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Blog – N R Doshi & Partners

Ways to strengthen Internal Audit Structure

Auditing – a dreaded word across businesses, is an important process for every organization. Auditing is conducted to determine the quality of financial statements, to analyze and form an opinion on business operations, and to attract potential investors for investment. There are two main types of audit – external audit and internal audit. What is an internal audit? An Internal…

UAE Business News | All UAE companies to file for UBO details before 30th June 2021

An initiative of the UAE government to combat against activities related to terrorist financing and money laundering, Cabinet Decision (No 58) of 2020 on Regulation of Procedures for Real Beneficiary requires all companies to maintain a register and submit relevant details of their Ultimate Beneficial Owners (UBO). Ministry of Economy has set its deadline for submission of UBO details of…

Doing business in UAE compare to other countries

UAE, a federation of seven Emirates, is a federal, independent, and sovereign state under the Constitution of the United Arab Emirates that came into effect in December 1971. The seven Emirates include Dubai, Abu Dhabi, Sharjah, Ajman, Ras-Al-Khaimah, Fujairah, Umm al-Qaiwain. Around 85% of the residents of the country are foreigners and around 95% of the people working in private…

FTA issues clarification on adjustment of VAT on bad debts

The Federal Tax Authority (FTA) of UAE issued a notification clarifying the various conditions under which suppliers can benefit from the Bad Debt relief scheme. This clarification is targeted to the VAT-registered suppliers that are not paid for their goods or services partially or wholly by their customers within a specified period, but still, have to account for the related…

Important terms of AML dictionary for your knowledge

Introduction The financial industry has been facing money laundering challenges since years; in recent years, even some of the non-financial businesses have been inundated with money laundering risks. The national, regional, and international organizations and associations have responded to these high risks with relevant anti-money laundering policies and regulations for countries and companies. However, a key issue is that businesses,…

JAFZA extends deadlines for submission of the Notification form and ESR

The Jebel Ali Free Zone (JAFZA), a leading free zone of Dubai released new deadlines for the 2020 reportable period. These revised closing dates are for the submission of Notification and Economic Substance Report (ESR) by businesses under the Economic Substance Regulations. The Economic Substance Regulations UAE require onshore and free zone companies and certain other business forms carrying out…

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