contract. UAE law has provided the freedom of choice to private sector companies to choose their payment currency in salary, but this should be mentioned clearly in the employment agreement.

                     

                    Frequently Asked Questions

                    1. Can a company pay their employee salary in USD or any other foreign currency?

                      Yes, as per the new UAE labor law; the company has the option to use USD or any other currency for salary payment. But this should be clearly written in the employment agreement between the employee and the company.

                    2. Is there any specific pay date in UAE which is to be considered as the pay date?

                      There is no such specific pay date in UAE; company can decide this as per company policy.

                    3. How is non-AED payment processed through WPS salary transfer?

                      There is no option to process non-AED payments through WPS, according to the existing WPS salary upload file template used by banks. For more info about WPS, Click here.

                    4. What is the minimum salary payable in UAE?

                      There is no minimum salary payable in UAE.

                    5. Can the employee demand a salary in any currency from the employer?

                      No, an employee has no right to demand a salary in any particular currency unless the same currency is mentioned in the employment contract.

                    6. Can the employer change the payment currency of an employee’s salary without his\her consent?

                      No, an employer has no right to change the payment currency of an employee’s salary without employee consent. Moreover, the company must pay the salary in the same currency that is mentioned in the employment contract.

                    Relevant article regarding “payment currency” from New UAE Labor Law (Federal Decree Law No 33 of 2021):

                    Article 22: The salaries shall be paid in UAE Dirham and may be paid in another currency if it is agreed upon between both parties in the employment contract.

                     

                    Did you find the blog informative?         

                     

                    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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                    The UAE Unveils a New Unemployment Insurance Scheme

                    Rajesh R Pillai

                    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

                      Get Free Consultation




                      The Ministry of Human Resources and Emiratisation (MoHRE) has recently taken a major step in the form of unveiling the new unemployment insurance scheme, which will go into effect in January 2023 and assure the financial stability of individuals working in the nation.

                      The main features of the UAE’s new unemployment insurance scheme are given below :

                      • All UAE federal government and private sector employees must obey the new law’s terms & conditions, with the exception of investors, domestic workers, part-time workers, and minors under the age of 18, and retirees who get a retirement pension and have started a new job.
                      • To be eligible to collect the insured amount, the employee must have been insured for 12 consecutive months starting on the subscription date.
                      • The payment will be made on a monthly basis, based on 60% of the employee’s basic salary, and will not exceed AED 20,000 each month.
                      • If an employee accepts a position at another company while receiving remuneration, the compensation will be suspended.
                      • Moreover, neither fraud nor dishonesty should be utilized in the compensation claim. The penalties outlined in the law shall be subject to the establishment as well as the insured in the event that it is discovered that the establishment where the employee works is not a legitimate one.
                      • The insured may be entitled to extra benefits for service providers, insurance companies that have been granted Central Bank of the UAE (CBUAE) licenses, and other parties, as long as they meet the requirements set forth in the UAE cabinet’s unemployment insurance regulations. Other governmental bodies designated by the UAE cabinet to offer services for unemployment insurance may also be service providers.
                      • Some other compensation or rights mentioned by other UAE law that is now in effect are unaffected by the compensation that the insured is eligible under this decree law.

                      In Summary

                      Most government policies have been prioritized with regard to the well-being of both residents and citizens of the UAE. The main purpose of building facilities and employment-related laws in the UAE is to enhance the lives of the people and uphold employees’ rights. If you are employed by a public or private company in the UAE, this brand-new scheme will benefit you.

                       

                      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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