What Is the Best Way to Find a Tax Agent in Dubai?

 

       Dubai is the capital and the richest city of the Emirate of Dubai and the most densely populated city in the United Arab Emirates (UAE). The city developed quickly in the early twenty-first century to a cosmopolitan city with a focus on tourism, hospitality, and different types of businesses. Dubai has solidified its role as a global leader in innovation, it offers many job opportunities as a hyper-connected, pro-business center. Dubai provides opportunities for businesses of all sizes, and every business requires professional models to enhance growth. Tax agents are an example of such professional models, they know the tax laws inside and out, and can use that experience to help businesses pay the least amount of tax possible. It seems very easy to hire one of them, but finding a perfect tax agent in Dubai is quite hard because a minimal mistake can accelerate huge penalties and fines. An experienced tax consultant in Dubai will assist in making wise financial decisions.

 

Here are some important factors to look at before hiring a tax agent in Dubai:

 

Confirmation of the form of tax service

 

A tax consultant in Dubai may offer a variety of services, which may or may not be the major requirement for the business. Therefore, it is very crucial to analyze and optimize the major needs that are required. Hence a confirmation of the form of service will always lead to profit.

 

Tax Consultancy License Verification

 

Tragically, there are many fraudulent tax preparers in the United Arab Emirates. As a result, it is important to conduct extensive research on tax preparers. As well as the taxation system in UAE is defined as to be a complicated one. If you need to recruit any tax agent in Dubai, make sure they have a current and valid license from a council or government agency. Special verification should be done on the license of any VAT services in Dubai, otherwise, they are considered to be a fraud.

 

Select one that works throughout the year

 

Problems don’t always come with advance notice; thus, a business may face tax issues any day any time. This is why hiring someone who works on tax issues throughout the year would be more effective. There is a good probability that a solution to your problems would be available. They will examine the current financial situations, thoroughly evaluate them, and prepare a study on tax savings prospects.

 

Expertise and Experience

 

There is a huge availability of tax agents in Dubai, but before hiring a good tax agent one should prioritize expertise and experience.  Having an established, regulated tax agent on your side can be extremely beneficial to your business. Before hiring such a professional one must check out the testimonials, reviews, and their professional background in that field, social media and website will be the best source to collect such information.

 

Comparison of charges

 

The availability of tax consultants in Dubai is huge in number, thus it is confirmed that you will get the costing of the same service from different consultants on a variable scale. Hence it is more beneficial to talk with a few tax officers, and obtain all of the necessary documents and then compare the prices of each agent. You should choose someone who has a reasonable price but also has a lot of expertise, experience, and a legitimate license.

 

Selecting the best and legit tax agent in Dubai might be confusing. However, considering the above factors before hiring any tax Agent in Dubai or tax consultant in Dubai or VAT services in Dubai will make the job a little easier. A well-experienced tax agent in Dubai will turn out to be a treasure for your business, who will help to run the business smoothly.

 For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our

 website www.a-h-g.net or drop us an email on info@a-h-g.net .

We are one of the leading Audit company present in 4 countries and  Approved TAX Agent by the Federal Tax  Authority .

Moreover, we are  one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for its needs which helps our clients comply with law requirements and Latest FTA Announcements.

Things You Need to Know Before You Hire Dubai Bookkeeping Services

 

 

Several firms and the business modalities were growing or coming out in the world. Some of them become a behemoth and some lose the game. There are many reasons behind the working of every firm. For many entrepreneurs, Dubai seems exact and an enriching location for taking their business at the peak. Here every businessman accepted the Dubai bookkeeping services the most including and vital factor in becoming their firm monstrous. In the below oration we will discuss what bookkeeping is, some of its types, and basic information.

 

In every business bookkeeping is the mandatory requirement for keeping an eye on companies’ financial transactions but with proper bookkeeping. It helps the company to take satisfactory and valid decisions in financial investment and pay-outs. Bookkeeping services are the valid key in operating your payables and pay-outs with proper notes. By obtaining qualitative and legal bookkeeping services in Dubai you can get a bundle of benefits like, by receiving a service your time which was wasted in making the notes of your financial transactions and other noteworthy things will be saved. You will get your work in completed form and at the right time. Your firm’s financial health will be in stable condition. There are many more functions that will make your firm huge just by accepting the bookkeeping services.

 

There are some types and basic forms of bookkeeping such as sales credits cashbook, for recording sales and credit notes. investment cashbook, for recording investment invoices. Investment debit cash book, for recording investment debit notes. Cash ledger, usually known as the cash book, for recording all monies received and all monies paid out. The stability in all these levels is the sign of developing a firm with a formal way of financial management.

 

By accepting this much information and inhaling the thought that my business will run up is not a good idea. There are many more things to learn before you take a step. In which some basic types of bookkeeping should be known by you. Which are they? Let’s see.

 

The first one is the Single-Entry system. This type of bookkeeping service in Dubai is also to a great extent of use. does not require any special training anyone with a basic knowledge of management can do this thing. This is a simple system where you can record your financial transactions as a single entry in a log. This is used widely because of its simplicity in use and cost-effectiveness.

 

In this system, you can keep an eye on your company’s dates, then you can keep tracking your company’s transactional explanation and final balance of your firm.

 

The second one is the Double-Entry system. This system of bookkeeping has a corresponding side that is positive and negative in every transaction. The simple way to understand the system is, there are two accounts considered in every transaction one is debit and another is credit. The one which receives the balance is known as debit and the one which given the balance is known as credit. Both of the accounts get to analyze the right one is called a debited account and the left one is called a credited account. This type of system makes it easy to record the company’s expenses, incomes, loans, bad debt, etc. Due to the open and easy way of keeping transactional notes, this type of system is widely expanded in Dubai bookkeeping services.

 

The other type is called Virtual Bookkeeping. This type of bookkeeping is also a beneficial thought. You need to hire an online bookkeeper who can manage your company’s transactions, recording bank and credit card accounts, and processing payroll. But you should be able to find an authentic and reliable person, who can submit the work on time with detailed and accurate information of your transactions. A traditional bookkeeper was needed to be present at your workplace but in this case, all your work will be done by cloud-based software. Therefore, it is known as a virtual bookkeeper as all the work will be computerized. Here we can get our work finished with accuracy and in less money spending. which causes this type of system is in wide use and accepted by many entrepreneurs who accept the Dubai bookkeeping services.

 

Hope you all got everything that I explained to you about Dubai bookkeeping services, what it is, how it works, what are the benefits, what you need to keep in mind before you go into it, and what are the different alternatives you can find in bookkeeping services. This is a very good and effective way to take your firm to the height of enriching financial health.

 For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our

 website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax

 Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for

 Its needs which helps our clients comply with law requirements and Latest FTA Announcements.

UAE economy performs better than expected, on track towards recovery in 2021

 The UAE economy performed better than expected in 2020 despite the current global challenges brought about by the COVID-19 pandemic, said Abdulla bin Touq Al Mari, Minister of Economy, following the issuance of the preliminary results of the country’s economic performance by the Federal Competitiveness and Statistics Centre.

The results highlight the effectiveness of the proactive economic measures and incentive packages rolled out by the UAE government, based on policies that highlight the country’s speed and flexibility in responding to global changes, as well as its constant efforts to promote economic diversification.

The preliminary results of the UAE’s economic performance for 2020 revealed that the country's macroeconomic indicators had seen a relatively limited decline in gross domestic product and in thenon-oil GDP last year by 6.1 per cent and 6.2 per cent, respectively, at constant (real) prices compared to 2019. This is a comparatively low decline considering that the slump in major global economies reached several times lower.

Al Mari indicated that 2020 was an unprecedented year full of economic and health challenges that negatively impacted major global economies, and the UAE was not immune to the global economic system in this vulnerability. This is particularly so since the country's economy is linked through foreign trade, foreign investment, tourism and the logistical sector with the movement of trade and investment and global transportation, which declined significantly in 2020 worldwide.

However, the government's proactive economic policies in dealing with the repercussions of the crisis, and the launch of supportive economic packages had a positive role in limiting the negative effects of the pandemic on various vital sectors and on economic activity in particular.

The activation of all economic initiatives related to non-oil sectors and activities contributed positively to enhancing the stability of the country's non-oil domestic product in the year 2020, as it reached Dh1,005.6 billion at constant prices. Meanwhile, GDP at constant prices for 2020 amounted to Dh1,418.9 billion.

Besides, some components of real GDP spending activities (at constant prices for 2010) witnessed positive growth in 2020, as government spending achieved an increase of more than Dh1.17 billion over the year 2019. At the same time, investments resulting from capital additions achieved a 3.9 per cent growth, amounting to more than Dh13.1 billion in the year 2019.

In terms of negatively-affected economic activities among the components of real GDP for 2020 compared to 2019, accommodation and food services activities witnessed a negative growth of 23.6 per cent, as well as transportation and storage activities by 15.5 per cent. Wholesale and retail trade dropped by 13.1 per cent, while it decreased the activities of construction and building activities by 10.4 per cent. In addition, financial and insurance activities dropped by three per cent, while manufacturing industries recorded an increase of 0.2 per cent.

Al Mari underlined the importance of the initiatives implemented by the government with the participation of the private sector, including the efforts to improve procedures and legislation and diversify services, thus preserving the country’s position as an environment that attracts investments on an ongoing basis. These efforts also contributed to promoting foreign trade and opening up to the world as one of the components of international economic relations.

The success and complementarity of these policies also support the requirements for rapid economic recovery in 2021, promote future growth and sustainable development, achieve economic prosperity and decent living for all citizens and residents of the country, apart from highlighting the UAE’s capabilities and leadership at the regional and international levels.

The minister pointed out that the UAE continues the policy of economic openness as an approach and practice and is working on adopting a forward-looking vision to enhance its position as a global investment environment. These efforts fall in line with the directives and visions of the wise leadership, which believes in the importance of continuing work and employing all capabilities to enhance the national economy’s position as one of the region's most diverse and growing economies.

He added that with the continued implementation of the recovery plan and support packages for the economic sectors, the estimates of the Central Bank of the UAE indicate that the positive growth rates of the national economy will be restored by the end of 2021. It estimates a 2.5 per cent growth in real GDP, and 3.6 per cent in non-oil real GDP. These figures are expected to rise to 3.5 per cent growth in real GDP, and 3.9 per cent growth in non-oil real GDP in 2022.

The minister affirmed that the UAE government is keen to implement best practices that would support its efforts in managing the economic file and enhancing its flexibility in dealing with the challenges created by the global pandemic in the medium and long term. He added that the country's priorities are to accelerate economic recovery and the shift to the new economic model based on modern technology and fourth industrial revolution. Al Mari explained that the ministry, in cooperation with all concerned government entities, is working according to an ambitious vision to double our national economy over the next ten years, to reach Dh3 trillion by 2031.

 For more information regarding your Business Set-up/Tax/Audit/Accounting or other services please visit our website www.a-h-g.net or drop us an email on info@a-h-g.net

We are one of the leading Audit company present in 4 countries. Approved TAX Agent by the Federal Tax

 Authority and one of the very few Tax Agents who operates with Excise Tax and have a deep understanding for

 Its needs which helps our clients comply with law requirements and Latest FTA Announcements.