Blog - SAVANT ACCOUNTING AND TAX

Importance of IFRS Compliance in the UAE

The International Financial Reporting Standards (IFRS) are globally recognized accounting standards that provide a common framework for preparing and presenting financial statements. Adopted in more than 140 countries, including the UAE, IFRS ensures that businesses prepare financial reports that are transparent, comparable, and reliable. In the UAE, IFRS is not optional—it is a mandatory requirement […]

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Financial Accounting

Accounting

Financial accounting is the foundation of every organization’s financial health. It involves recording, summarizing, and interpreting transactions to present a clear picture of a company’s financial performance. Financial accountants maintain critical records such as profit and loss statements, balance sheets, and cash flow statements—ensuring that businesses stay compliant and provide accurate insights for decision-making. Financial

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VAT Return Filing in UAE | Requirements and Due Dates

VAT

Are you a business owner in the UAE? If you are VAT-registered, filing your VAT returns is a legal requirement, and failure to comply can result in heavy penalties. In this guide, we’ll explain the VAT return filing process in the UAE, the documents required, and the due dates every business must remember. What Is

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VAT Exemption and Zero-Rated Supplies in UAE

VAT

Value Added Tax (VAT) is a consumption-based tax applied to goods and services in the UAE. Since its introduction on January 1, 2018, the Federal Tax Authority (FTA) has classified all supplies into three categories: standard-rated, zero-rated, and exempt supplies. The standard VAT rate in the UAE is 5%. However, certain supplies are either zero-rated

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VAT Impact on Disbursements and Reimbursements in UAE

VAT

In the UAE, it is common for businesses to make payments on behalf of clients or customers to ensure smooth operations and maintain business continuity. These transactions are typically categorized as disbursements or reimbursements. Under the VAT framework, each type of transaction is treated differently, and businesses must clearly understand the distinction to remain compliant

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How Are Discounts Treated Under VAT in UAE?

VAT

Discounts are a common practice for businesses, but under the UAE VAT system, the way discounts are treated can significantly affect your tax liability. The Federal Tax Authority (FTA) has clear rules on how Value Added Tax (VAT) is applied to discounts, and businesses must comply to avoid penalties. Understanding VAT and Discounts in the

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VAT on Residential Property in the UAE

VAT

Value Added Tax (VAT) is an indirect tax charged on the supply of goods and services. It is ultimately borne by the consumer but collected and remitted to the government by businesses. The UAE introduced VAT on 1 January 2018 at a standard rate of 5%, applying to most sectors, including real estate. However, not

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Required Documents for VAT Registration in UAE

VAT

Businesses in the UAE are required to register for VAT under the Federal Tax Authority (FTA) once they meet the prescribed thresholds. Any business with an annual taxable turnover of AED 375,000 or more must complete the VAT registration process. If your taxable revenue is expected to cross this threshold within the next 30 days,

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