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The UAE’s Corporate Tax Law (Federal Decree-Law No. 47 of 2022), in effect for financial years starting on or after June 1, 2023, requires businesses to keep precise financial records and comply with International Financial Reporting Standards (IFRS). This move enhances transparency in financial reporting, ensuring businesses are prepared for tax assessments and in full compliance with regulatory expectations.
The Federal Tax Authority (FTA) has underscored the importance of timely compliance, with penalties outlined in Cabinet Decision No. 75 of 2023 for non-compliance. Businesses, particularly those with new licenses issued in recent months, must register for corporate tax by the set deadlines to avoid fines. This law highlights the critical role of accurate accounting and record-keeping for maintaining regulatory compliance and sustaining long-term business success in the UAE.
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In Dubai, businesses are required to maintain precise and up-to-date financial records in accordance with the Federal Law No. 2 of 2015 on Commercial Companies (CCL). This regulation mandates companies to prepare annual financial statements that adhere to International Financial Reporting Standards (IFRS), ensuring consistency and transparency in financial reporting. Compliance with UAE VAT law further emphasizes the need for detailed transaction records and timely VAT filings, making meticulous bookkeeping practices essential.
Establishing effective accounting and bookkeeping policies not only fulfills legal requirements but also offers critical insights into a company's financial health. By utilizing accrual accounting and double-entry bookkeeping systems, businesses can accurately track income and expenses, supporting informed financial decisions. Standardized charts of accounts enhance the classification of financial transactions, while outsourcing accounting services provides cost savings, expert guidance, and increased operational efficiency—allowing companies to focus on their core business activities with confidence.
Tax Optimization
We provide tailored tax optimization strategies to legally reduce your tax liabilities and maximize profitability. Our experts analyze your financials to identify potential savings opportunities and implement effective tax planning techniques
Accurate Financial Insights
Gain precise, real-time insights into your financial performance, empowering better decision-making and strategic planning.
Enhanced Compliance
Stay compliant with UAE financial regulations, from VAT to corporate tax, and avoid penalties with expert guidance and regular updates.
Data Security and Confidentiality
With our secure systems, your financial information is kept confidential and protected at all times.
TVG Management Consultancy offers comprehensive accounting services tailored to meet the demands of modern businesses. Here’s what sets us apart:
Experienced Accountants: Our team has in-depth knowledge of UAE financial laws, ensuring your business meets all regulatory standards.
Customized Solutions: We tailor our services to fit your business size, industry, and unique requirements.
Streamlined Processes: From bookkeeping to complex reporting, we handle it all, keeping your financial operations seamless and stress-free.
Client-Centered Approach: We focus on building long-term relationships, offering continuous support and advice that evolves with your business needs.
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