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VAT on Retention money
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. VAT on Retention Money VAT shall be due on the retention amount at the earliest of the following dates:
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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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Letter of Credit
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 […]
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Cash Flow Statement
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. […]
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Freezones in Ajman
Here are the free zones which operate differently than in mainland Ajman: Ajman Free Zone Ajman Media City Free Zone Ajman Free Zone – Ajman Free Zone (AFZA) (Arabic: منطقه عجمان الحره) is a free trade zone in Ajman, United Arab Emirates (UAE). It was first established in 1988. It is one of a number […]
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Freezones in Abu Dhabi
Here are the free zones which operate differently than in mainland Abu Dhabi: Abu Dhabi Airport Free Zone (ADAFZ) Abu Dhabi Global Markets (ADGM) ADPC – Khalifa Port and Industrial Zone (KPIZ) Industrial City of Abu Dhabi Higher Corporation for Specialized Economic Zones / Zones Corporation Masdar City Free Zone twofour54
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How is Gratuity calculated?
In the United Arab Emirates (UAE), gratuity is a benefit paid to employees at the end of their employment. It is calculated based on the employee’s length of service and their final basic salary. The formula for calculating gratuity in the UAE is as follows: Gratuity = (21 days x basic salary x number of […]
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How to create a contra entry on Tally
Contra Entry A contra entry is a type of accounting transaction that involves two opposite entries in the same account. Contra entries are used to cancel out or offset the effect of a previous transaction. For example, if a company receives payment for goods or services that were previously sold on credit, the payment would […]
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Freezones in Sharjah
Here are the free zones which operate differently than in mainland Sharjah: Hamriyah Free Zone Sharjah Airport International Free Zone U.S.A. Regional Trade Center (USARTC) Free Zone Sharjah Publishing City Free Zone Sharjah Media City Free Zone (Shams) Sharjah Publishing City Free Zone (SPC Free Zone) Hamriyah Free Zone – The Hamriyah Free Zone is a free zone place […]
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Freezones in Dubai
Here are the freezones which operate differently than in mainland Dubai: International Free Zone Authority (IFZA) Dubai Airport Free Zone Dubai Auto Zone (DAP) world Dubai Biotechnology & Research Park (DuBiotech) Dubai Car and Automotive City Free Zone (DUCAMZ) Dubai Design District Dubai Flower Center Dubai Gold and Diamond Park Dubai Healthcare City Dubai Industrial […]
