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E-commerce personal imports guidance
Dubai Customs operating under “The Government of Dubai” vide Customs Notice No. (09/2021) has brought in a notice concerning personal imports via e-commerce. There are 13 articles as follows. (1) – Definitions Follow the definitions of these terms. (a) Department (b) Companies (c) Value (d) Platform (e) Personal Goods (2) – Registration It states that […]
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VAT Payment guide for commercial property buyers
The Federal Tax Authority (FTA) introduced a guide on 6th May 2021. It facilitates persons who are buying or selling a commercial property that is subject to Value Added Tax (VAT) in the United Arab Emirates (U.A.E) to complete their VAT payment on their (FTA’s) e-services. It has 2 steps required to complete the VAT […]
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FTA directive on tax returns
FTA issues directive on alternative deadline to file tax returns (28th May 2020)
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Treatment of VAT on services rendered in designated zones
Designated Zones There are a total of 19 designated zones in the United Arab Emirates. They are listed as follows: Abu Dhabi (3 zones) 1. Free Trade Zone of Khalifa Port 2. Abu Dhabi Airport Free Zone 3. Khalifa Industrial Zone Dubai (7 zones) 1. Jebel Ali Free Zone (North-South) 2. Dubai Cars and Automotive […]
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Salary Information File
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 […]
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Big 4
Big Four Accounting Firms (Big 4) are the top accounting firms that are globally recognized for providing auditing, assurance, taxation, management consulting, actuarial, corporate finance, and legal services. The Big Four Firms are Deloitte, Price Waterhouse Coopers (PwC), Ernst & Young (E&Y), and Klynveld Peat Marwick Goerdeler (KPMG) Deloitte Deloitte Price Waterhouse Coopers (PwC) Price […]
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Top Excel General Formulas
Here are the top excel formulas that will help you productively use the office application (i) SUM (ii) AVERAGE (iii) XLOOKUP (iv) VLOOKUP (v) HLOOKUP (vi) COUNT (vii) CONCATENATE (viii) SUBTOTAL (ix) MODULUS (x) LEN (xi) REPLACE (xii) POWER (xiii) CEILING (xiv) FLOOR
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Audit of Payables
Procedures/ Controls to be followed 1. Trace receivable report 2. Investigate reconciling items 3. Test verification of invoices 4. Match invoices to dispatch log 5. Confirm receivable balance 6. Review payment receipts 7. Assess doubtful accounts 8. Review credit/ debit notes 9. Invoices and hold sales/ services/ revenue 10. Sales/ services/ revenue return 11. Related […]
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Audit of Receivables
1. Verification of invoices 2. Investigate reconciling items 3. Match invoices to dispatch log 4. Trade Receivable report
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Audit of Cash and Bank Balances
(i) Segregation of duties relating to authorization of transactions, handling of cash/ issuance of cheques and writing of books of account, and rotation of the duties periodically; (ii) Proper authorization of cash and banking transactions; (iii) Daily recording of cash transactions; (iv) Safeguards such as restrictive crossing of cheques, use of pre-printed, pre-numbered forms; (v) […]
