Custom Made Outsourced Accounting,Auditing, Book keeping, Federal Corporate tax & PRO Services
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No head- ache of recruiting , training etc...... Just outsource and relax......We’ll do the rest.FEDERAL CORPORATE TAX COMPLIANCE & FILING
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On 8th October 2021, the United Arab Emirates (“UAE”) (amongst 137 countries) agreed to implement the OECD’s Two-Pillar approach to reform its International Tax Framework and to implement a minimum Corporate Tax rate starting 2023.Following this development, on 31 January 2022, the Ministry of Finance of the UAE announced the introduction of a Federal Corporate Tax regime on business profits effective for Financial Years starting on or after 1 June 2023.Corporate Tax in UAE is a form of direct tax levied on the net income or profit of corporations and other businesses. Going forward, licensees operating in UAE will be required to assess the impact of the upcoming regulations to their business and undertake the necessary compliance. On this note, the UAE Tax Authorities have already stated that non-compliance will translate to crippling penalties. CT will be charged on the annual taxable income of a business as follows: 0%, for taxable income not exceeding AED 375,000; 9%, for taxable income exceeding AED 375,000; and. a different tax rate (not yet specified) for large multinationals that meet specific criteria set with reference to Pillar II of the OECD BEPS.
MAIN HIGHLIGHTS
All accounting entries as per IFRS. Incorporation of Value Added Tax (VAT) accounting. All reports available in Excel and ERP package. All reports available weekly, monthly, quarterly, half yearly & annually as the case may be.
We issue signed & stamped Non -Disclosure Agreement(NDA) to all clients along with the contract.
- STAGE -1 (GENERAL LEDGER)
- STAGE -2 (TRIAL BALANCE)
- STAGE – 3 (PROFIT & LOSS A/C)
- STAGE – 4 (BALANCE SHEET)
- STAGE – 5 (RECONCILIATIONS)
- STAGE – 6 (JOB COSTING)
- STAGE – 7 (ASSETS
- STAGE – 8 (INVENTORY)
- STAGE -9 (PAYROLL)
- STAGE – 10 (MANAGEMENT REPORTS)
• General Ledger accounts creation
• data entry & monthly report
• VAT accounting
• Accruals
• Prepayments
• Provisions
• Trial balance creation
• Preparation of P& L A/C
• Comparison of actual with budget
• Comparison with prior years’ data
• Preparation of BS
• Comparison of actual with budget
• Comparison with prior years’ data
• Bank Reconciliations
• Debtors Reconciliations
• Creditors Reconciliations
• Petty Cash Reconciliations
• Individual job costing
• Work In Progress job costing
• Comparison of actual with budget
• Fixed Assets schedules
• Depreciation schedules
• Additions
• Deletions
• Inventory creation
• Inventory schedule
• Additions
• Deletions
• Salary
• Wages
• Gratuity
• Cost analysis- Direct & Indirect
• Cost analysis – Job
• Performance reports
• Cash flow statement- Monthly
• P&L analysis
• BS analysis
• Debtors management
• Ratio analysis
- STAGE – 11 (CASH FLOW STATEMENT)
- STAGE – 12 (BUDGET)
- STAGE – 13(BANK FACILITIES)
- Company / Project Financing
- Overdraft / Loans
- Tender Bonds
- Performance Bonds
- Advance Payment Bonds
- Retention Bonds
- Letter of Credits- Import
- Letter of Credits - Export
- STAGE – 14 (INSURANCE FACILITIES)
- Contractors’ All Risk insurance
- Third Party Insurance
- Professional Indemnity Insurance
- Plant & Machinery Insurance
- Company Insurance
- Medical Insurance (Staff& Labour)
- Motor Insurance
- STAGE – 15(SUPPLIER , SUB-CONTRACTOR AND LABOURER FACILITIES)
- Arrangement of reliable suppliers & sub-contractors and skilled labourers from most reliable sources at affordable rates. (Good for the companies which are new to UAE )
- STAGE – 16(JOINT VENTURE A/C)
- STAGE – 17 (CONSOLIDATION OF ACCOUNTS)
- STAGE – 18(AUDIT)
• Preparation of rolling cash flow
• Budget preparation
• Comparison of budget with actual
• Negotiation with banks for various facilities like
• Negotiation with insurance brokers for various policies like:-
• Preparation of JV accounts
• Consolidation of different entity accounts
• Preparation of Audit schedules
• Internal Audit
• Interim Audit
• Final Audit
