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Caviar – The Top Accounting Company in Dubai for Businesses That Want to Grow In Dubai’s highly competitive business climate, Accounting is no longer only about calculating numbers and creating balance sheets -it has transformed into an essential and crucial business function. Entrepreneurs, SMEs, and multinational companies alike, accurate accounting functions as the basis of ensuring compliance, decision-making, in addition to sustainable growth. With the UAE changing its financial regulations like VAT and tax on corporates, the importance of accounting is becoming more crucial. There are many companies there, one name that is consistently prominent: Caviar Accounting & Bookkeeping LLC. It is widely regarded as the most reputable top accounting Company in Dubai. Caviar has earned its name by providing solid, transparent, and a focus on client-centric financial solutions. If you’re a small firm or a seasoned enterprise, choosing to partner with Caviar will result in more than compliance; it’s about having a reliable partner on your development journey. This means that the choice of selecting the top accounting company in Dubai is an extremely risky one. A partnership with a shaky or unprofessional service provider could result in late deadlines, penalties from regulatory agencies, and financial mismanagement of which could damage your image and ultimately your bottom line. However, choosing to work with an experienced top accounting company guarantees that your finances are not only compliant but also designed to grow. Why Choosing the Top Accounting Company in Dubai Matters Before we highlight the advantages in Caviar Accounting and Bookkeeping prior to highlighting the advantages of Caviar Accounting & Bookkeeping, it’s crucial to know why choosing the right accounting service is more than simply outsourcing a task – it’s about ensuring the future of your company. Compliance and risk management Dubai’s regulatory framework is constantly changing, including VAT, corporate tax, VAT, and free zone rules, which require strict adherence. The Financial Clearness More than compliance, clear financial statements give an accurate picture of the cash flow, profitability, along structures. This clarity helps the business owner to see weaknesses, identify inefficiencies, make educated financial choices. Strategic Decision Support Accounting is more than just record keeping -it’s a strategically-oriented tool. The insights gleaned from accounts that are well maintained can help with the development of a budget as well as expanding markets, investing opportunities, and even hiring decisions, allowing businesses to remain ahead of their competition. Scalability & Technology Integration As companies expand and expand, so do their financial challenges. From using sophisticated accounting software to automating processes and even implementation internal audits, a reputable accounting firm offers flexible solutions that grow with your company’s needs. Services Offered by Caviar Being one of the most reputable accounting companies located in Dubai, Caviar Accounting & Bookkeeping LLC offers a wide range of financial services to assist businesses at every stage of their development. Every service is customized to meet the needs of clients while also ensuring that they are in compliance with UAE regulations and delivering useful data. 1. Accounting and Bookkeeping Caviar provides meticulous bookkeeping and accounting solutions, which include daily recording of transactions, ledger management, and reconciliations. The services will ensure that the records of your finances are up to date, accurate, and ready for audit. With organized accounts companies can maintain transparency and make decisions based on data. 2. VAT Consultancy Since the implementation of VAT by the UAE, Compliance has been the top priority for businesses. Caviar offers a complete VAT consultancy service that includes VAT registration, filing of returns advice on VAT’s impact. Their expertise assists businesses in avoiding tax penalties while minimizing their tax liability. 3. Corporate Tax Services With the implementation of corporate tax on June 20, 2023, many companies in Dubai were faced with new compliance challenges. Caviar helps companies through the tax setup of their corporate entities, along with filing and tax advice, making sure that they are in complete compliance with the most current UAE tax laws, while minimizing financial risk. 4. Internal Audit Caviar’s internal audit services surpass numbers to evaluate procedures, detect risks, and improve internal controls. The result is improved governance. Lowers the risk of fraud and increases overall business credibility, an essential aspect for companies. 5. Financial reporting Starting with balance sheet reports to cash flow, and income reports, Caviar prepares detailed financial reports that give a precise overview of the performance of your business. These reports allow businesses to keep track of their profits and effectively manage cash and develop strategies for the future with confidence. 6. Software Solutions Recognizing the role of technology in modern-day financial accounting, Caviar can also assist businesses when establishing and sustaining accounting platforms. When it comes to transferring financial data or automating processes, their software solutions aid companies to grow quickly and stay in the game. What Makes Caviar the Top Accounting Company in Dubai Although many accounting companies in Dubai provide comparable services, Caviar Accounting and Bookkeeping is distinct because of a number of different advantages that make it a trusted option for companies of any size Deep Local & Regulatory Knowledge Caviar keeps current with UAE accounting regulations, VAT regulations, VAT standards, and the latest corporate tax regulations. Their knowledge and experience ensure that clients stay in compliance and avoid expensive penalties and making them a trusted advisor for Dubai’s ever changing financial market. Industry Flexibility Caviar provides services to a broad spectrum of industries, such as construction, healthcare, manufacturing, real estate, technology as well and education. Their vast industry knowledge allows caviar to provide a tailored service that is tailored to the specific needs of every business. Fixed-Fee & Transparent Pricing A majority of caviar’s offerings are provided in fixed-fee packages, with advice and support. This method offers transparency, helps reduce the risk of unexpected expenses, and helps build lasting trust with customers. Strong local presence and reputation With an office situated in Dubai, and a prominent presence in local business directories such as 2GIS, caviar combines accessibility with trustworthiness. Their standing as the top accounting firm

Accounting & Financial Reporting Services In Dubai Connect With Us At Caviar, we provide the highest quality Accounting and Financial Reporting services in Dubai, designed to meet the various demands of the businesses operating in this thriving financial center. If you’re a small business, a well-established business, or a multinational company, our experienced team will ensure that your accounting needs are executed with precision and in compliance. Why Choose Us for Accounting & Financial Reporting Services Fast and accurate reporting: The need for timely and accurate financial reporting is vital. Our experienced accountants work hard for you to be sure your  financial statements and tax reports are in order, and allow you to make informed choices. Secure and confidential: Your financial information is extremely sensitive and needs to be handled with security and confidentiality. Our team employs the latest technology and security standards to secure your financial information. Customized solutions: Our accounting services are tailored to meet the requirements of your business, which ensures accuracy in financial reporting. Why is financial reporting important Financial reporting is important for all businesses across different industries. It is the foundation of transparency in the financial sector. Accurate and well organized financial reports can provide numerous advantages, from a more informed decision making process to compliance with the law. Maintaining business valuation If a business is planning for a capital raise or merge, its value will be heavily influenced by its financial health, as shown on its accounts. These statements provide buyers as well as other stakeholders with crucial information to determine the worth of the company in terms of its performance. Improved internal controls and efficiency Regular financial reporting can help companies establish and maintain internal control. These controls guarantee that transactions in the economic system are correct and that the assets of the company are saved properly. Internal controls that are well designed can assist in identifying operational inefficiencies as well as reducing fraud, and ensuring that accurate reports are provided. What are the accounting and financial reporting services Caviar provides 1. Bookkeeping and financial record keeping Keep up to date and accurate financial documents Record transactions and track them Reconciliation of accounts and ledgers 2. Preparation of financial statements Balance Sheet and Cash Flow Statements Statements prepared in accordance with IFRS and local regulations Annual and interim reports for companies and other stakeholders 3. Tax reporting and compliance VAT filings and compliance with UAE VAT regulations Corporate tax preparation and filing   Tax planning and advisory services   4. Audit Preparation and Support Financial statement preparation for audits    Assistance with external and internal audits The compliance with financial regulations, as well as the requirements for auditing 5. Financial Consultancy and Advisory Financial planning strategies and financial advice Working capital and cash flow management Investment analysis and financial projections  Why Dubai Businesses Need Accurate Accounting & Financial Reporting Tax Planning and Savings The accuracy of financial reports is essential to tax planning and compliance. A clear and up to date financial report assures that your company pays the proper amount of taxes. This will help your company reduce costs and avoid penalties or audits. Performance Evaluation The accuracy of financial reports allows you to analyze the business performance over time by comparing the current economic performance with previous performance and industry benchmarks. Facilitating Growth and Scalability As companies expand, their financial operations are also increasing. For instance, reports that are comprehensive let businesses monitor the revenue stream, spot emerging opportunities, and evaluate the extent to which their model can be scalable. Final thoughts At Caviar, we are dedicated to helping companies in Dubai overcome the challenges of accounting and financial reporting. Our solutions are designed to help you save time, alleviate stress, and give you the economic data that you require to expand your business in confidence. Our team of highly skilled accountants and financial experts will provide you with individualized solutions to finance that are tailored to the specific needs of your business. No matter if you’re a start-up or medium-sized enterprise (SME), or a large company, we provide the knowledge and assistance that you require to navigate the complex world of accounting and financial reporting in Dubai. Contact us now to set up a meeting and find out how we can assist you in keeping accurate financial records and complying with local regulations, and maximizing the performance of your finances in Dubai. Related pages Who benefits from vat, internal audit in retail industry, vat on construction services, vat on restaurants in UAE FAQ 1. What type of financial consulting services do you provide? Alongside the accounting, reporting, and auditing services we provide professional financial services that include forecasting, budgeting, and management of cash flow, as well as investment advice and financial planning for strategic purposes. 2. When should financial reports be made? Financial reports are usually prepared in accordance with the needs of your business. Monthly Financial Reports: Most companies prepare financial reports every month to monitor results. Quarterly reports: Public corporations and large businesses typically create reports every quarter to meet internal review as well as regulatory demands. Annual reports: The reports are generally made at the end of the financial year. They are providing a summary of the company’s performance during the period. Alongside the accounting, reporting, and auditing services we provide professional financial services that include forecasting, budgeting, and management of cash flow, as well as investment advice and financial planning for strategic purposes. Financial reports are usually prepared in accordance with the needs of your business. Monthly Financial Reports: Most companies prepare financial reports every month to monitor results. Quarterly reports: Public corporations and large businesses typically create reports every quarter to meet internal review as well as regulatory demands. Annual reports: The reports are generally made at the end of the financial year. They are providing a summary of the company’s performance during the period.

How to Check the Validity of a Tax Registration Number (TRN) in UAE Additionally, improper TRN use can harm both the community and the business. It is essential to be aware of TRNs to protect your business from dishonest suppliers who could defraud you using fake TRNs. This will allow you to operate your company in the uae legally and safely. To claim the value-added tax on purchases, verification of VAT is essential. This article will help you understand the process for verifying Tax Registration Numbers (TRN) in the UAE and how tax registration services provided in the UAE can assist you in operating safely within the tax system. Caviar Accounting & Bookkeeping LLC is a Dubai-based firm providing comprehensive financial services, including VAT consultancy, corporate tax assistance, internal auditing, software solutions, and bookkeeping designed to ensure accuracy, compliance, and strategic growth for businesses across the UAE. Within the UAE, companies that have been licensed for Value Added Tax (VAT) TRN from the FTA. This unique fifteen digit code is vital for tax related compliance and verification purposes. If you are business supplier and owner having the ability to verify a TRN will ensure the transparency of your business and prevent fraud.  What is a Tax Registration Number (TRN)? TRN is a unique 15-digit code issued by the FTA to businesses and organizations that are registered for VAT in the UAE. It is the official identification number that binds a company to its tax obligations under VAT. An active TRN must be present: Issuing VAT-compliant invoices. Businesses are required to display their tax reference number on each tax invoice they issue. Tax Returns and VAT Filing Businesses make use of their TRN when submitting taxes to FTA. Claim the Input Tax Credit Businesses can claim the VAT they paid on eligible expenditures only if the TRN of the supplier is valid. Planning for Legal Compliance TRN proves that a business is recognized as a legitimate business under the UAE Tax law. In other words, every VAT registered company operating within the UAE must include its TRN in official documents such as invoices and credit/debit cards, as well as other VAT-related documents. If it is not mentioned, the business cannot collect VAT. Importance of Checking TRN Validity Validating the validity of a TRN is not an administrative procedure; it’s an essential security measure that is legal and financially sound for both individuals and businesses within the UAE. Because VAT compliance directly affects your financial standing and trustworthiness verifying TRNs will help you be safe and eliminate unnecessary risk. Prevents VAT Fraud Unregistered companies may attempt to charge VAT without authorization by using a fake or incorrect TRN. By confirming the TRN via FTA’s portal, one can quickly identify and stop fraud. Ensures Input Tax Recovery Businesses can only make claims for the input VAT (the VAT that is charged on purchases) when the vendor has an active TRN. If your claim is not verified, it could be rejected, which can lead to financial loss. Builds Business Credibility When you do business with a TRN registered VAT-registered firm, it boosts confidence, professionalism, and transparency during the transaction. Customers feel more secure knowing the company is legally operating within UAE taxes. How to Check TRN Validity in UAE step by step guide The FTA provides an easy to use online tool that enables anyone to confirm the authenticity of the Tax Registration Number. This procedure is fast, easy, and free, and available to both companies and individuals. Here’s how to accomplish it: Step 1: Visit the FTA Portal Visit the official TRN Verification by FTA site. It is the sole reliable platform to verify the validity of TRNs for the UAE. Step 2: Enter the TRN Enter your fifteen digit TRN into the input box. Be sure that there aren’t any mistakes in your typing since even one wrong digit can alter the outcome. Step 3: submit the request Click on the “Validate” button to submit your request. Step 4: View the Results If the TRN’s registration exists and is valid, and the business’s registered company name is displayed in both english and arabic. If the TRN’s information is in error, the system cannot display any results. This means that the TRN is either invalid or not registered. It could also mean that the TRN is inactive. Important Tip: Always double check TRNs before accepting VAT invoices. Incorrect or missing TRNs could result in a loss of the VAT you recover on your inputs and could cause compliance issues. Documents Where TRN Should Appear required obligation. This guarantees the transparency, compliance, and confidence throughout any financial transaction. Here are the essential documents in which a TRN should always be mentioned: 1. Tax Invoices Every VAT-compliant invoice has to show the TRN of the supplier clearly. This allows customers to verify their VAT registration and ensures they are eligible for VAT input recovery. 2. Credit/Debit Notes For refunds, returns, or adjustments, debit and credit notes issued by businesses must contain the TRN to be valid in accordance with VAT laws. 3. Tax Returns The TRN is used by businesses to authenticate and identify their VAT filings when they submit them to the Federal Tax Authority. 4. Contracts and business agreements The TRN is required if VAT is charged in a contract, agreement, or other document. This is to confirm that the business has the authority to collect VAT. There are a few common reasons why a TRN may be invalid. Mistype the TRN numbers. The business has not been registered for VAT. The FTA has suspended or cancelled TRN. Use of a false TRN. What Should You Do if You Find a TRN that is Invalid? If a TRN is not validating on the FTA: Check the number to ensure it is correct. The business should provide you with the correct TRN. Unregistered businesses are not entitled to VAT. Report any suspicious cases to the Federal Tax Authority. The benefits of TRN verification for

Professional VAT Services For Companies In Dubai Connect with us VAT is a tax that was introduced within the UAE on January 1st 2018, and is currently in effect at the regular rate of 5 percent on the majority of products and services. At Caviar, we provide professional VAT services to help companies in Dubai take care of their VAT obligations effectively. Companies operating in Dubai must: Sign up for VAT if their annual taxable supplies and imports exceed AED 375,000 (mandatory) or choose the voluntary option when they exceed AED 187,500. Our services include Registration Assistance This service aids businesses in completing either voluntary or mandatory tax Registration to VAT authorities such as the UAE Federal Tax Authority (FTA). This involves preparing documents, submitting registration applications, and obtaining a tax Registration Number (TRN), a legal requirement for conducting VAT-related transactions. VAT Implementation Implementation involves setting up VAT systems within your business. This consists of implementing VAT-compliant billing, record-keeping, and accounting processes, and ensuring all systems within your organization are FTA-compliant from day one. Invoicing And Record Management Helps businesses generate invoices that comply with VAT. The law requires that records be kept for a minimum of five years and this service will ensure audit completeness. Refund Processing Assists businesses in filing for tax refunds in cases where input VAT is greater than output VAT. This service involves preparing the application for refund and preparing documentation. Return Filing and Payments Covers the timely filing of monthly or quarterly VAT returns, the exact calculation of VAT payable and the submission to the FTA. This service helps reduce mistakes. Benefits of Outsourcing VAT Services The outsourcing of VAT services helps businesses remain legally compliant. This also lets companies expand their services according to their size. VAT Advisory Involves a diagnostic review of VAT practices in use, providing advice on complex transactions, identifying compliance gaps, and implementing strategic VAT planning. This is ideal for companies that want to maximize the efficiency of their tax and decrease risk. Penalty Avoidance VAT experts help in avoiding penalties and fines in the event of non-compliance, late filing, or inaccurate returns. UAE VAT penalties vary between AED 500 and a few thousand dirhams in accordance with the nature and severity of the violation. Why Do Dubai Businesses Need VAT Services? Introduction of VAT in the UAE has added new responsibilities to companies, irrespective of size or industry. Although VAT might seem simple at first glance, it is actually a complex system. The UAE VAT system is highly complex and continually changing. Dubai is a flourishing center for real estate, trade, and hospitality–VAT compliance isn’t merely a legal requirement but a crucial element of financial management. The reason is that the services of a professional VAT expert are vital. 1. Regular Updates In VAT Laws The FTA frequently updates its guidelines or changes in VAT legislation. These changes can affect: Taxable in comparison to. exempted services and goods Input VAT Recovery rules Documentation and record-keeping expectations Mechanisms for reverse charge (especially when it comes to imports and services from overseas) What’s the point: Businesses that do not stay up to date might be unable to comply without intention. VAT consultants track the changes in real time to make sure that your processes and documents comply with the current FTA standards. 2.Detailed Record Keeping Requirements The UAE VAT law requires companies to maintain complete and accurate financial documents for at least five years. This includes: Tax invoices (sales as well as purchases) Notes of credit and debit Import/export documentation Balances in general ledgers as well as trial balances Statements from banks The VAT-related effects of contracts and agreements are reflected in the terms of the agreements. Why is it essential: Improper records or documentation can cause FTA inspections and delays in refunds or even cause massive penalties. VAT service providers can help you establish efficient systems for managing archives, presentations, and records in accordance with FTA guidelines. 3. Strict VAT Return Filing Deadlines VAT-registered firms operating in the UAE must submit VAT tax returns each month or every quarter according to their revenue and the tax period that FTA has assigned to them. Common requirements are: Tax returns must be filed within 28 days from the close of the tax period. Making sure that all calculations of VAT for inputs and outputs are correct The payment of any VAT obligation within the same period Benefits Of Hiring VAT Consultants In Dubai 1. Accurate Compliance Understanding the regulations of the Federal Tax Authority (FTA) requires an in-depth understanding of: Taxable in comparison to Non-taxable goods and services Industries specific exemptions Mechanisms for reverse charge VAT on exports, imports, and cross-border transactions The consultants can help: VAT experts stay continuously updated with regulatory changes and FTA guidelines. This helps ensure that your company is fully compliant and complies with requirements for filing on time. 2. Financial transparency VAT is more than just a tax. It’s a system of financial control that impacts cash flow and profitability. VAT Consultants can help: Create VAT-compliant Invoices Track VAT input and output effectively Structure financial statements to be audit-ready Keep detailed records for at least five years as required by FTA Final Thoughts Caviar Accounting understands the challenges that businesses face in managing VAT. We’re here for you to turn these challenges into opportunities. Our team of professionals can provide complete VAT solutions, from registration and filing through to advisory and auditing support. Caviar Accounting is more than a service provider. It’s a partner who will protect your business and improve efficiency while ensuring compliance with UAE tax laws. FAQ 1. What is VAT service, and why does a business need it? VAT Services include Registration, return filing and compliance support, invoice, advisory, and training. 2. Which documents are needed for VAT registration in the UAE? Examples of documents include: Trade license Emirates ID and passport copies for business owners Company contact details Bank account details Income Statements or Financial Records VAT Services include Registration, return

UAE Corporate Tax Deadline 2025: Avoid Penalties with Timely Registration The UAE has long been an international center for investment and business. The country attracts entrepreneurs and multinational corporations to its tax friendly policies and world class infrastructure. To be in line with international standards for taxation and to ensure sustainability in economic growth. The UAE corporate tax registration deadline is approaching, and businesses must ensure timely compliance to avoid penalties. The UAE implemented the corporate tax system, which was officially put into effect on June 1st 2023. As we enter 2025 and beyond, it is expected that the FTA will have introduced strict deadlines for registration for all businesses in the nation. Companies that fail to comply with the deadlines will be subject to massive penalties restrictions on renewals of licenses and possible disruptions to operations. In Caviar Corporate Services, we help companies navigate the changing UAE regulations with ease. Starting with the registration of tax free corporations through the management of compliance and guidance. Our professionals ensure that your company remains in compliance while you concentrate on growing. No matter if you are a small or medium sized business or a large corporation, we offer all-inclusive corporate services that are designed to ensure effortless, stress free FTA registration and continuous compliance. What is UAE Corporate Tax? Corporate Tax in uae is a direct tax imposed on the net earnings of companies that operate within the UAE. The UAE corporate tax system was established to be in line with international tax regulations and ensure sustainable economic growth. Corporate Tax Rates in the UAE 0 percent on tax-deductible earnings as high as AED 375,000 9.9% on tax-deductible profits over AED 35,000 QFZP Personnel may continue to receive zero tax on their incomes that qualify. Who Must Register for Corporate Tax According to the UAE Corporate Tax Law, the majority of businesses must be registered for corporate tax by the Federal Tax Authority, even if they’re qualified for exemptions or a tax rate of 0. The following companies need to register: Mainland Companies – Businesses operating on the UAE mainland are taxed as corporate entities and are required to register.  Free Zone Companies must register for corporate tax, even if they are eligible for the tax-free rate offered by the Free Zone regime. Partnerships & Sole Proprietorships. Based on their structure and the income they earn, they might be required to register. Corporate Tax Registration Deadlines for 2025 To ensure that the system is not overwhelmed To avoid overburdening the system, to ensure that the system is not overwhelmed, FTA has adopted a staggered registration schedule for 2025. The date of registration is based on the month that your license to trade was received: Corporate Tax Registration Deadline Table License Issuance Month Corporate Tax Registration Deadline January – February May 31, 2025 March – April June 30 2025 May – June July 31, 2025 July – August August 31, 2025 September – October September 30, 2025     New companies by 2025 You must register in the first 3 months from trade licenses being issued. Tips: Always confirm your exact date of due on the EmaraTax website of the FTA.. Penalties for Late Corporate Tax Registration Inability to sign up for corporate tax before the timeframe stipulated by the FTA could result in substantial fines and compliance problems. 1. Late Registration Penalty $10,000 administration penalty for failure to complete the registration before the deadline. The penalty is applicable regardless of whether your company has no income tax-deductible or meets the tax rate that is 0% (e.g. Tax-free Zone corporations). 2. Additional Fines for Late Filing and Payment Following registration, businesses are required to complete their corporate tax returns each year as well as pay any tax applicable on time.. In the event of non-compliance, it could cause: Monthly or daily penalties in the event of late-filed applications. Taxes are not paid on amounts. The accumulation of fines can dramatically increase the overall amount of your responsibility. 3. Suspension of Trade License Renewal The UAE government integrates tax compliance into license systems for business. Suppose your company is not able to sign up for corporate tax. The DED or the appropriate Free Zone Authority can stop or suspend the renewal of your trade license. Without a valid trade permit, the company are not legally able to be a business, sign contracts, or engage in business transactions.. 4. Restrictions on Government Services and Banking Transactions Inadequate compliance with tax registration requirements may cause: Blocking the access of government websites for services essential to the public, like visa processing, permits for labour and business approvals. Bank restrictions that allow banks to place holds on accounts or deny the approval of loans due to compliance certificates are typically required for financial transactions. Possible issues with customs clearance could be a problem, particularly for companies involved in export and import activities. 5. Impact on Government Contracts and Tenders Compliance with tax laws is now an essential requirement for semi-government and government projects. Firms that are not already registered with the FTA: They are exempt from tenders by the government. Could lose eligibility for the public sector procurement project. They could harm their business credibility and reputation. 6. Possible Legal Consequences Non-compliance that persists can lead to legal actions that could include: Court cases of tax evasion. The business entity is blocked. The revocation of business licences. How to Register for Corporate Tax in 2025 The UAE has implemented a fully digital process of registering for tax purposes by corporations entirely digital so that businesses can finish it quickly and easily through the EmaraTax tax portal, which is managed by the Federal Tax Authority (FTA). Take these steps to finish your registration: Step 1: Access the EmaraTax Portal Go to EmaraTax’s official website at https://tax.gov.ae. If you have a bank account (for Excise Tax or VAT), make use of the same account number and password. New users must sign up for an EmaraTax account through the

Internal Audit In Retail Industry: A Smart Move For UAE Retailers Internal audit is among the most vital aspects of business expansion and efficiency. Internal audit is an essential tool to help retailers not only to increase compliance, but also to ensure precision in their processes and procedures. Internal audit assists in analyzing and auditing a range of operational and financial areas to help businesses maintain efficient measures that increase efficiency, prevent fraud, and develop risk mitigation strategies. Through the analysis of procedures, policies, and controls for inventory management and financial management, as well as receiving and supply chain procedures, internal audits have significantly enhanced the operational effectiveness and risk mitigation of retail companies. This blog explains how internal audits affect the different aspects of a company to increase efficiency and decrease risk. Understanding Internal Audits In Retail Internal audits are an independent and thorough examination of an organization’s internal controls, procedures, policies, and processes that govern every aspect of a company’s operations. It doesn’t matter if it’s related to IT, supply chains, finance, or risk management procedures; the audit provides a detailed analysis of all these aspects to discover gaps, suggest improvements, and recommendations to improve the efficiency of the business overall. Why Internal Audit Is Crucial For Retail 1.Operational efficiency Operational audits for retail stores are a significant factor in improving the efficiency of the retail store. When auditing processes are correctly implemented, an organization can boost efficiency by as much as 25%. 2. Improved inventory management Correct inventory records are essential for retail. Internal audits ensure that stock levels are reported correctly to prevent shrinkage and increase the efficiency of stock turnover. 3. Financial accuracy and VAT compliance In the wake of the unveiled VAT in the UAE, retailers must keep complete financial records. 4. Better decision making Audit reports can provide valuable insight into the performance of businesses as well as internal control. Retail owners and managers can make better informed data driven choices. 5. Building Stakeholder Trust If you’re dealing with partners, investors, and government departments, a practical internal audit framework displays transparency as well as accountability, along with professionalism. How To Improve Financial Control Through Internal Auditing 1. Ensuring accurate financial reporting One of the principal objectives for internal auditing would be to confirm the credibility of financial reports. Auditors determine whether financial statements, such as those of the balance sheet, the income statement and the cash flow reports accurately reflect the economic state of the company. Improvement Actions: Cross-check reports against the ledgers and transaction records. Verify that all financial entries are correct, correctly classified and accompanied by documents. Conciliate discrepancies to ensure fullness and exactness. Benefits: Financial statements that show the truth and fairness of More accurate decision-making information Improved trust among creditors, investors and regulators. 2. Assessing budgeting and financial planning Internal audits aid in improving the financial controls by looking at the process for budgeting in a company. They will identify the areas in which budgets may be exceeded or not being adhered to, and ensure that funds are appropriately allocated. Improvement actions Comparing the actual financial performance against budgeted projections. Examine areas of excessive expenditure Recommend changes in the upcoming budgeting cycles that better align with the financial goals. Benefits: Effective utilisation of financial resources Aligning spending to business objectives Better long-term financial planning 3. Improving cash flow management Internal audits play a vital part in ensuring that businesses are operating with proper money flow control processes that are in operation, which reduces the possibility of liquidity crisis. Improvement actions Examine the accounts receivable and payable procedures. Examine your cash handling processes  Benefits: Cash flow is more predictable Improved working capital management Lower risk of insolvency Best Practices For Retail Internal Audit 1. Leverage data analytics Utilize accurate data analysis and tools to spot problems, errors, or fraud. This will allow you to make more effective recommendations for improving the controls of your business. 2. Standardize audit procedures Make audit checklists that are uniform, as well as templates and reporting guidelines. These will guarantee that audits conducted internally are carried out thoroughly and cover all aspects of the company. 3. Ongoing training and development Make sure your audit staff has access to the latest technologies and legislation. Training helps the team adjust to changing laws and trends and deliver more effective results. Core Focus Areas Of Retail Internal Audits 1. Inventory management and shrinkage control Inventory is the foundation of every retail company. Internal audits look at how inventory is monitored and stored. They also examine how inventory is checked to ensure that shrinkage is not caused by theft, damage, or a mishap. 2. Cash handling and financial controls Internal audits examine the efficiency of cash reconciliation, point-of-sale systems, refund processes, and segregation of tasks. 3. Sales and revenue assurance Auditors verify that the transactions of sales are correctly recorded and reported. This involves conducting tests on the POS system, discount control, and loyalty programs, as well as e-commerce integrations. Our Internal Audit Services For Retail We offer comprehensive internal audit assistance specifically tailored to retail environments. 1. Inventory and stock audits We carry out physical counts of stock and evaluate the effectiveness of the tracking of inventory systems, and find out if there are discrepancies, in order to decrease shrinkage and increase precision. 2. Cash handling and POS controls We examine all cash registers you have, point of sale (POS) systems, as well as reconciliation procedures to protect you from errors and fraud. 3. Sales and revenue audits We ensure that sales are properly recorded as well as that discounts and returns are applied correctly, and that your revenue recognition practices are in line with accounting guidelines. 4. VAT and regulatory compliance We make sure that your business is compliant in accordance with UAE Tax laws (or other tax laws in your area), as well as labor laws and specific licensing requirements for the industry. Final Thoughts In Caviar Accounting, we are familiar with the specific challenges

UAE Corporate Tax Reform 2025: What You Need to Know The tax structure of the UAE’s corporations has undergone a dramatic change by 2025. Based on the federal tax rate of 9%, which was which was implemented in 2023. The change introduces a domestic minimum top up tax (DMTT) of 15 per cent for large multinational corporations starting January 1 2025. In the meantime, favourable levels and exemptions for free zones remain in place to help local SMEs and entrepreneurs. The UAE Corporate Tax Reform of 2025 represents an essential change in the fiscal environment of the country by introducing a standard corporate tax that will increase the transparency of taxation and align with international tax regulations. It is believed that the United Arab Emirates is the largest business hub in the globe and is a magnet for businesses from all over the world due to its tax friendly business environment. Starting in January 2025, the nation plans to introduce a minimum top up tax in its domestic market (DMTT) of 15% on multinational firms. The Organisation for Economic Cooperation Development(OECD) initiated this project to be a part of the world’s minimum tax framework in order to ensure an honest and transparent tax system and to prevent tax avoidance. Key Tax Changes 1. Corporate Tax Rates 0 per cent in profits of up to AED 375,000 9 % average rate of profit over AED 375,000 15% for in-scope multinational companies (MNEs), which have worldwide revenues greater than EUR750 million for at most two of the preceding four years. 2. Free Zone & SME Relief The Qualifying Free Zone People have the option of retaining zero tax if they satisfy standards of substance and trade. SMEs can get relief from thresholds of AED 375,000 threshold 3. OECD Pillar Two & DMTT 15% of DMTT is in line with UAE law to Pillar Two/GloBE of the OECD by imposing a minimal effective global rate on the largest MNEs Cabinet Decision No. 1422 (Feb 2025) will be operationalizing DMTT beginning January 1st of 2025. Implication of New Corporate Tax on Multinational Organizations With the introduction of the brand new domestic minimum top-up tax (DMTT), MNE must be able to overcome the challenges and also opportunities:• Compliance and Reporting UAE multinational corporations must make sure that their financial statements are in line with the latest tax policies. It is crucial to observe the strictest standards of UAE taxes for corporate entities. Operating Cost: A new corporate tax rate of 15% can result in an increase in operating expenses, such as taxes as well as tax compliance costs and the reporting process, all of which impact the budgets of multinational firms. Maintaining Global Competition: UAE is a thriving commercial hub with a strong strategic location and two taxation agreements despite the current tax law. Key Benefits of 15% Corporate Tax for the UAE Economy The introduction of a 15% corporation tax offers several advantages. It is a good idea to consider the following benefits. Global Alignment UAE, because it is a business hub, adheres to OECD world standards. Increased Revenue New 15% corporate tax will increase revenue and boost the UAE economy. Economic Diversification: Tax revenue is expected to contribute to public revenue generated from the non-oil industries, including construction, manufacturing and education, as well as technology as well as healthcare. A Strategic Approach: Preparing for New Tax Changes: To be successful in navigating the ever changing UAE corporate tax structure, businesses should adopt a shrewd and sensible approach The Tax Impact Assessment: Businesses need to consider how changes in tax rates, such as those with a 15% DMTT rate for MNEs, impact their financial structure and plans. Systems and Processes Upgrades: Companies must invest in reliable software for accounting, tax reporting tools, as well as staff instruction to guarantee the accuracy of timely and compliant tax filings. Professional Consulting: Engaging Tax advisors and experts can be crucial to understanding the complex rules, maximizing deductions and understanding appropriate incentives, exemptions, or other deductions. Future Ready Planning Companies must align their tax strategies with their business goals and take into consideration the R&D credits as well as exemption from tax, Free Zone access, as well as potential acquisitions and expansions to ensure that they remain efficient and compliant within the business environment of the UAE. Step-by-Step Guide to Preparing for Corporate Tax UAE in 2025 Assess Your Business’s Tax Liability Check if your firm’s earnings exceed AED 375,000, and then determine what percentage of the company tax will apply. For multinational companies. Examine whether your global earnings exceed the EUR750 million threshold that triggers the 15 per cent DMT. Register for Corporate Tax Businesses and natural persons need to sign up for corporate tax on or before March 31st 2025, to avoid being liable for administrative fines. Make sure that all organizations, including freelancers as well as free-zone businesses, understand the registration requirements. Review Free Zone Status and Exemptions Free-zone companies that qualify for HTML0 may get a 0% tax rate under certain conditions. But any profits not qualifying are taxed by the company. Examine your eligibility to ensure you comply with the free zone guidelines to maximize tax benefits. Update Accounting and Reporting Systems Create strong accounting frameworks for accurate calculation of tax-free income, allowable deductions as well as exceptions. Get ready for the brand new standards of compliance that include price documentation for switches as well as the participation exemption regulations that will be introduced in 2025. Understand and Leverage Tax Incentives Discover tax incentives related to the development of research (R&D) as well as high-cost work and allowances for funding. Talk to tax experts for all pertinent advantages as well as reduce taxes legally. Plan for the Domestic Minimum Top-Up Tax Big MNEs should look at their tax obligations worldwide to calculate the 15 per cent tax rate for DMTT. Align tax strategies by OECD guidelines to stay away from double taxation while maximizing the efficiency of taxation across the globe. Stay

Comprehensive Guide For Accounting In UAE The importance of accounting in UAE is evident since it plays a crucial part in ensuring clarity of financial transactions, compliance with regulations, attracting foreign investment, etc. It is the process of tracking the flow of money, expenses, assets and liabilities to give a precise view of the economic health of a business. Caviar offers skilled accounting services that assist businesses at all stages of expansion. We combine local expertise with the best international procedures to provide accounting solutions that will add value to your company. Why accounting is important for business 1.Financial Clarity Accounting can help business owners know how much cash is being made, used and placed into investments. This transparency helps in making better decisions as well as long-term plans. 2.Informed Decision-Making With accurate financial information, it can make informed choices regarding budgeting, investments, hiring, expansion, etc. 3.Tax Compliance Accounting is essential to ensure that the business complies with the legal requirements. It reduces penalties and ensures that all transactions are properly recorded. 4.Performance Monitoring Regular financial reports help firms evaluate their performance over time, spot patterns and trends, and assess their performance. Key Accounting Services in UAE Contact Us 1.Bookkeeping and Financial Reporting  A well-organized bookkeeping system ensures that your company has an advanced view of its financial standing and helps manage cash flow tax compliance and planning financials. Financial reporting takes it one step further by examining the information and presenting it in statements like the balance sheet, statements of income, cash flow statements, etc. 2.Corporate Tax Accounting Corporate Tax Accounting is the process of detailed calculation, reporting, and optimizing your business’s tax earnings while ensuring that you comply with all applicable rules and regulations of the UAE Corporate Tax Law. 3.Payroll Management Payroll management is crucial for every business to ensure that employees receive their wages accurately and on time while complying with legal and regulatory obligations. 4.Internal and External Auditing Internal auditing assesses risk management and operational efficacy. It assists management in improving procedures and avoiding fraud or mistakes. a. Our internal audit services provide: Internal control and risk assessment evaluation Review of financial and operational processes Strategies to detect and prevent fraud Recommendations to improve the process. b.Our external audit services include: Financial statement verification Reports on audits for companies in the free zones as well as mainland and offshore companies Assistance during FTA Support for stakeholder and investor reporting needs 5.Financial Statement Preparation Financial statement preparation is essential to any company’s economic health and reporting requirements. In the UAE, well prepared financial statements are vital for compliance with regulatory requirements, taxes, auditors, investor relations, strategic decisions, etc. Income statement: summarizing revenues, expenses, and profits. 6.Accounting Software Implementation and Support The Accountancy Software Support and Implementation solutions are designed to assist you in selecting, setting up, and efficiently using accounting solutions specially designed to meet the needs of your business. Software Selection Guide: We evaluate your business’s size and industry and will provide the best financial program (e.g., QuickBooks, Zoho Books, Xero, Tally, Sage, and other software). System Setup and Customization We can configure your software to ensure VAT compliance charts of accounts, invoices inventory, payroll, and financial reports. Data Transfer: Secure and easy transfer of data already in spreadsheets or older systems. Why Choose a Caviar as a professional accounting partner? As the business environment in the UAE becomes more controlled and competitive, handling your business’s finances is more than basic bookkeeping. 1.Expert Guidance Tailored to Your Business A trusted advisor can provide personalized assistance based on your sector size and objectives, whether you want to improve cash flow, tackle growth, or plan expansion. 2.Access to the Latest Tools and Practices The top firms operate modern accounting software and adhere to international standards such as IFRS.  3.Scalability and Support As your business expands, its accounting needs change. Professional partners can expand their services to help your business at all stages, from beginning to expansion. Accounting Standards in UAE The UAE has grown into an international trade, finance and development hub. Through initiatives such as VAT implementation, growing foreign investment and growing supervision by regulators, businesses must follow transparent and regulated financial procedures. IFRS Global consistency: IFRS is a standard in more than 140 nations, which makes it simpler for multinational companies and investors to comprehend financial statements. Credibility: Follow-up with IFRS improves a firm’s credibility and opens access to global markets and finance. Benefits of Using IFRS in UAE Aligns UAE firms to international economic practices. Improves comparability between global investors and other stakeholders. Improves reliability of statements on financials. Conclusion While the UAE continues to develop to become a major business hub, accounting has taken the center position in ensuring strategic growth. In the wake of tax regulations companies can no longer neglect the importance of good accounting procedures. Collaborating with the right accountants and keeping up-to-date on changes to the regulatory environment will allow you to make informed choices that will help you avoid penalties and boost sustainable growth. At Caviar, we recognize that efficient accounting is the foundation of any business’s success, particularly in a frequently changing and dynamic market such as the UAE. From VAT compliance to tax planning for corporations to accurate economic reporting and strategic research, our customized software for accounting is developed to help keep your business. Other articles Who benefits from vat UAE corporate tax reform 2025 Vat on construction services FAQ What function does accounting play in the development of a company? It assists you in tracking the amount of money you earn and spends and making educated decisions. Make sure you are in compliance with tax laws and prepare for growth in the future. Knowing the corporate tax in UAE is vital for businesses to ensure compliance and improve their financial strategy. Can accounting improve financial decision-making? Yes. With accurate financial information, business owners can make educated decisions regarding pricing, investment expansion, cost-cutting, and expansion strategies. Accounting transforms figures into practical data. What is

Understanding Who Benefits from VAT VAT is primarily intended to be a consumption-driven tax. That is, it is payable by the buyer. However, various stakeholders within the economic system are affected by VAT in multiple ways. Though VAT is usually considered a burden for consumers, it could provide specific benefits to government agencies, businesses, and the general economy. Let’s look at the people who benefit from VAT and the ways they help. What is VAT Value Added Tax ( VAT ) is an indirect tax based on consumption imposed on purchasing services and goods. It is among the most popular types of taxation all over the world. It is credited with its methodical approach to earning revenues for the government and not directly taxing earnings or income. The principle that underlies VAT is that it’s considered at all stages within the supply chain, from manufacturing to the point of sale. The consumer bears the final tax burden. VAT Also called Goods and Services Tax or General Consumption Tax  is a type of consumption tax assessed on the value added in each step of production and distribution. It is an indirect tax, and the cost ultimately falls on the buyer, even though the business pays it throughout the process. Certain items and services can be exempted from Corporate tax in several jurisdictions to minimize the effect on consumers. Caviar Accounting and Bookkeeping L.L.C is a Dubai-based business offering customized accounting and compliance services to companies across the corporate tax in UAE. Employing a group of highly experienced experts, Caviar offers a comprehensive set of solutions that assist businesses of any size to manage their finances efficiently. KEY TAKEAWAYS Value-added tax can be added to the item at any time in the supply chain once its value increases. Taxpayers claim that VAT raises revenue for the government without penalizing wealthy people by imposing higher income taxes. According to some critics of VAT, the tax puts an unnecessary financial burden on lower-income taxpayers. Understanding Value-Added Taxes (VATs) In the current global economic system, taxes are crucial in helping governments finance public services, build infrastructure, and stabilize the economy. VAT is charged at various levels of production. The essence of VAT is the tax based on the value added to services and goods throughout their process, from creation to consumer. Every business within the supply chain, whether an industrial manufacturer, wholesaler, retailer, distributor, or service provider — adds a certain amount of value to their item or service. When they sell the product to the next company that is part of their chain, they must collect VAT from the price of sale and distribution.In contrast to direct taxes, such as income tax, that are directly sent to the government by businesses or individuals, VAT is collected and refunded from firms for the government and ultimately paid by the buyer. History of Value-Added Taxes It is believed that the Value-Added Tax (VAT), now an integral part of the modern taxation systems worldwide, was first introduced in the 20th and early 20th centuries. It was created as an alternative to indirect taxation. It was designed to eliminate the efficiencies and disadvantages of conventional taxation of turnover and sales. The VAT system operates across more than 160 countries, contributing substantially to the government’s revenue and providing an open tax system. To understand the current function, it’s essential to study the history of VAT. Industrialized nations, including the Organisation for Economic Co-operation and Development (OECD), are VAT compliant.  Based on the findings of an International Monetary Fund (IMF) study, any country that adopts VAT is initially afflicted by the adverse effects of lower tax revenue. Over time, the study found that the adoption of VAT, in most instances, increased revenue for the government and was to be effective. VAT can be viewed with a negative meaning across the globe and even hurts its advocates politically. In the Philippines, for instance, Filipino lawmaker Ralph Recto (a main proponent for VAT during the first decade of the 2000s) was removed from his post by voters when the time came to run for reelection. Recto was later reelected and became a supporter of the expansion of VAT. Advantages and Disadvantages of VATs Advantages Broad-based tax VAT is charged at various levels of production and distribution. This makes it a broad-based and steady source of income. Lowers the risk of tax evasion Through its invoice-based model, each participant within the supply chain needs to keep precise records.  Promotes Compliance Therefore, companies can get tax credits for inputs and are incentivized to maintain proper records and file tax returns correctly. Disadvantages Broad-based tax VAT is imposed at different stages of production as well as distribution. This makes it a broad-based and steady source of income. Lowers the risk of tax evasion Through its invoice-based model, each participant within the supply chain needs to keep precise records.  Promotes Compliance Therefore, companies can get tax credits for inputs and are incentivized to maintain proper records and file tax returns correctly. How do you apply for VAT registration in the UAE In the United Arab Emirates, businesses that have an annual turnover exceeding DH375,000 are required to submit an application for VAT registration by the Federal Tax Authority in submitting the VAT registration application. To assist businesses with registration, the tax authority has approved authorized tax professionals to assist companies. The registration deadlines are set through the FTA, and the procedure has been completed before the timeframes. Although companies need to be aware of all obligations related to the registration process for FTA, it is also crucial to know the implications of VAT for their operations and businesses. The following information must be given to the tax authorities during the process of applying for tax credits: Name of the company (applicant) Banking details Contact details Relations with business The declaration of supplies that are tax deductible annually Be aware: The Federal Tax Authority can solicit additional company information when registering. It is suggested that you

The United Arab Emirates (UAE) Federal Tax Authority (FTA) has issued a reminder to Resident Juridical Persons with licences issued in August and September, urging them to complete their Corporate Tax registration by October 31, 2024, to avoid administrative penalties. The FTA’s call is part of its ongoing effort to ensure compliance with the Federal Decree-Law No. 47 of 2022 on Corporate Tax, which came into effect on March 1, 2024. FTA Decision No. 3 of 2024 specifies timelines for Corporate Tax registration, and failure to comply within these timelines will lead to penalties as per Cabinet Decision No. 75 of 2023. According to the FTA, the deadline for registration depends on the issuance month of the licence, regardless of the year of issuance. For entities with multiple licences, the deadline is determined by the licence with the earliest issuance date. Even in cases where a licence expired before March 1, 2024, the registration deadline remains the same. To simplify the registration process, the FTA has made it accessible through the Emara Tax digital platform, which is available 24/7. The registration involves four main steps and takes approximately 30 minutes. Those already registered for Value Added Tax (VAT) or Excise Tax can complete their Corporate Tax registration through the same platform. Taxable Persons can also register through government service centres or authorised Tax Agents listed on the FTA website.