CPA Lab

For Gratuity Calculator for Mainland & Free Zones: https://azhari-law.com/gratuity-calculation-dubai-uae/

4 Things To Consider When Hiring An Accountant.
(Employers Should Know This)

4 Things To Consider When Hiring An Accountant Employers Should Know This. In my experiences of looking for job opportunities and attending numerous interviews with different companies, I maybe very fortunate enough to experience remarkably memorable interviews; but somehow, there are some interviews that triggers me to leave the table without h...

SCAM ALERT! This is an employment scam. Why? They only collect your personal details from your CV. 😤

When I am looking for some job opportunities in Upwork, something rings the bell. Someone is looking for an "Expert Zoho Books Accountant" at the rate of USD 3-4 per hour in UAE? Somebody there have felt me already? This is an insult offer. 😤

"Non-Competition Clause" How it affects me?

Three (3) years ago, I was been in a so-called employment trap. The company forced me to sign a contract with this "non-competition clause" in it. Forcefully per se, it is because he holds my passport & my educational documents. If I won't sign, he will create problems and it will scared me to death that he might disturb my mental health. It really traumatize me. As for me, that company is not worth working with. They are not hiring employees; but they are hiring victims of slavery.

At that time of my entry, I was very kind, polite, respectful and excited to get a job as the UAE invited skills from other parts of the globe in order such skills I have can be generously contributed to the improvement of their economy.

Unfortunately, I was wrong with my expectations and my career was shattered. Well, it's a long story that I need peace to move on and space to heal myself; but I will only highlight this kind of unhealthy clause which generally barred me to explore greener opportunities and lose my trust with most of the companies-on-hire in UAE. Therefore, I have to re-design my stances to help myself out.

My advice to this kind of contract? Put them in the garbage bin.

THE INTRODUCTION OF UAE FEDERAL CORPORATE INCOME TAX

Last 1st of January 2018, the UAE had introduced the value added tax of 5% and the whole GCC business had to make their respective early stances before its implementation. Until then the GCC business sectors had have to adapt UAE VAT and it was efficiently & wonderfully implemented.

Now, after 4 years of run-through of the UAE VAT, their Ministry of Finance has announced it's new taxation law which is to be implemented this coming 1st day of June 2023 in a favorable rate of 9% - also known as the UAE federal corporate income tax.

What's the difference of these 2 types of taxation?

The UAE value added tax is a consumers' tax while the UAE federal corporate tax is an income tax. Hopefully, this definition will help you well.

Anyway, on the otherhand, tax accountants will evolve in the business sectors as it is and they will become a surprising demand and the auditors as well will become regularly needed.

Probably, it is because the audited financial reports will become a requirements in the determination of the correct computation of the corporate income tax.

Well, if you need an accountant who is basically well experienced of the UAE taxation and ready to handle your accounts, I can surely assists you.

Have A Glance On How To Treat UAE VAT on Selected Sectors

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Disclaimer:
The information given here are mere guide to any UAE Accountants for their initial view on how to deal UAE VAT & it's taxation and these are NOT official information from the FTA. If you need the most reliable details regarding UAE VAT, kindly visit their official website or kindly inquire FTA accredited tax agents & tax consultants.



If you need pdf files, just send me your message below:
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"VAT is not an income tax; it's a consumption tax."​

To keep UAE VAT in a very simple illustration - Once you are a VAT registered entity or individual, you will be certainly becoming a tax collecting agent of the government (of the said consumption tax, of course), and then what's the benefit of being a tax collecting agent? Well, then you can claim full refund of all the consumption taxes you have paid with the requirements of the law.

Business is ever changing and the business community are evolving from time to time and they were adapting new approaches to save time and money. And the good thing or the worst thing is - the changing is too fast that if you are not able to adapt immediately, you will not survive.

It is not only the accounting profession was threaten (or have the opportunity) with our digital evolution. In reality, even taxi drivers were disturbed with the UBER app, the tourism industry were also discouraged with the AirBnB platform, and almost every angle of profession or industry are compromised with the autoreply, autosearch, autocompute, etc., etc.

And these accounting softwares (whatever it is) are simply tools for the accountants. It is their vehicle to simplify things and maximize their performance. It cannot replace any qualified accountants.

As for me, a good accountant is not that much dependent on any accounting software in the market. They can even deliver financial reports in a reliable state to the business owners and other users for their financial decisions; with or without accounting softwares.

Don't get me wrong with this; but if you hire a wrong guy to do an accounting job in a wrong accounting software, you better hire me.

If you are a UAE VAT registered entity and your taxable supplies declined to less than AED 187,000.00 a year, it is advisable to deregister?
The answer is yes (with a cetain conditions).

COMPULSORY DE-REGISTRATION

The registered entities will only become eligible for compulsory VAT deregistration when or the taxable supplies are less than the voluntary registration threshold limit of AED 375,000.00 a year.

VOLUNTARY DE-REGISTRATION

The registered entities may also have an option for voluntary VAT deregistration if the taxable supplies for the past 12 months does not exceed the Compulsory VAT registration threshold of AED 375, 000.00 but are above the voluntary registration threshold of AED 187,500.00.

The entities opting for VAT deregistration are required to submit the application to the FTA with valid reasons.

And if the FTA found the reasons and other conditions to be valid then the authority will approve the deregistration.

The FTA will also verify the following:
1. Status of Returns
2. Outstanding tax payments
3. Any penalties that are pending

A pre-approval for VAT deregistration can be secured if the reason is valid. However, the final approval will be on hold until there will be no more outstanding tax payables.