I don't understand what do I have to do (UAE 2024)

[SasuT]

With the introduction of the new CIT, what mandatory changes have been implemented?

I keep all my invoices (at least I'm trying to).

What are the next steps? As far as I understand, an annual audit is now mandatory. Could you clarify when this audit takes place and how it is conducted? I have to send all the invoices of the year to the accountant and wait for the audit ?

My FZ company was established in June 2023. When would be the appropriate time to engage an accountant for this annual audit?

I understand that it's new and that nothing is really clear, but I'm really late to the party so I prefer asking..

Thank you!

 

[Martin Everson]

Sorry do you even have an accountant or CSP?

If you have asked him/her and‌ they could not answer then find a new one.

@EmiratesSetup Maybe able to help here?‍

 

[FreedomSearcher]

Get an accountant approved by your freezone, get the necessary accounting and audits done on‌ time.

 

[Moonlighter]

If you're not crossing 50M AED revenue you don't need an audit. Just use Zoho‌ accounting suite and you'll be fine.

 

[Nomado]

Really?
Are the zoho‍ generated financial documents accepted and enough?

 

[mgs999999999]

Up

I’m interested in this question

 

[JimBeam]

Just get an accountant. It may seem expensive at first but may be cheaper in‌ the end.

 

[Nomado]

Do you mean because of the potential fines if not done properly ?

 

[Offshore13]

Please do yourself a favor and get an approved and reliable accountant, I︁ learned it the hard way and paid the fine...

 

[Nomado]

Damn, didn't know‍ they were enforcing it. How much was the fine if I can ask?

 

[Offshore13]

11k AED and apparently that is nothing compared to‍ what others paid

 

[supreme]

If my corp was set up 2022 may, does that mean my "tax profit" year‌ start jan 23 -dec 23 and i need to submit these by the next time‍ i renew the license?

 

[Dandyline]

Fine for what?‍

 

[TRGali]

Here are some info I found from 2021 about fines related to vat.

https://www.ey.com/en_gl/tax-alerts/uae-amends-vat-penalty-rules
Seem late registration is a fixed 10k AED, might have been increased to 11k as our‌ friend offshore13 got 🙁

I would tend⁤ to say no, should start from May 2022 to Dec 2022. Unless your fiscal year⁣ for your company is not set from Jan to Dec but from June to May⁢ for example.

 

[Offshore13]

10k for late VAT registration and 1k‌ for late quarterly VAT filling. I thought its super relaxed like 10 years ago with‍ a Belize company or the Marshall Islands - Now I am learning every day and⁠ still miss some updates, that's why you need professional help from a local agency.

 

[ImKing]

What accounting firm‍ are you using, please throw a link??

 

[JackieTsan]

Can you help‍ me find one good too please?? Many but rarely good.. need one that knows what⁠ is happening.. thank you

Belize and Marshal need this too????

 

[Offshore13]

As far as I know for Belize and Marshall Islands you need⁠ to fill ESR only and keep clean records of your accounts as they can audit⁤ if they want to.

 

[JackieTsan]

Thank you so much!! Which other region I can⁠ get that is white listed in eu, and easy going - no annual tax fillings,⁤ no processes, no tax reports, no vat etc? Real company (with director and shareholder, not⁣ LLC or passive company with members).
Which other similar would you suggest?? I read that⁢ BVI also don’t need audit, tax fillings and tax returns, is that correct? That’s an︀ option but is gray listed in eu.
Thank you very much!

 

[sergeylim88]

what happens if BVI/Belize/Marshall Islands wants to audit your accounts, and you didn't keep any‌ records?
you just stop answering emails, and over time company goes to strike off (since‍ you won't pay renewal)?