Bookkeeping and Accounting Services in UAE
Leeway – Experts of Accounting and Bookkeeping in Dubai
The company’s financial position can be identified by the way they are handling their accounts and finances. A minor mistake in the accounts and taxes can create complications and distort the functions of the company. Our experienced accounts specialists are capable of analyzing and reviewing complex financial and accounting reports. We help companies to discover that unique approach by assessing operational efficiencies, identifying opportunities to enhance strategic insight and operational effectiveness, and developing a path of improvement by leveraging alternative resource models. Leeway has experienced and professional chartered accountants in Dubai who aim to look into the broad picture of the client’s business despite the size & complexity of the figures.
If you wish to outsource accounting services in Dubai, there’s one name that you can trust with your eyes closed – Leeway!
The UAE Cabinet Decision 36 of 2017 on the Executive Register of Federal Law No (7) of 2017 on Tax procedures mandates that the companies need to keep accounting records and Commercial Books. The accounting records and books must include:
- Balance Sheet and profit and loss accounts
- Records of Wages and Salaries
- Records of Fixed Assets
- Inventory Records and Statements at the end of any relevant Tax periods
- All records of stock-counts related to Inventory Statements
If the person conducting the business fails to keep the required accounting records, a fine of AED 10,000 will be levied for the first time and AED 50,000 in the case of repetition as per Tax Procedures Law and Tax Law.
As per the Cabinet Decision 36 of 2017 on the Executive Register of Federal Law No (7) of 2017 on Tax procedures, every taxable person should keep their books of accounts for a period of 5 years after the end of the tax period. However, as per the VAT Laws, companies in the real estate sector are required to maintain records and must be kept for 15 years after the end of the Tax Period. Every free zone in the UAE mandates the registered companies to keep books of accounts to comply with local and international regulations. However, some larger free zones mandate that the companies are required to conduct an audit of the accounts.
- Al Fahad Building #4, Damascus Street 2, Al Qusais, Dubai - UAE
- +971 56755 1677