home blogs Penalty for Late Corporate Tax Registration in UAE On February 27, 2024, the Ministry of Finance announced an AED10,000 penalty for late registration of UAE Corporate Tax. Businesses failing to submit their Corporate Tax registration on time, as specified by the Federal Tax Authority, will face this penalty. The aim of this penalty is to promote compliance with tax laws, urging taxpayers to register for corporate tax promptly. The penalty amount for delayed tax registration mirrors the penalties for late registration of excise tax and value-added tax. This measure underscor ..read more

home blogs A Guide to VAT Deregistration in UAE VAT deregistration in UAE is a simple process; businesses must complete their VAT deregistration process correctly and comply with the rules. Businesses must also complete it when they are not eligible to do so; otherwise failing to deregistration faces a heavy penalty.  VAT Deregistration Criteria in UAE As per the Federal Tax Authority (FTA) of UAE, there are specific criteria applying for VAT deregistration:  When businesses’ Taxable Supply Ceases  Businesses taxable supplies during the past 12 months were less than th ..read more

home blogs Tax Residency Certificate: How It Can Be Obtained in UAE The UAE has given a tax residency certificate to companies. This certificate allows these companies to enjoy tax benefits under agreements that prevent double taxation with other countries. Running successful businesses in many countries complicates things and requires carefully following other rules and guidelines. Understanding taxation laws in different countries is complicated. If your company is doing well and making money in various countries, you must avoid potential dual taxation. Obtaining a TRC is not just a ..read more

home blogs Anti-Money Laundering & Combating the Financing of Terrorism and Illegal Organizations Guidelines for Financial Institutions  Anti-Money Laundering and Combating the Financing of Terrorism and the Financing of Illegal Organizations provide guidelines for Financial Institutions (FIs) for their guidance and assistance. These guidelines consist of: Overview Identification and Assessment of ML/FT Risks Mitigation of ML/FT Risks AML/CFT Compliance Administration and Reporting Overview of Guidelines In UAE, Anti-Money Laundering & Combating the Financing of Terrori ..read more

home blogs Why Hiring a Professional Accountant in UAE Is Key to Business Growth As a business owner in the UAE, everyone is looking for ways to grow the business and increase its profit. Hiring a professional accountant is one of the most important decisions you can make to help you achieve this goal. An experienced accountant can be an invaluable asset to your business.  Whether you’re a startup or an established business, having a competent accountant on your team can make a difference. They can help you navigate the complex financial landscape and play a pivotal role in ensuri ..read more

home blogs Anti-Money Laundering (AML) Audits in UAE The Anti-Money Laundering and Combating the Financing of Terrorism and Illegal Organisations (the “AML-CFT Decision”) under Decree-Law No. (20) of 2018 specifies particular AML/CFT obligations. Moreover, UAE federal laws impose obligations on auditors concerning the nature and content of their duties regarding the auditing of accounts and the reporting of crimes detected while carrying out those duties.  The AML-CFT Law and the AML-CFT Decision require both Financial Institutions and Designated Non-Financial Businesses and Profe ..read more

home blogs How To Set Up A Company In Dubai Free Zone Free zones are always attractive options for setting up a company for several reasons, such as 100% foreign ownership, tax benefits, and access to world-class infrastructure. However, to set up a company in the Dubai Free Zone, you must follow the specific requirements and regulations of the chosen Free Zone. Each free zone has slightly different criteria and procedures, so it is crucial to research the one that best suits your business needs. Rest assured, ADEPTS is here to assist you in setting up or registering a company in free ..read more

home blogs The Power of Compliance: Why Registering for Corporate Tax in UAE is a Game Changer The UAE has introduced a Corporate Tax Law, which applies to financial years beginning on or after 01 June 2023. This law requires companies to register for Corporate Tax, and non-compliance can lead to penalties and legal consequences.  Why Register for Corporate Tax in UAE? Registering for Corporate Tax in UAE is crucial for several reasons: Legal Requirement: The UAE Federal Tax Authority (FTA) has mandated that all companies are required to register for the Corporate Tax Law. Prevent ..read more

home blogs How to apply for an ICV certificate in Dubai, UAE The Ministry of Industry and Advanced Technology (MOIAT) oversees the National In-Country Value (ICV) Program, which aims to promote the UAE economy. An ICV certificate is issued to suppliers (companies wishing to obtain an ICV Certificate) who work directly or indirectly with ICV-certified, government, or semi-government companies. If you are worried about how to apply for an ICV certificate in Dubai, rest assured that ADEPTS is here to provide you with reliable and trusted ICV certification services in UAE. This blog post ..read more

home Blog Post From Filing to Optimization: The Comprehensive Guide to Tax Management in the UAE Tax management in the United Arab Emirates (UAE) is a significant aspect that individuals and businesses must navigate efficiently. Understanding the intricacies of tax filing and optimization can significantly benefit compliance, savings, and overall financial stability.  Proper tax management enables businesses to optimize their financial resources by minimizing tax liabilities through legal and strategic means, ensuring more capital remains available for investment and growth initi ..read more