Employees end of service benefits End of Service Benefits (ESB) refer to the financial compensation provided to employees when they leave a job due to retirement, resignation, termination, or completion of a contract. These benefits are often a statutory requirement in many countries and are designed to acknowledge an employee’s long-term service. Key components of …
How are freezones in Abu Dhabi attractive for businesses? Free zones in Abu Dhabi offer several advantages that make them attractive for businesses: These factors collectively make Abu Dhabi’s free zones attractive for businesses seeking a favorable environment for investment, growth, and international expansion. Here are the free zones which operate differently than in mainland …
How are freezones in Ajman attractive for businesses? Free zones in Ajman offer several attractive features for businesses: 1. 100% Foreign Ownership: Ajman’s free zones often allow businesses to have full foreign ownership, providing international investors with control over their ventures. 2. Tax Benefits: Businesses in Ajman free zones may benefit from tax exemptions, including …
Source: https://en.wikipedia.org A Cash Flow Statement is a financial statement that shows how changes in the balance sheet and income affect cash. Cash includes cash equivalents. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. It is useful in determining the short-term viability of a company, particularly its ability to pay bills. International …
Introduction A letter of credit is a financial instrument that a bank or financial institution issues to a buyer on behalf of a seller. It is a guarantee that the seller will receive payment as long as they meet the conditions specified in the letter of credit. This helps to reduce the risk of non-payment …
All about Salary Information File (SIF) Here is a quick guide about SIF for processing payroll in the UAE. Payroll is probably one of the most essential functions of an organization. After all, employees should be paid their agreed-upon salaries on time after working hard throughout the month. The HR or Finance person at every …
Retention Money Retention money is referred to as the sum of money held by the employer as a safeguard for any defects or non-conforming work by the contractor. Treatment of Retention Money Retention money in business and contracting refers to a percentage of the contract value that is withheld by the client or customer for …
Who is an Employee?Employee is one who is employed by the company (employer) based on a contract in an employee-employer relationship to assist the company in various domains specified as per the contract. What is an Insurance? (Source: Investopedia.com) Insurance is a contract in which an individual or entity pays an insurance company in exchange …
Designated Zones in the UAE? In the context of the United Arab Emirates (UAE), “designated zones” refer to specific areas within the country that have been identified and designated for the purpose of Value Added Tax (VAT) regulations. These zones have special considerations and treatments regarding the application of VAT. The UAE VAT law defines …
What is Reverse Charge Mechanism? The reverse charge mechanism is a provision in Value Added Tax (VAT) systems where the responsibility for reporting and paying the tax is shifted from the supplier to the recipient of the goods or services. Instead of the supplier charging and collecting VAT from the buyer, the recipient accounts for …