images

UNDERSTANDING DIGITAL IDENTITIES FOR BETTER BUSINESS DECISIONS

Life without technology is no longer imaginable, and also it is evolving day to day. Amidst of this lies concept of digital identity. The future of technology is exciting too. The vision of integra

images

KEY SKILLS EXPECTED FROM TAX PROFESSIONAL

To satisfy increased demand for tax insights, future tax professionals will need a far broader skill set. While it may come as a surprise, this kind of job spec will become increasingly familiar in t

images

ARTIFICIAL INTELLIGENCE: THREAT OR OPPORTUNITY??

Artificial Intelligence can enhance in solving complex decision-making process and that is the reason why it acts as a catalyst for transformation in every industry. It allows tedious and time-consumi

images

What does it take to be a Successful Entrepreneur?

Don’t worry we will guide you about it. After reading an inspiring story of a successful entrepreneur, you will start thinking about becoming one. There are a million ideas that start flowing

images

Bahrain Vat Updates till 7th January 2019

1. October 7, 2018 Bahrain to implement VAT effective 1 January 2019 The parliament in Bahrain has today approved that the introduction of Value Added Tax (VAT) will be effective starting 1

images

UAE’s banking sector profitability to remain strong in 2019

  Dubai: The UAE’s banking sector maintained steady asset growth, improved profitability and asset quality in 2018 and is expected to deliver similar performance in 2019, according to ba

images

Dubai Expo 2020 forecast to add $23.4bn to UAE's GDP

  Industry exhibition EXPO 2020 will be the first international event of this scale in the Middle East. The authorities of UAE have assured that they will take maximum efforts to organize the

images

Bahrain-Vat Implementation & Record Keeping

Based on M Al Ali Auditing’s experience of assisting in implementation of Vat and in other indirect taxes globally, we can say that it takes 1-2 months in order to getting ready for Vat. Key

images

Go Global with IFRS

Over the past years Cross border transactions trade and flow of international capital has grown remarkably, completely transforming the global economy, ultimately gave rise to highly competitive marke

images

VAT Updates - VATP010, VATP011

Interest income from bank deposit Bank deposits may accrue interest to their holders. For example, a retail business may put its business income into a bank account and earn interest on the deposit

images

Vat - Tourist refund scheme

Vat - Tourist refund scheme What goods are eligible to receive tax refunds ?    All taxable goods except for 1. services 2. goods that are not accompanied by the overseas 3. Tourist

images

UAE Vat updates

UAE VAT UPDATES Key points of clarification provided by FTA on some issues.   1. Tax invoices In case of simplified tax invoices, there is no requirement to show the net value of line

images

VAT UPDATES

VAT FORM 211- Voluntary disclosure form Federal Tax Authority has introduced VAT FORM 211- Voluntary disclosure form. This will help a taxable person to rectify the errors which they have comm

images

IDENTIFICATION OF A RELATED PARTY- IAS 24

A related party shall be a person or entity that is related to the entity which is preparing its financial statements (referred to as the ‘reporting entity’): (a) A person or a close me

images

LIABILITY FOR VAT IN ACTIVE CONTRACTS SIGNED PRIOR TO JAN 1, 2018

On March 3, 2018 FTA has given a clarification that determine whether it is the supplier or end-consumer that bears the cost of the Value Added Tax (VAT) on goods and services set to be delivered full

images

VAT ALERT – BUSINESS VISITORS AND GIBAN

1. Federal Tax Authority has confirmed Business visitors refund: For business visitors, claiming VAT refund is a straightforward process as confirmed by the summary user guide released by FTA. This

images

IFRS 15- Revenue from Contracts with Customers

What’s the effective date and transition? IFRS 15 shall be applied in the IFRS based financial statements for annual reporting period starting on or after 1st January 2018. This Standard also

images

SOLLUTION TO THE PROBLEM FACED BY VAT IMPORTERS

After the implementation of VAT, all the imports to UAE are affected. For this, Federal Tax Authority and Custom department are working together for collection of VAT Payment. As per the procedures

images

VAT ALERT- PAYMENT BY COMMERCIAL PROPERTY BUYERS

Real-estate is one of the sectors which impacts all expatriates and citizens in UAE in the form of house rents and prices. Everybody know that 5% VAT will be charged on sale of Commercial Property. So

images

VAT Impact on Education Sector

Education is one of the major sectors for any economy. The education of country’s youth decides how the economy of that country will flourish. Education promotes understanding, vision, creativit