The United Arab Emirates continues to attract global investors and businesses due to its dynamic economy, strategic location, and favorable business environment. However, when it comes to real estate and immovable property, foreign companies must navigate the complexities of corporate tax obligations. Understanding the implications and obligations of Corporate Tax on Real Estate is crucial [...] The post Corporate Tax Liability on Real Estate & Immovable Property in the UAE (2024) appeared first on Hallmark International Auditors ..read more

The United Arab Emirates (UAE) has recently introduced a corporate tax regime, effective from June 1, 2023, which includes comprehensive transfer pricing (TP) regulations. These regulations aim to ensure that multinational companies (MNCs) operating in the UAE conduct intercompany transactions at arm's length, preventing profit shifting and ensuring fair taxation. Key Features of UAE Transfer [...] The post Transfer Pricing Regulations in the UAE: A Complex Landscape appeared first on Hallmark International Auditors ..read more

The UAE's tax landscape, relatively new though it may be, presents its own set of challenges. Both individuals and businesses can face substantial financial penalties if they misstep in their tax obligations. A clear understanding of the tax system and common pitfalls is crucial to avoiding these costly errors. Understanding the UAE Tax System The [...] The post Common Tax Mistakes and Penalties in the UAE: Avoiding Costly Errors appeared first on Hallmark International Auditors ..read more

It’s unbelievable that there are only five months left until the end of the first tax period for the majority of the companies. How prepared are we for Corporate Tax (CT)? Recently, many clients have requested assistance with changes in their ERP systems. Here are some guidance for the same . Chart of Accounts Overhaul [...] The post ERP Adaptations for the UAE Corporate Tax Era: A Practical Guide appeared first on Hallmark International Auditors ..read more

The United Arab Emirates (UAE) has emerged as a global hub for business and investment, and its real estate market is a major contributor to this success. But what truly sets the UAE apart is its attractive tax environment, particularly for individual investors seeking a lucrative and tax-efficient way to build wealth through property ownership. [...] The post UAE: A Tax Haven for Real Estate Investors? appeared first on Hallmark International Auditors ..read more

In an era where global economies are intertwined and competition is fierce, companies in the United Arab Emirates (UAE) must leverage every opportunity to stand out. One such opportunity is obtaining the In-Country Value (ICV) certification. This certification is not just a formality but a strategic tool that can significantly enhance your company’s market position and contribute to the broader economic goals of the UAE. What is ICV Certification? The Government of UAE introduced the ICV program under the supervision of Ministry of Industry and Advanced Technology (MoIAT) to support the econom ..read more

The United Arab Emirates (UAE) offers a thriving business environment, but even in this dynamic market, accounting errors can trip up companies of all sizes. Here, we’ll explore some frequent accounting mistakes businesses make in the UAE and how to avoid them: 1. VAT Compliance Missteps: The Error: Underestimating the importance of Value Added Tax (VAT) compliance. This can involve neglecting VAT registration, missing filing deadlines, or improper invoicing. The Impact: Penalties, fines, and even legal repercussions. The Fix: Seek professional help to ensure VAT compliance. Stay updated on re ..read more

In the rapidly evolving world of finance, Artificial Intelligence (AI) is emerging as a transformative force. From enhancing customer experiences to streamlining operations and mitigating risks, AI is reshaping the financial landscape. Here’s a comprehensive look at what to expect, the benefits and challenges, and the future of AI in finance. What to Expect from AI in Finance AI’s role in finance is expanding rapidly, promising to revolutionize various aspects of the industry: 1. Automated Processes: AI can handle routine tasks such as data entry, transaction processing, and compliance checks ..read more

Introduction Companies operating in the DMCC free zone in the UAE are required to undergo an annual audit of their financial statements. This ensures transparency and compliance with local regulations. Regulations and Deadlines The audit requirement is set out in the DMCC Company Regulations and the UAE Commercial Companies Law. Companies must submit audited financial statements within 180 days of their fiscal year-end through the DMCC member portal. Documents Required for the Audit Company license Passport copies of shareholders Lease agreement / tenancy contract Share certificates Bank st ..read more

The UAE government offers VAT refunds to support its citizens building new residences. This guide explains the program and how to claim your refund. What is the VAT Refund for New Residences? This program allows eligible UAE nationals to reclaim VAT paid on construction materials and services for their new homes. The residence must be built on land owned by the applicant or a family member and intended for personal use. Benefits of VAT Refunds While navigating the application process can be complex, the potential benefits are significant. Recovering VAT paid on construction costs can ease the ..read more