In line with the leadership vision and economic goals of the Government Accelerator Program (Ghadan 21), ADNOC and Abu Dhabi Department of Economic Development signed a Memorandum of Understanding to standardize the In-Country Value (ICV) Certification process. Aldar Properties and Abu Dhabi Ports are also part of the unified ICV certification process.
Abu Dhabi National Oil Company (ADNOC) apparatuses In-Country Value (ICV) Program. ADNOC ICV Audit is one of the world’s driving energy providers situated in Abu Dhabi, the capital city of the UAE. ADNOC ICV auditor is a motivation for development and enhancement in the Emirate and is focused on driving forward financial destinations.
7 Strokes has partnered with ICV audit Companies that has propelled an in-nation esteem (ICV) program which is as of now in its usage arranged. The program plans to drive the ideal incentive from oil and gas saves, expanding the ICV auditor commitment and supporting the private part to help development and broadening of the UAE economy.
Inventory management is a step in the supply chain where inventory and stock quantities are tracked in and out of your warehouse. Whether you’re running a brick-and-mortar store, an e-commerce site, a supermarket, or a logistics company, an inventory management is a must-have.
The goal of inventory management systems is to know where your inventory is at any given time and how much of it you have in order to manage inventory levels correctly. It will give you insights into every aspect of your products, and in some cases, will help you better understand your customers too.
At 7 Strokes we can help you in optimizing the entire spectrum spanning from order placement with your vendor to order delivery to your customer, mapping the complete journey of a product in the supply chain.
Effective inventory management is all about knowing what you have, where it’s stocked, and how much you’ll need. That’s where 7 Strokes adds value.
The month-end report adjusts your ledger for monthly transactions. ... The month-end report is also used to review the past month's transactions and make sure everything has been properly recorded. If your accounts do not balance, the month-end report is a time to correct any accounting errors.
The month end report should include the financial statements used to make business decisions.
In general, the month end report might include the following but may vary from business to business:
All businesses in the UAE need to record their financial transactions and ensure that their financial records are accurate and up to date. Businesses that meet the minimum annual turnover requirement (as evidenced by their financial records) are required to register for VAT. Businesses that do not think they should be VAT-registered should maintain their financial records in any event, in case we need to establish whether they should be registered.
VAT-registered businesses generally:
Our reputed VAT firm facilitates the registration of your company with the FTA, which in turn ensures you abide by the law, avoid paying penalties, and gain credibility for your company. We also help you stay updated with re-registration requirements by regularly checking for changes.
Towards the end of every tax season, you should file a VAT return. This should be done within 28 days. It is quite a simple VAT online process; however, failure to do so within the stipulated time can result in fines or penalties. Here is where our VAT consultant steps in and helps with your VAT return filing process.
7 Strokes is a reputed VAT consultant in Dubai. We will provide you with a dedicated VAT consultant who will work closely with you to understand your requirements and offer feasible solutions. Together, we aim to provide you with convenience and ease the burden equipped with the requirements and responsibilities of VAT.
It is essential to acknowledge the impact VAT has on the structure and overall functionality of a business. Failure to pay the VAT or register your company at the FTA is detrimental to the success of your business. We will provide you with a personal tax account to handle all your VAT payments and keep you updated with the latest rules and regulations.
If a taxable organization is no more maintaining the conditions required to be maintained for registration, they must apply for VAT De-registration with FTA. Under the following two conditions a taxable organization must apply for deregistration.
1. If their turnover did not exceed AED 187,500 in the 12 months after registering with the FTA, they must apply for the VAT Deregistration.
2. If the business stops making taxable supplies then they have to apply for VAT deregistration.
The businesses which are closed must have company liquidation letter from the authorities in order to apply for VAT Deregistration.
VAT Deregistration must be applied within the 20 days of the above-mentioned situations.
If the businesses or individuals do not apply for VAT Deregistration within the advised time as per the FTA law, then they will get a penalty and after paying the fines and penalties then the authorities will approve their VAT De-Registration.
In the United Arab Emirates (UAE), the Federal Tax Authority (FTA) is the regulatory body for UAE VAT Laws and takes charge of managing and collecting federal taxes and fines. Being aware of the tax laws is always beneficial to business organizations and individuals. There are situations where the taxpayers are not satisfied with the decision given by the authority and are being charged with fines/ penalties for various reasons. In such cases, you may apply for UAE VAT Reconsideration. The authority is ready to review its decision and give relief to the taxpayers if they prove the case by filing for UAE VAT Reconsideration.
Any person who is liable to pay fines to the Federal Tax Authority (FTA) can apply for VAT reconsideration within 20 working days from the receipt of such penalty.
There are various types of refunds that may be claimed by different persons for the VAT paid on specific expenses or costs.
The types of refunds that may be claimed from FTA may include:
The FTA may require detailed documentation while reviewing a refund case. Hence, submitting proper documents and records is crucial for getting the refund approved, and our experienced VAT experts can help you to submit the proper records to FTA for approval of the refund claim.
Excise tax was introduced across the UAE in 2017. Excise tax is a form of indirect tax levied on specific goods which are typically harmful to human health or the environment. These goods are referred to as “excise goods”. These goods include Carbonated drinks, Energy drinks and Tobacco and tobacco products.
From 1 December 2019, excise tax will be levied also on:
- electronic smoking devices and tools
- liquids used in such devices and tools
- sweetened drinks.
Rate of excise tax
According to Cabinet Decision No. 52 of 2019 on Excise Goods, Excise Tax Rates and the Methods of Calculating the Excise Price, the rate of excise tax is as follows:
50 per cent on carbonated drinks
100 per cent on tobacco products
100 per cent on energy drinks
100 per cent on electronic smoking devices
100 per cent on liquids used in such devices and tools
50 per cent on any product with added sugar or other sweeteners.
Purpose behind levying excise tax
The UAE Government is levying excise tax to reduce consumption of unhealthy and harmful commodities while also raising revenues for the government that can be spent on beneficial public services.
How will it affect consumers?
Consumers will need to pay more for goods that are harmful to human health or the environment.
Businesses required to register for excise tax
Under the UAE Federal Decree Law No. 7 of 2017 on Excise Tax, registering for excise tax is the responsibility of any business engaged in:
FTA is committed to providing extensive support and guidance to assist with this; however, the responsibility lies with the business to make sure that any required compliance obligations are fulfilled.
FTA has the power to conduct audits of taxable corporates and subsequently impose penal measures on those that do not comply with the law.
7 Strokes assist businesses in:
Preparing the file based on the documents received by you to submit to FTA on your behalf.
We will provide all the records, information, documents, and financial data to the Federal Tax Authority (FTA) if requested to submit on behalf of you.
Review of the documents if already submitted to FTA and filing a reconciliation to obtain the TRN.
Consolidating and preparing the data for maximum first time VAT refund.