- UAE Federal Law No 7 of 2017
- UAE Federal Law No 8 of 2017
- Cabinet Decision No 36 on Executive Regulation of Federal Law No 7 of 2017
- Financial Accounting and Value Added Taxation (VAT) Services for SMEs in the United Arab Emirates
Federal Law No 7 of 2017 on Tax Procedures Chapter Two Tax Obligations, Part 1 “Keeping of Accounting Records and Commercial Books” Article (4) “Record Keeping” States that “Any Person conducting any Business must keep Accounting Records and Commercial Books of his Business and any Tax related information as determined by Tax Law and maintain the same according to the controls that will be specified by the Executive Regulations of this Law. “
Part Five Penalties Article (26) Tax Evasion Penalties states “ Without prejudice to any more severe penalty applicable under any other law, a prison sentence and monetary penalty not exceeding five times the amount of evaded Tax or either of the two….”,
From Article 4 above, it is clear that businesses and all VATable entities are mandated to keep accounting and financial records. Keeping accurate and up to date financial records ensure that:
- Businesses are able to comply with the provisions of Chapter 1, Article 4 of the Federal Law No 7.
- Optimise and reduce their VAT liabilities by making full use of their input recoverable VAT.
- Be on top of their business through RFR Professionals accurate and robust financial accounting and financial controls.
- Improve their revenue and Optimise their costs
- Ensure robust cash flow and liquidity
- Enhance their consistent profitability and;
- Ensure continued survival of business.
RFR Professionals is a firm of financial reporting and taxation experts with strong financial accounting, audit and taxation practice experience in Europe, North America, Africa and Asia.
RFR Professionals is bringing these services to the doorsteps of small and medium businesses in the UAE at a great and affordable rate.
We are taking away the burden of all your financial accounting, VAT and financial controls for you to concentrate on your core business.
Please discuss with any of our teams to see how we can help you achieve consistent profitability while remaining compliant with the VAT laws through effective planning, reporting, deductions, remittance and preparation for your VAT audit as at when due.
RFR Professionals Audit & Consultancy LLC
Floor 02, Bin Arar Centre. Najda Street
Abu Dhabi, UAE
+971 2 635 2886
+971 503 98 2323
