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Create a new company in Tally Prime
Introduction Entering company basic information • Selecting keyboard keys “Alt” and “R” (Alt+R), to change from regular company to group company in the company creation gateway. Therefore, we can create either a regular company or a group company by providing the requisite details. • Enter the name of the company, in our example, the name […]
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Accounting of Cryptocurrency4 min read
What is Cryptocurrency Cryptocurrency is a digital or virtual currency that uses cryptography for security. It operates independently of a central bank or government. Bitcoin, the first and most widely used cryptocurrency, was created in 2009. Other popular cryptocurrencies include Ethereum, Ripple, and Litecoin. Cryptocurrencies are typically created through a process called mining, in which […]
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Laws in the UAE4 min read
We at BHMJ ensure you comply with the laws and regulations of our country (the United Arab Emirates). These are the laws the residents and businesses of the UAE are bound to follow (i) Federal Decree Law 2 of 2015: Combating Discrimination and Hatred (ii) Federal Decree Law 29 of 2006: Protecting the rights of […]
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Excise Rates1 min read
Carbonated Drinks (excluding Sparkling Water) – 50% Sweetened Drinks – 50% Energy Drinks – 100% Tobacco Products – 100% E-cigarettes, Liquids & Tools – 100%
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Treatment of VAT on services rendered in designated zones1 min read
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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List of Charities that may recover input tax1 min read
Source: https://www.tax.gov.ae/en/ Charities Federal Entities Charities Abu Dhabi
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AML CFT Supervision by the CBUAE2 min read
The CBUAE established a dedicated department in August 2020 to handle all Anti-Money Laundering and Combatting the Financing of Terrorism matters (AML/CFT), which the Banking Supervision Department handled previously. The Anti-Money Laundering and Combatting the Financing of Terrorism Supervision Department (AMLD) serves three key objectives: Through AMLD, the CBUAE coordinates closely with the UAE’s National […]
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Reverse charge Supplies1 min read
These are the various supplies for which Value Added Tax (VAT) is payable by the recipient of the supply, i.e the customer:
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Designated Zones1 min read
Abu Dhabi (5 designated zones) Dubai (8 designated zones) Sharjah (2 designated zones) Ajman (1 designated zone) Umm Al Quwain (2 designated zones) Ras Al Khaimah (3 designated zones) Fujairah (2 designated zones) Commercial Property Transactions – VAT E-commerce personal imports guidance FTA directive on tax returns List of Charities that may recover input tax […]
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VAT on insurance premium paid for employees1 min read
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 […]
