Simplifying Your Accounting in UAE with All-Inclusive Plans

Amary will support you throughout your business setup journey, providing expert guidance and tailored solutions for every step of the process.

Many businesses ask about the timeline and process for preparing financial statements, including how to categorize expenses, recognize revenue, and ensure IFRS compliance. Amary takes care of your obligations.

Corporate Tax is set to be introduced in the UAE starting from June 2023, with a general rate of 9% applied to taxable income over AED 375,000. Failure to register within the required timeframe may lead to an administrative penalty of AED 10,000. Amary is here to guide you through every step of the process, ensuring full compliance and ease.

Value-Added Tax (VAT) was introduced in the UAE on January 1, 2018, at a standard rate of 5%. Common questions often relate to VAT registration thresholds, filing deadlines, eligible expenses, and proper VAT invoicing.

A business must register for VAT if its annual taxable turnover exceeds AED 375,000. Voluntary registration is available if the turnover exceeds AED 187,500.

VAT returns are generally filed on a quarterly basis, though businesses with higher turnovers may be required to file monthly. Common questions revolve around understanding the specific deadlines and formats for submitting VAT returns.

Non-compliance with VAT regulations can lead to substantial penalties, including fines for late registration, missed filing deadlines, or inaccurate VAT submissions. These penalties may vary from significant fixed fines to a percentage of the unpaid tax.

Although financial audits are not legally required for all companies, many free zones and mainland business licenses mandate annual audits. Amary ensures your bookkeeping is accurate, preparing you to successfully pass the annual audit.