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Why Management Fee is Taxable in UAE?

The Director’s Service fee also called as Management Fee is taxable in UAE under the UAE VAT Law. The FTA- Federal Tax Authority has issued a rule on applicability of tax on Management Fee/Director’s Services in the month of April 2018.The Director’s Service Fee/Management Fee is taxable if the below mentioned conditions are satisfied:1. The person provides independent director’s services to othe...


Business and Financial Advisory at SME Business Management Consultancy

SME Business Consultancy provides the business and financial advisory services and solutions to start-ups as well as established companies and organizations of all sizes in UAE. We provide unique support on the market intelligence based consulting for our clients strategic planning and operative decisions by experts. All businesses, small and large require accurate financial management and control...


What does VAT Advisory Services in UAE at SME Business Management Consultancy provide?

1. 24/7 support on VAT advisory services from the VAT Experts. 2. Timely, precise & cost-effective support from the VAT Expert for the queries or issues confronted by the businesses.3. VAT impact analysis from VAT authority team. 4. Plan and prepare solutions for recommendations designed to provide advice on taxation for business clients.5. VAT Advisory Service through meetings, discussions and on...


VAT implementation: Responsibilities of business entities

All companies and business in UAE must registered for VAT under UAE VAT Law and should maintain proper records of their business transactions and ensure that all financial records are accurate and up to date. Also should register under UAE VAT if they are coming under eligibility criteria based on turnover. All UAE VAT registered business and companies may reclaim any VAT they have paid on goods o...


Accounting Outsourcing Services in UAE

For the economical growth of country to comply with the legal requirements and to compete with the businesses may sometimes difficult to manage the accounting activities of their businesses within the company especially for SMEs. So, accounting outsourcing services is the best option for them to choose.Benefits of Accounting Outsourcing Services1. Outsourcing of non-core activities can improve eff...


How we proceed with VAT Compliance Review?

1. Accounting and operational software system review:Proper accounting software is important in all organisation to ensure that it complies the UAE VAT law which will result in no discrepancy during a tax audit by a tax auditor. Company can check whether the accounting software used in the company is capable of handling proper Tax Invoice, Tax Credit Note, Accouting on Reverse Charge, Calculation...


Needs for maintaining proper VAT records for businesses

Federal Tax Authority will be commencing Tax Audit for all companies in UAE to review how well VAT implementation has been complied in their company businesses in order to know whether the they have maintained proper business records or not. All businesses in UAE must maintain their records properly to be ready for a Tax Audit anytime by Federal Tax Authority. For that companies or businessman nee...


Why VAT Return Filing?

In order to comply with the UAE VAT law, UAE VAT registered businesses have to file their VAT Returns on time. This will help you to avoid penalties and consequences for not obliging with the TAX laws in the region all around UAE.The First VAT Return Filing for around 80,000 businesses in the UAE will be submitting their VAT returns by April 2018. Businesses and taxable persons has to submit all o...


Electronic services under UAE VAT Law

The following services have been identified as ‘Electronic services’ as per Article 23 of the Executive Regulations of UAE VAT Law:1. Supply of domain names, web-hosting and remote maintenance programs and equipment and updating of software. 2. The supply of images, text, and information provided electronically such as photos, screensavers, electronic books and other digitized documents and files....


Steps We Need to follow Before VAT Return

1. Login to the portal of the Federal Tax Authority at www.tax.gov.ae with your registered user name and password.2. Click on VAT 201 – New VAT Return option under the e-services section of the portal to initiate the VAT Return form.3. Fill the contents of standard rated supplies from box 1a to 1g.4. Treatment of Tax Refunds provided to Tourists5. Supplies subject to the reverse charge provisions....


Steps to consider before implementing VAT by every businessmen in UAE

1. Check whether the company needs to be registered for VAT or not. If the annual turnover of the taxable items is more than AED 375,000/, you have to register for VAT.2. Find the one suitable software for your company. 3. Place right and skilled people on board to handle the challenges on VAT compliance in accounts, IT and document controlling department. 4. Study the operational activity of yo...


What are the process of establishing LLC?

LLC- Limited Liability Company is the most common form of business entity formed in UAE-Dubai for engaging in commercial activities. These are the process to establish LLC in UAE; 1. Obtain initial approval for name and activity from the Department of Economic Development and approval from relevant Ministry/Department in case the activity is of special nature. 2. Draw up company’s Memorandum of As...


Looking for steps to set up a company in Main land?

Here the complete steps to set up a company in Main land;1. Select an activity.2. Select a legal form for your business.3. Select a trade name for your business.4. Apply for an initial approval certificate. 5. Prepare an Memorandum of Association (MOA) or Local Service Agent (LSA), if relevant.6. Establish your business location.7. Obtain licencing approvals for your business activity. 8. Collect...


How VAT affects the Companies and Individuals in UAE?

For companies, the increase in cost due to VAT can be shifted to the customers and the operating cost of the company is likely to go up while implementing VAT. Additional costs for the company will be on; 1. Employment cost of new/additional staff to handle accounts, IT, documentary controls etc.2. The cost to make necessary changes in the existing software of the company or to buy new software to...


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