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 […]
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 […]
