EMT ACCOUNTING AND TAXATION SERVICES - UAE

  What is the Accounting and Bookkeeping?   Accounting and bookkeeping are essential functions for any business operation. Accounting refers to the systematic recording, analyzing, and interpretation of financial data to provide useful information to business owners and stakeholders. Bookkeeping, on the other hand, involves the daily recording and organization of financial transactions to ensure accuracy and compliance with accounting principles.     The objectives of Accounting and Bookkeeping.   The primary objective of accounting and bookkeeping is to help businesses keep track of their finances, maintain records, and make informed decisions. Proper financial management provides insight into the profitability, financial health, and growth potential of a business.     Process of Accounting and Bookkeeping   The process of accounting and bookkeeping involves several steps, including recording financial transactions, posting entries into various accounts, reco

  Corporate Tax (CT) in the United Arab Emirates. The United Arab Emirates (UAE) Ministry of Finance has published Federal Decree-Law No. 47 of 2022 providing the legislative framework for corporate tax on business profits in the UAE on 09 December 2022.   What is Corporate Tax (CT) in UAE? Corporate tax is a form of direct tax levied on the net income or profit of corporations and other entities from their business. The UAE introduced this tax with the aim of strengthening the country’s position as a leading global center for business and investment, in addition to accelerating the country’s development and transformation to achieve its strategic goals and renewing its commitment to meeting international standards of transparency tax and prevent harmful tax practices.   When will this be applicable?   Corporate tax will apply in the country for financial years starting on or after June 1, 2023, for example: Businesses whose financial year begins on July 1, 2023, and ends on