by Syed Nasr | Apr 18, 2020 | English Topics, Uncategorized
If any payment does not relate to a supply of goods or services then the payment is not subject to VAT. It is to determine by the tax payer whether the payment is against any supply, whether the payee has provided anything in return of the payment. If the payment is...
by Syed Nasr | Apr 16, 2020 | English Topics, Uncategorized
VAT on Education Sector in UAE can be Standard-rated, Zero-rated or Exempt. Zero-rated supplies If both the curriculum and the educational institution are recognized by the competent federal and local government then the supply is considered as zero rated. Further we...
by Syed Nasr | Apr 16, 2020 | English Topics, Uncategorized
The floorspace method deals with supplies (sales and rental) of commercial and residential properties, including real estate companies. This method calculates the apportionment percentage for residual input tax by identifying the proportion of the floorspace used for...
by Syed Nasr | Apr 15, 2020 | English Topics, Uncategorized
There are many differences between traditional auditing and Risk-based auditing. Traditional auditing is associated with conducting tests to issue an opinion on the fairness of the financial statements of the company being audited. Those tests include, tests on...
by Syed Nasr | Apr 15, 2020 | English Topics, Uncategorized
Financial Reporting is an important component of accounting of an organization. It consists of 1) Financial Statements, and 2) Notes to the Financial Statements. According to International Accounting Standard Board (IASB),...
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