How Can Accurate Financial Reporting Improve Decision Making for Businesses?
It is critical to keep a proper record of all the company’s financial activities irrespective of its size and the type of economy it operates in especially in today’s world. . This is because when organizations have accurate and well-defined financial data it facilitates proper decision making, proper investment on resources and better management of […]
How Can Your Business Benefit from Corporate Tax Registration?
In Dubai, corporate tax registration is now emerging as a key factor for organizations because the state is launching new taxes for developing its economy. Based on this case, it is important for any enterprise hoping to succeed in the current market to not only operate legally but also enjoy tertiary advantages that comes with […]
What Are the Warning Signs That You Need Accounting Services for Your Business?
Accounting is a necessity in any given business regardless of the size of the business and the type of the business because it is key to success. This is especially important in the competitive environment of Dubai and forgetting about the numerous accounting tasks is a recipe for failure. However, it may be challenging to […]
What Is the Role of Accounting in a Startup’s Success?
It can be said that money management for any business is critical when it comes to the continuity of its operations. The use of accounting is essential for startups, as well as for the overall management of their finances and for meeting the legal requirements when it comes to bookkeeping. In the fast-growing startup environment […]
What Is the Role of Tax Planning to Reduce Corporate Tax Burdens?
Tax planning plays a key part in managing finances for businesses. It aims to lower tax bills and follow legal rules. For companies in the UAE smart tax planning can save a lot of money. This blog looks at how tax planning helps cut corporate tax burdens and shows why expert Tax Planning Services In […]
How Can Corporate Tax Consultants Help Your Business Save Money?
Dealing with corporate taxes can be tough for many companies. As tax rules keep changing, getting help from corporate tax experts is useful. Here’s how Corporate Tax Consultants In Dubai can help your business cut costs: Improving Tax Plans One main way tax advisors help businesses is by making their tax plans better. These […]
How Can Proper Accounting Help Your Startup Thrive?
Launching a new company can be thrilling and daunting. Out of the many jobs a new business owner tackles, accounting often gets pushed aside. Yet, it stands as one of the key elements that can make or break a fresh enterprise. Good accounting helps new companies not handle their money but also lays out a […]
What Are the Key Advantages of Hiring VAT Consultants?
As Value Added Tax (VAT) rules get more and more complicated many companies find it hard to follow the rules while also focusing on their main business. Bringing VAT consultants on board can make this job easier in places like Dubai where tax rules change often. Let’s look at the main advantages of hiring VAT […]
Maintaining Adequate Substance for Freezone Businesses
Maintaining Adequate Substance for Freezone Businesses profitrackaccounting.com August 30, 2024 Blog,Business & Finance,Corporate Tax,Freezone Accounting,Taxation In the dynamic environment of Freezone businesses, maintaining adequate substance is critical for ensuring compliance with the UAE’s Corporate Tax Law. This blog explores the requirements and practical steps for businesses to uphold adequate substance within a Freezone. What is […]
Is a Director’s Salary Deductible Under the UAE Corporate Tax Law?
Is a Director’s Salary Deductible Under the UAE Corporate Tax Law? profitrackaccounting.com August 14, 2024 Blog,Corporate Tax,Insight,Strategy,Taxation As businesses in the UAE adapt to the new corporate tax regime, a key area of focus is understanding which expenses are deductible when calculating taxable income. One common question that arises is whether a director’s salary is […]
The Ultimate Guide to Startup Accounting in Dubai
The Ultimate Guide to Startup Accounting in Dubai profitrackaccounting.com August 12, 2024 Blog,Business & Finance,Insight,Startup Accounting,Strategy Starting a business in Dubai is an exciting venture filled with numerous opportunities for growth and success. However, navigating the financial landscape can be daunting, especially for startups. At ProfiTrack Accounting, we understand the unique challenges faced […]
Understanding Qualifying Activities for Freezone Accounting
Understanding Qualifying Activities for Freezone Accounting profitrackaccounting.com August 5, 2024 Blog,Business & Finance,Freezone Accounting,Insight,Strategy,Taxation As a Freezone accounting firm, navigating the UAE’s corporate tax landscape is essential for providing your clients with the best advice and services. The recently published “Corporate Tax Guide for Free Zone Persons” sheds light on what constitutes qualifying activities, which […]
Understanding Public Tax Clarification on First Tax Period of a juridical person by FTA (CTP003)
Understanding Public Tax Clarification on First Tax Period of a juridical person by FTA (CTP003) profitrackaccounting.com July 31, 2024 Blog,Corporate Tax,Insight,Taxation The Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Business, which applies to tax periods starting on or after June 1, 2023, establishes the framework for the Public Tax Clarification […]
Understanding the Implications of Black Points for Tax Agents in UAE
Understanding the Implications of Black Points for Tax Agents in UAE profitrackaccounting.com July 12, 2024 Blog,Corporate Tax,Insight,Taxation Tax agents play a crucial role in assisting businesses with their tax obligations, but what happens when they fail to meet the expected standards? Federal Tax Authority Decision No. 1 of 2024 introduces the concept of black points […]
VAT Public Clarification VATP037: Directors’ Services by Natural Persons
VAT Public Clarification VATP037: Directors’ Services by Natural Persons profitrackaccounting.com July 1, 2024 Blog,Corporate Tax,Insight,Taxation,VAT Introduction: VATP037 replaces the previous VATP031 to provide guidance on the VAT implications for natural persons performing the function of a Director on a Board of Directors, following the amendment of Article 3 of the Cabinet Decision No. 52 of […]
Understanding Manpower vs. Visa Facilitation Services
Understanding Manpower vs. Visa Facilitation Services profitrackaccounting.com June 27, 2024 Blog,Insight,Taxation,VAT In Dubai, businesses often encounter situations where employment visas are held by one entity while the employees work under the supervision and control of another entity. This creates challenges in distinguishing between manpower services and visa facilitation services, particularly regarding VAT treatment. Definitions and […]
Upholding Professionalism in Tax Agent Responsibilities: A Guide
Upholding Professionalism in Tax Agent Responsibilities: A Guide profitrackaccounting.com June 24, 2024 Blog,Insight,Taxation In the complex realm of taxation, the role of a tax agent is pivotal. These professionals bridge the gap between taxpayers and regulatory authorities, ensuring compliance while navigating the intricacies of tax laws and regulations. At Profitrack, we understand the importance of […]
Updates on Tax Refunds for Tourists Scheme: A Comprehensive Guide by Profitrack
Updates on Tax Refunds for Tourists Scheme: A Comprehensive Guide by Profitrack profitrackaccounting.com June 19, 2024 Blog,Taxation,VAT The Federal Tax Authority (FTA) in the UAE has established a robust mechanism for tourists to reclaim Value Added Tax (VAT) on their purchases. Over the years, several decisions have refined the Tax Refunds for Tourists Scheme to […]
Corporate Tax Registration Timeline: Key Dates and Procedures
Corporate Tax Registration Timeline: Key Dates and Procedures profitrackaccounting.com June 17, 2024 Blog,Corporate Tax,Taxation The Federal Tax Authority (FTA) of the UAE has outlined the timeline for the registration of taxable persons for corporate tax purposes under Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses. The following is a concise […]
Navigating Tax Compliance: The Role and Requirements of Tax Agents
Navigating Tax Compliance: The Role and Requirements of Tax Agents profitrackaccounting.com June 12, 2024 Blog,Insight,Taxation Tax compliance can be a complex endeavor for businesses, especially in the ever-evolving landscape of regulations and requirements. To navigate this terrain effectively, many businesses turn to tax agents for assistance. In this blog post, we’ll explore the definition of […]
Simplifying Corporate Tax Registration in the UAE: A Guide by Profitrack Accounting
Simplifying Corporate Tax Registration in the UAE: A Guide by Profitrack Accounting profitrackaccounting.com June 9, 2024 Blog,Corporate Tax,Taxation Navigating the landscape of corporate tax registration can be a daunting task for businesses. At Profitrack Accounting, we understand the complexities involved and are here to guide you through the process, ensuring compliance and efficiency. In this […]
Simplifying VAT and Corporate Tax in the UAE for Your Business
Simplifying VAT and Corporate Tax in the UAE for Your Business profitrackaccounting.com May 21, 2024 Blog The UAE’s business landscape is changing with the introduction of Corporate Tax (CT) alongside the existing Value Added Tax (VAT). While it might seem complex, understanding the basics can be straightforward. Here at Profitrack, we’re here to […]
Enhancing Corporate Tax Compliance: FTA Introduces Extended Registration Deadlines
Enhancing Corporate Tax Compliance: FTA Introduces Extended Registration Deadlines profitrackaccounting.com May 10, 2024 Taxation,Insight Discover how the Federal Tax Authority (FTA) of the UAE is revolutionizing corporate tax compliance with extended registration deadlines. Explore the latest regulatory measures aimed at facilitating registration for Corporate Tax, ensuring seamless adherence to tax legislation. Learn about the FTA’s […]
Navigating Corporate Tax Compliance in the UAE: Understanding Audited Financial Statements
Navigating Corporate Tax Compliance in the UAE: Understanding Audited Financial Statements profitrackaccounting.com May 10, 2024 Taxation Explore the intricacies of corporate tax compliance in the UAE with our comprehensive guide to audited financial statements. Delve into Ministerial Decision No (82) of 2023 and uncover the categories of businesses mandated to maintain audited financial records. From […]
