Transfer Pricing in the Digital Age & UAE’s Evolving Tax Landscape
The digital revolution has transformed the global economy, fundamentally altering how businesses operate, create value, and interact across borders. This transformation has brought about significant challenges for multinational enterprises (MNEs) in adhering to transfer pricing principles, the cornerstone of ensuring fair and equitable taxation of cross-border transactions between related parties. In the United Arab Emirates (UAE), the implementation of corporate tax from 1 June 2023 has further heightened the importance of transfer pricing compliance for businesses operating in the country. The Digital Landscape and its Impact on Value Creation The digitalization of the global economy has created a complex and interconnected environment where value is increasingly generated from intangible assets such as intellectual property, data, and brand recognition. These intangible assets often transcend traditional industry boundaries, making it difficult to apply traditional transfer pricing methods based on tangible goods and services. Additionally, the interconnectedness of MNEs in the digital economy has blurred geographic boundaries, further complicating the allocation of profits and the determination of arm’s length prices. Challenges of Transfer Pricing in the Digital Age MNEs operating in the digital economy face unique challenges in complying with transfer pricing principles. These challenges include: Transfer Pricing Services: Navigating Complexity with Expertise Transfer pricing services provided by experienced tax advisors can help MNEs navigate the complexities of transfer pricing in the digital age. These services can include: Transfer Pricing in the UAE: Adapting to a New Tax Landscape The introduction of corporate tax in the UAE has brought about significant changes for businesses operating in the country, including heightened scrutiny of transfer pricing practices. MNEs with operations in the UAE should ensure they are compliant with the UAE’s transfer pricing rules, which are largely based on the OECD Transfer Pricing Guidelines. Additionally, businesses should seek guidance from experienced tax advisors to navigate the complexities of transfer pricing in the evolving UAE tax landscape. The digital transformation has undoubtedly revolutionized the global economy, presenting both challenges and opportunities for MNEs in managing their transfer pricing obligations. By adopting data-driven approaches, conducting thorough economic analysis, and maintaining transparent documentation, MNEs can effectively navigate the complexities of transfer pricing in the digital age. Additionally, engaging experienced transfer pricing services providers and staying informed about the evolving tax landscape in the UAE can help businesses ensure compliance and optimize their tax efficiency. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
How VAT grouping works in UAE?
Introduction to VAT grouping Value Added Tax (VAT) grouping is an essential concept in the United Arab Emirates (UAE) that allows businesses to streamline their tax obligations and improve their overall efficiency. VAT grouping refers to the process of treating multiple companies as a single entity for VAT purposes. This article aims to provide a comprehensive understanding of the benefits and eligibility criteria of VAT grouping in the UAE. Understanding the benefits of VAT grouping VAT grouping offers several advantages for businesses operating in the UAE. Firstly, it allows companies to consolidate their VAT reporting, simplifying the compliance process. By treating multiple entities as one, businesses can avoid the hassle of preparing and submitting separate VAT returns for each company. This not only saves time but also reduces the administrative burden. Additionally, VAT grouping enables businesses to optimize their cash flow. Under VAT grouping, companies can offset VAT liabilities with VAT credits within the group. This means that if one company within the group has a VAT liability, it can be offset against the VAT credits of another company within the same group. This can significantly improve cash flow management and reduce the financial strain on individual entities. Furthermore, VAT grouping promotes collaboration and coordination among companies within the group. By sharing resources and expertise, businesses can leverage economies of scale and achieve cost savings. This can be particularly advantageous for small and medium-sized enterprises (SMEs) that may not have the same resources as larger corporations. How VAT grouping works in the UAE In the UAE, VAT grouping is governed by the Federal Tax Authority (FTA) and follows certain guidelines. To be eligible for VAT grouping, companies must have a close financial, economic, and organizational relationship. This typically involves one company directly or indirectly controlling the others, either through ownership or management control. Once a group is formed, a representative member is appointed to act on behalf of the group for VAT purposes. This representative member is responsible for fulfilling the VAT reporting requirements on behalf of the entire group. It is important to note that the representative member will be jointly and severally liable for the VAT obligations of the group. To apply for VAT grouping in UAE, businesses must submit an application to the FTA. The application should include relevant information about the group, such as the relationship between the companies and the financial impact of the group. The FTA will review the application and assess whether the group meets the eligibility criteria for VAT grouping. Eligibility criteria for VAT grouping in the UAE To be eligible for VAT grouping in UAE, companies must fulfil certain requirements. Firstly, the companies must have a close financial, economic, and organizational relationship. This can be established through ownership or management control. The FTA assesses the level of control and influence exerted by one company over the others to determine the eligibility for VAT grouping. Secondly, the companies must be registered for VAT in the UAE. Only registered businesses can apply for VAT grouping. It is essential for companies to ensure that they have fulfilled all the VAT registration requirements before considering VAT grouping. Lastly, the companies must be established in the UAE. VAT grouping is only applicable to companies that have a presence and conduct business activities within the UAE. Foreign companies without a physical presence in the UAE cannot avail themselves of the benefits of VAT grouping. Advantages of choosing AMA Global Audit Tax Advisory Navigating the complexities of VAT grouping can be challenging for businesses, especially those without prior experience or expertise in tax matters. Our Expert VAT Consultants at AMA Global Audit Tax Advisory, can provide numerous advantages and ensure a smooth and compliant VAT grouping process. Firstly, AMA’s VAT consultants have in-depth knowledge of the UAE tax regulations and can guide businesses through the intricacies of VAT grouping. They can assess the eligibility of companies for VAT grouping, help with the application process, and provide ongoing support for VAT compliance. Secondly, VAT consultants can assist businesses in optimizing their VAT arrangements within the group. They can identify opportunities for VAT savings, manage cash flow effectively, and ensure that businesses fully benefit from the advantages of VAT grouping. Furthermore, our VAT consultants can help businesses overcome any challenges or obstacles that may arise during the VAT grouping process. They can provide expert advice on complex issues, resolve disputes with tax authorities, and ensure that businesses remain compliant with the VAT regulations. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Why ICV Certification is Significant in UAE?
The ICV (In-Country Value) certification in the United Arab Emirates is a vital measure designed to support and boost local economic growth. This certification assesses the extent to which a company’s operations contribute to the development of the UAE’s economy. By encouraging businesses to invest in local resources and engage with the community, ICV certification plays a significant role in advancing sustainability, fostering local partnerships, and enhancing the competitiveness of companies operating in the UAE. Eligibility for ICV Certification ICV certification is open to both local and foreign companies operating in the UAE. Companies that supply goods and services to ADNOC and its subsidiaries are required to obtain ICV certification. This includes suppliers in industries such as drilling, engineering, logistics, and more. Additionally, companies in other sectors that wish to do business with the UAE government, such as construction, transportation, and healthcare, may also be required to obtain ICV certification in UAE. To be eligible for ICV certification, companies must fulfil certain criteria. These include being registered with the appropriate government agency, having a current trade license, and being physically present in the UAE. Each industry sector has specific ICV program guidelines that companies must meet to be certified. These guidelines consider factors such as the degree of local content, investment in infrastructure, and Emiratization efforts in the oil and gas industry. Benefits of ICV Certification Obtaining an ICV certification in the UAE brings several benefits to companies and contributes to the overall growth of the economy. Some of the key benefits include: Validity of ICV Certification An ICV Certificate in the UAE is typically valid for 14 months from the date of issuance of the audited financial statements. It is crucial for companies to renew their ICV certification before it expires to continue benefiting from the program. During the renewal process, companies must submit revised financial statements and update their ICV templates to demonstrate ongoing compliance with the program’s requirements. To ensure a smooth renewal process, companies should maintain compliance with the ICV criteria throughout the year. This includes fulfilling obligations related to local sourcing, investment, Emiratization, and other factors that contribute to the company’s ICV score. Renewing the ICV certification allows companies to continue enjoying the benefits associated with ICV compliance and strengthens their commitment to the growth of the UAE’s economy. Choosing an ICV Certifying Body To navigate the ICV certification process effectively, companies can collaborate with authorized certifying bodies. These certifying bodies are independent organizations approved by the ICV program to assess and certify businesses for ICV compliance. Working with an experienced ICV certifying body ensures that the evaluation process is conducted accurately and efficiently, allowing companies to obtain their ICV certificates within the specified timeframe. Our expert ICV consultants at AMA Audit Tax Advisory, will navigate you throughout the process to achieve the ICV Certification. Conclusion Obtaining an ICV certificate provides companies with various benefits, such as access to government contracts, enhanced reputation, business growth opportunities, and a competitive advantage in the market. It is essential for companies to meet the eligibility requirements, undergo the certification process, and maintain compliance to ensure the validity of their ICV certification. For further information about ICV Certification, read our In-Country Value Program Blog. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Understanding ICV Certificate
The United Arab Emirates (UAE) has implemented the In-Country Value (ICV) program to support the growth and sustainability of its industrial sector and boost the national economy. The ICV program, initiated by the Abu Dhabi National Oil Company (ADNOC), encourages local expenditure on manufacturing, products and services, investments, Emirati employment, and job creation. Recently, The Ministry of Industry and Advanced Technology (MoIAT) has taken over the ICV certification process. In order to participate in the partnership with MoIAT, businesses must now complete an ICV assessment. This assessment will be used in the evaluation and award process of tenders.. The new strategy is procurement led and designed to increase MoIAT’s ICV contribution. In order to do this, they will be focusing on the selection of local suppliers, the development of UAE nationals, and the localization of critical functionalities in the oil and gas industry. By redirecting procurement spending into the national economy, the program aims to enhance the UAE’s manufacturing sector and promote economic diversification. Understanding the National ICV Program The National ICV Program was launched by the UAE Government to support the Ministry of Industry and Advanced Technology’s (MoIAT) mandate of improving the productivity and sustainability of the UAE’s industrial sector. The program focuses on strategic localization of supply chains, attracting foreign investments, diversifying the economy, creating job opportunities, contributing to GDP growth, enhancing spending on research and development (R&D), and enhancing the private sector’s contribution to the nation’s economy. The program’s strategic partners include government entities and leading national companies in various industries. These partners, such as the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company (ADNOC), and Aldar Properties, collaborate to promote the program’s objectives. Other entities are also expected to join the program in the near future, further strengthening its impact on the UAE’s economy. Importance of ICV Certification ICV certification plays a crucial role in the National ICV Program, as it measures the contribution of goods, services, investments, and employment provided by businesses operating in the UAE. The ICV Certificate, issued by MoIAT, certifies the level of In-Country Value achieved by a company. It signifies the company’s commitment to supporting the local economy and demonstrates its eligibility to participate in tenders and business opportunities with MoIAT and other government entities. Obtaining an ICV Certificate To obtain an ICV Certificate in UAE, companies need to meet specific requirements set by the ICV program. The certification process involves several steps, such as: ICV certification in the UAE plays a vital role in supporting the growth of the national economy and promoting sustainable business practices. By encouraging local expenditure, investment, and employment, the ICV program aims to boost the UAE’s industrial sector and diversify the economy. Obtaining an ICV certificate provides companies with various benefits. If you want to learn about the benefits of ICV Certification please go through our Why ICV Certification is Significant in UAE? blog. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
What Are the Mandatory Requirements for ADNOC Vendor Registration?
ADNOC, the Abu Dhabi National Oil Company, is a global leader in the energy industry and a major contributor to the UAE’s economy. If you are a business looking to collaborate with ADNOC and become an approved supplier, it is crucial to understand the process of ADNOC registration. This comprehensive guide will walk you through the key requirements, necessary documents, and step-by-step process of ADNOC vendor registration in the UAE. Table of Contents Introduction to ADNOC Key Requirements for ADNOC Supplier Registration Documents Required for ADNOC Supplier Registration The ADNOC Registration Process 1. Register and Activate SAP Ariba Account 2. Accessing ADNOC Registration Portal 3. Submission Review by ADNOC 4. Pre-Qualification Stage 5. Acceptance as an ADNOC Vendor What AMA Global Audit Tax Advisory do with ADNOC Registration? 1. Introduction to ADNOC ADNOC, established in 1971, operates in all areas of the oil and gas industry and has expanded its activities to create an integrated oil and gas industry in Abu Dhabi. ADNOC has 15 subsidiaries, including ADCO, ADMA-OPCO, GASCO, ADGAS, ZADCO, TAKREER, and more. As a top oil-producing company, ADNOC holds a significant position in the market and has stringent criteria when it comes to selecting vendors and suppliers. 2. Key Requirements for ADNOC Supplier Registration Before starting the ADNOC vendor registration process, it is important to ensure that your company meets the key requirements set by ADNOC: It is advisable to check the Work/Product list provided by ADNOC to ensure that your license activities align with their requirements. AMA Global Audit Tax Advisory can assist you in reviewing and adjusting your activities if necessary. 3. Documents Required for ADNOC Supplier Registration To complete the ADNOC vendor registration process, you will need to provide the following company details: In addition to these documents, ADNOC may require an interview with the general manager of the company to discuss the services or products directly. It is crucial to provide accurate and relevant documentation to meet the threshold requirements for ADNOC vendor registration. 4. The ADNOC Registration Process The ADNOC registration process follows a structured journey to ensure that vendors and service providers meet ADNOC’s standards. Let’s explore the step-by-step process of ADNOC vendor registration: Step 1: Register and Activate SAP Ariba Account The first step is to create and activate the SAP Ariba Account. This account provides access to ADNOC’s Commercial Directory, which is essential for initiating the registration process. Setting up this account is crucial to proceed further with ADNOC registration. Step 2: Accessing ADNOC Registration Portal Once the SAP Ariba Account is active, you can access the ADNOC Registration portal using the Ariba account number. This is where you will submit all the necessary company documents and information required by ADNOC for vendor qualification. Step 3: Submission Review by ADNOC After submitting the company documents and information, there is a review period of approximately one week. ADNOC’s experts will carefully review the submission and assess the eligibility based on the provided information. If your submission is successful, ADNOC will contact you to proceed to the next stage. Step 4: Pre-Qualification Stage A crucial phase of the ADNOC vendor registration procedure is the Pre-Qualification stage. You will be required to provide examples of at least three projects your company has previously completed. ADNOC may also ask for more specific technical data regarding the proposed goods or services. This stage helps ADNOC ensure that your business has the necessary experience and expertise to meet their standards. Step 5: Acceptance as an ADNOC Vendor If you successfully pass the Pre-Qualification stage, you will be officially accepted as an approved vendor for ADNOC. Your company will be listed on ADNOC’s Supplier list, making it visible to ADNOC project managers and procurement teams. This recognition opens doors to potential collaborations and opportunities within the ADNOC network. 5. How Can AMA Global Audit Tax Advisory assist with your ADNOC Registration? The process of ADNOC vendor registration can be lengthy and complex, with no guarantee of approval. AMA Global Audit Tax Advisory is here to assist you throughout the vendor registration process and ensure that you meet all the requirements. Our team of experts will guide you in gathering the necessary documentation and navigating the various stages of registration. With our assistance, you can streamline the process and increase your chances of becoming an approved ADNOC vendor. If you require any assistance with ADNOC vendor registration or any other related company setup, restructuring, please feel free to contact AMA Global Audit Tax Advisory at +97126752685. You can also email us at info@amaaudit.co or visit our website www.amaaudit.com for more information. Remember, ADNOC is a prestigious organization, and being an approved vendor can open doors to lucrative opportunities. Take the necessary steps today to register as an ADNOC vendor and position your business for success in the dynamic energy industry of Abu Dhabi. Frequently Asked Questions (FAQ) Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
Nafis Program: “Empowering the Emiratis” in the private Sector
In recent years, the United Arab Emirates has continued its efforts to include Emirati citizens in the private sector. The UAE is one of the most prosperous countries in the region and its economy has grown tremendously over the years. As the country strives to ensure economic growth, the private sector has become increasingly important. In order to increase the number of Emiratis working in the UAE’s private sector, the Emirati Talent Competitiveness Council (ETCC) has announced the opening of the first round of online registration for the NAFIS program initiatives. About the ICV NAFIS Program NAFIS is a federal program that was launched in September 2021 by the ETCC, under the leadership of its chairman, His Highness Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, and Vice Chairman, His Highness Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation. The NAFIS program initiatives aims to accelerate the participation of Emiratis in the UAE’s private sector workforce. The program will increase the competitiveness of the Emirati workforce and lays the foundations for Emiratis to fill 75,000 private sector roles within the next five years, covering approximately 15,000 jobs per year. The council said that Emiratis can apply and explore opportunities and benefits provided by the program through the NAFIS website which will be served as a partnership hub connecting Emirati professionals and companies operating in the UAE. The NAFIS website, www.nafis.gov.ae, which was launched to act as a partnership hub connecting Emirati professionals and businesses operating in the UAE, now allows Emiratis to apply and explore the opportunities and benefits provided by the program, according to the Council. The UAE will spend AED24 billion ($6.5 billion) on a package of benefits and subsidies designed to reduce citizen unemployment by making private sector-jobs more attractive. The five-year program takes a holistic approach to facilitating the private sector employment of Emirati citizens through the phased implementation of 11 initiatives that cover the recruitment journey. Alongside Nafis, the UAE Government has announced a general target of 10% Emiratisation in the private sector by 2025 in skilled and knowledge-based roles (with the current requirement being 2% for commercial organisations). Benefits to the companies joining the NAFIS Program A number of incentives are provided by the NAFIS programme which can help in reducing the financial burden of hiring new employees and aid in the selection of qualified candidates. These include: How to become a member of NAFIS in the UAE? To register your company with NAFIS, you must follow the steps outlined on their website www.nafis.gov.ae, which include Is it mandatory to register for the NAFIS system? As registration is mandatory in the NAFIS system, companies are strongly encouraged to participate in the NAFIS system. Our experts at AMA, can help clients with NAFIS registration. All we require is a proof of authorisation on company letterhead, signed and stamped, confirming the person logging in is authorised. It is important to understand the NAFIS registration process and its requirements in order to ensure compliance with the laws and regulations. We can provide valuable guidance and assistance in understanding the NAFIS registration process. Latest Updates Recently, at the Make it in the Emirates Forum, The Ministry of Industry and Advanced Technology (MoIAT) in collaboration with the Emirati Talent Competitiveness Council (MAFIS – Initiative) and the Ministry of Human Resources & Emiratization has announced 500 industrial job opportunities for UAE nationals. The aim is to equip local talent with necessary skills and knowledge which would enable them to thrive in technical and specialized positions within the industrial sector https://moiat.gov.ae/en/media-center/news/2023/06/06/miite-forum—press-briefing?search=NAFIS . Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com/
UAE Corporate Tax Law – An Overview
On December 9, 2022, the Ministry of Finance (MoF) of the United Arab Emirates (UAE) released the Federal Decree-Law No. 47 of 2022 (the ‘Corporate Tax Law’). This newly introduced statute reflects the UAE’s dedication to international tax transparency standards and seeks to enhance the country’s revenue streams and foster growth. In this article, we will present a summary of the Corporate Tax Law and discuss its potential impact. Scope of the Corporate Tax Law The Corporate Tax Law encompasses all Emirates and is applicable to taxable individuals and entities engaged in various business and commercial activities. It will be effective for financial years commencing on or after June 1, 2023. However, it’s important to note that individuals involved in the extraction of natural resources will still be subject to taxation at the Emirate level. Persons Subject to Corporate Tax Taxable persons are categorized as either Resident or Non-Resident for the purpose of Corporate Tax Law. Resident Taxable Persons: Non-Resident Taxable Persons: Determination of Tax Base Resident Taxable Person is subject to corporate tax on their taxable income derived both within and outside the UAE. Taxable Non-Resident person is subject to corporate tax on: Tax Treatment of Free Zone Persons (FZP) Companies and branches operating within Free Zones are considered taxable persons and must adhere to the regulations stipulated in the Corporate Tax Law. Free Zone Persons, including both Free Zone companies and branches, is subject to taxation. A Qualifying Free Zone Person (QFZP) has the opportunity to benefit from a preferential corporate tax rate of 0% on their ‘Qualifying Income,’ provided they meet certain conditions specified in the law. However, any income that does not meet the criteria for Qualifying Income will be taxed at the standard corporate tax rate of 9%. The conditions and requirements for availing the preferential tax rate and determining Qualifying Income are outlined in the Corporate Tax Law and related guidelines. Corporate Tax Rate Taxable persons, excluding Qualifying Free Zone Persons (QFZPs), are subject to corporate tax as follows: Qualifying Free Zone Persons (QFZPs) are subject to corporate tax as follows: Persons Exempt from Corporate Tax Certain entities in the UAE are eligible for exemptions from corporate tax as a recognition of their significance and contributions to the country’s social fabric and economy. Such entities include: Determining Taxable Income Taxable income is determined on an annual basis using the accounting income (net profit or loss before tax) derived from financial statements prepared according to accounting standards accepted in the UAE. Certain adjustments are made to the accounting income to arrive at the taxable income, including, but not limited to: Income Exempt from Corporate Tax The Corporate Tax Law provides exemptions for specific types of income for resident persons. These exemptions include dividends received from resident juridical persons, income from participating interest (subject to conditions), income from foreign permanent establishments (subject to conditions). Further, income derived by non-resident persons from the operation of aircraft or ships in international transportation is also exempt. Income that falls outside the scope of the Corporate Tax Law Personal income earned by individuals, including employment income, real estate income, savings income, and investment returns, is not subject to corporate tax. However, it is important to note that business income generated by individuals with commercial licenses will be subject to corporate tax. Administrative Requirements for Corporate Tax Taxable persons, including free zone persons, must register for corporate tax and obtain a Tax Registration Number. The Federal Tax Authority (FTA) may also require certain exempt persons to register for corporate tax. Taxable persons are obligated to file a corporate tax return for each tax period and make the payment of any corporate tax owed within 9 months from the end of the relevant period. The tax period generally follows the Gregorian Calendar Year (January to December) or any other 12-month period aligned with the taxpayer’s financial statements. If a person with a Tax Registration Number ceases their business or business activity, they must submit a Tax Deregistration application to the FTA in the prescribed form and manner, within the specified timeline. This applies to situations such as dissolution, liquidation, or any other cessation of business. The FTA will provide guidance on the Form of the corporate tax return Navigating and adhering to the Corporate Tax Law can be intricate and time-intensive. Therefore, it is essential to seek professional guidance to ensure compliance and maximize tax planning strategies. AMA Global Audit & Advisory equipped with the expertise and experience will assist your business in navigating the complex landscape of UAE’s Corporate Tax. Our team of knowledgeable tax professionals is dedicated to offering tailored solutions that meet your unique requirements. Let us help you understand the intricacies of the Corporate Tax Law and optimize the advantages for your business. Contact us today for expert assistance. Disclaimer: The above content serves as a brief overview of the Corporate Tax (CT) Law and is provided for informational purposes only. It does not include detailed analysis of the law’s provisions, nor does it represent the official views or interpretations of the Ministry of Finance or the Federal Tax Authority. For comprehensive information, please refer to the relevant Cabinet Decisions and Ministerial Decisions pertaining to the UAE’s CT regime, available at www.mof.gov.ae It is important to note that the information presented is general in nature and should not be considered as professional tax advice. AMA Global Audit & Advisory, its partners, or employees do not assume any responsibility for any losses or damages that may arise from actions taken or refrained from based on the information provided or omitted. For personalized guidance and advice, we recommend consulting with a tax professional. Monish MohanMonish Mohan is a versatile and accomplished Auditor, VAT Consultant, Finance and Accounts Professional offering over 18 years of experience in UAE VAT, Audit & Assurance, Finance management Advisory & Accounting & bookkeeping. amaaudit.com