Top Things to Know About Accounting Services for Small Businesses

Top Things to Know About Accounting Services for Small Businesses

Managing finances efficiently is crucial to the growth of any business, even a small one. With the competitive marketplace in Dubai, having a clear understanding of your financial position is essential for success and long-term sustainability. Many small-sized businesses cannot manage accounting independently because of inadequate resources and lack of expertise. This is why Accounting Services In Dubai can be an enormous contribution. Outsourcing accounting duties lets small-scale businesses concentrate on the core of their business as they ensure financial accuracy and compliance. The following are some of the best tips on accounting solutions for small businesses.

Top Things to Know About Accounting Services for Small Businesses

Importance of Accurate Financial Records

Efficient financial records form the foundation of the success of any business. Small businesses must keep accurate and current financial information, essential for making educated choices, getting loans, and meeting tax obligations. Accounting services offered in Dubai assist small companies in keeping on top of their revenue and expenses, assets and liabilities. This ensures that their clients’ financial statements are precise and in line with local laws. When you outsource your accounting requirements and responsibilities, you’ll be able to rest easy knowing that your financial information is well-handled and allows you to confidently make strategic decisions based on accurate facts.

 

Expertise in Local Regulations

Dubai’s regulatory system is intricate and constantly changing. Small businesses must stay within the local laws like VAT and financial reporting regulations, which is a challenge without specialized expertise. Accounting services offered in Dubai offer access to experts who know about Dubai’s regulatory environment. The experts will ensure that your business complies with all applicable legislation, which will help you stay clear of costly fines and legal problems. They also advise you of any regulation changes that could affect your company so that you can keep ahead of the game.

 

Cost-Effective Financial Management

A lot of small-scale businesses are operating with tight budgets and prioritize the management of costs. Employing a full-time accountant in-house is costly, particularly when considering benefits, salaries, and expenses. Outsourcing accounting services to Dubai lets small-sized businesses get top-quality financial management services at a fraction of the price. Only pay for essential services such as bookkeeping, payroll management, tax preparation and the analysis of your finances. This approach is cost-effective and permits small-sized businesses to dedicate more excellent resources for growth-oriented initiatives while still ensuring finances are in a stable state.

 

Time Savings and Improved Focus

A small business must balance multiple duties ranging from managing operations to dealing with customer service. Accounting work can take up a lot of time and take focus away from the main tasks. Outsourcing accounting tasks to Dubai can allow small-scale business owners to save precious time and focus on what they excel at growing their businesses. If you are looking to expand your range of products into new markets or improve your customer service, having extra time and effort to devote to these endeavours could result in improved results and increased profits.

 

Enhanced Financial Planning and Forecasting

A well-planned financial plan is vital for the long-term success of every small-scale business. Accounting services offered in Dubai can provide invaluable insights into your company’s financial condition to help you design real-time budgets, plan for future earnings, and spot possible risks. Through access to precise information on your finances and an expert’s analysis, you can make informed choices aligned with your business’s goals. Proficient accounting solutions provide all the information you require to remain on the right track, regardless of whether you’re planning expansion, managing cash flow, or making plans for seasonal shifts.

 

Scalability and Flexibility

When your business expands, and your needs for financial assistance grow. Accounting services available in Dubai can provide the flexibility required to adjust to the modifications. If you are increasing, launching new products or dealing with changes in the market, outsourced accounting services can adapt the services they offer to fit your requirements. The flexibility of this service ensures your accounting management is consistent and secure, regardless of the pace at which your company develops.

Top Things to Know About Accounting Services for Small Businesse

Conclusion

To conclude, accounting services in Dubai offer small-scale businesses the knowledge, precision, and cost-effectiveness required to succeed in today’s competitive market. The outsourcing of accounting functions has numerous advantages, from maintaining precise accounting records and making sure that they are in that you comply with local regulations in addition to reducing time and improving budgeting. When you partner with a reliable accounting company such as Beaufort Associates, small businesses can focus on their primary business, have a stable economic environment and prepare themselves for success over the long term in Dubai’s ever-changing business environment.

What Are the Core Benefits of Outsourcing Accounting Services

What Are the Core Benefits of Outsourcing Accounting Services?

Companies constantly seek ways to improve efficiency, cut costs and streamline operations in today’s highly competitive environment. Outsourcing accounting services is a good strategy. Outsourcing Accounting Services In UAE is becoming more popular, where companies strive to keep a solid financial base while focusing on growth. Beaufort Associates offers a comprehensive range of accounting services to businesses in the UAE.

What Are the Core Benefits of Outsourcing Accounting Services

Cost Efficiency

Cost savings can be significant when outsourcing accounting services. In-house accountants incur expenses like salaries, benefits and training. They also require office space. Outsourcing allows businesses to convert fixed costs to variable costs. They only pay for services when needed. This will enable firms to allocate their resources better, ultimately improving the bottom line.

Access to expertise

Businesses can access a group of accountants with vast experience and knowledge in accounting by outsourcing accounting services to the UAE. They are always up-to-date on industry trends and regulations and ensure all your records comply with local law. Beaufort Associates offers clients skilled accountants that can manage complex financial tasks. This allows business owners to concentrate on their core activities.

Take a Closer Look at Core Business

Accounting functions can take up much time and distract you from your core business. Outsourcing allows managers and business owners to devote more energy and time to customer service, strategic planning and business development. Enhanced focus on the company can increase productivity and give it a competitive advantage.

Increased accuracy and reliability

Accounting firms employ advanced tools and software to ensure accuracy and reduce the chance of error. By outsourcing to Beaufort Associates, you can be assured that your records are maintained accurately and provide reliable data for making decisions. For identifying trends and managing cash flows, accurate financial data is essential.

Flexible and Scalable

Your accounting requirements will evolve as your business expands. The flexibility of outsourcing allows you to adjust services according to your needs. Outsourcing will enable you to adapt to changes in circumstances, whether providing additional assistance during busy seasons or streamlining your operations when times are slower. Beaufort Associates provides customized accounting services to suit clients’ requirements in the UAE.

Access to advanced technology

Businesses can struggle to keep up with new accounting technology and software. You can access the latest tools by outsourcing accounting services without significant investments. Accounting firms upgrade their software constantly to offer the best service. Access to the newest technology improves financial management efficiency.

Compliance and Risk Management

Any business must comply with all local and international laws. In the event of non-compliance, you may face severe penalties and damage to your business’s reputation. Accounting services from a company with experience in UAE laws and regulations will ensure your business complies with the law. Beaufort Associates is always up-to-date on changes to tax laws, accounting rules, and regulatory updates. This helps you avoid potential risks.

Strategic Financial Advice

Outsourced accounting firms do much more than manage your accounts. You can get valuable financial and business advice from them to make better decisions. Firms like Beaufort Associates, with their vast industry knowledge, can guide cost-saving strategies and investment opportunities. Expert advice is crucial to your company’s growth.

What Are the Core Benefits of Outsourcing Accounting Services

Conclusion

Accounting services can be outsourced for many reasons, such as cost-effectiveness, increased accuracy and a greater focus on the core activities of your business. Beaufort Associates offers top-quality accounting services in the UAE to ensure that your financial management will be in competent hands. Companies can leverage the benefits of outsourcing to achieve more efficiency, compliance and strategic growth. This will help them position themselves in a competitive market for the long term.

accounting firm dubai

What Service Do Accounting Firm Provides: A Closer Look

What Service Do Accounting Firm Provides: A Closer Look

A firm that provides its clients with a range of accounting-related services is known as an accounting firm.

Due to the fact that other companies frequently choose to assign some of their authority rather than squander time and money, these firms have grown to be vital in the modern world.

Small and medium-sized businesses typically employ accounting services to drastically save expenses and avoid hiring in-house specialists.

Nonetheless, these firms are necessary for companies of all kinds and sectors. Experts are able to assist organizations in making well-informed decisions that serve their organization’s best interests since they keep up of the most recent financial legislation and best practices.

They offer guidance on increasing revenue, cutting costs, and developing budgets that support businesses in staying on course.

Dubai’s business landscape is a dynamic and exciting one, but keeping your finances afloat amidst the constant growth can feel like steering a ship through a whirlwind.

That’s where Beaufort Associates comes in. We’re a team of seasoned accounting professionals in Dubai, here to provide a steady hand and expert guidance for businesses of all sizes.

From meticulous bookkeeping and comprehensive accounting services to insightful audits and strategic tax planning, we offer a full suite of solutions to ensure your financial compass is always pointed towards success.

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Services provided by Beaufort Accounting Firm;

1: Bookkeeping

Bookkeeping is an essential and fundamental financial service that accounting firms frequently provide. It entails valuing the company and keeping track of every transaction that occurs there. Everyday transaction in bookkeeping is documented in the appropriate accounting books.

To keep accurate cash flow records, they must work on the necessary software. A correct cash flow record has to be prepared and supplied by the accounting services providers. While keeping records, the accountant or bookkeeper values these transactions.

Every business needs bookkeeping because, without it, it cannot function properly and maintain an accurate record of all its financial activities. However, not all bookkeepers must have a background in accounting.

2: Accounting services

Like bookkeeping, Accounting is concerned with valuing a firm and recognizing and documenting each financial transaction that the company does. The primary distinction between the two is that business accounting Services deal with analyzing these records to provide a financial statement for the business, whereas bookkeeping only deals with recording.

The accountant’s financial statements are crucial since they indicate the business’s success and provide an explanation; you can use this information to determine your next course of action.

3: Audit services

Auditing is the process of periodically reviewing financial records to look for faults and determine whether the company is operating in line with the law. Being a specialist accountant who operates outside of the company, the auditor can provide an objective assessment of the company’s financial statements, including their accuracy, fairness, and conformity with accounting rules.

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4: Tax planning and preparation

Accounting firms frequently offers the service of Tax planning and preparation. Since taxes impact nearly every company, it is necessary to ascertain your companies’ tax obligation. It’s also your responsibility to stay up to date on the constantly evolving tax laws and make sure you abide by the most recent IRAS regulations. You might not have enough time to prepare your tax return since you would be too busy selling your products, and filing your return after the deadline could result in a sizable punishment. Thankfully, you could avoid tax problems and perhaps find ways to reduce your taxes by employing an accountant.

5: Consulting services

Sometimes, you can find yourself and your company in a circumstance where you’re unsure of what to do. Seeking professional guidance from a knowledgeable person or entity who is well-versed in your business environment and circumstances becomes essential.

They use their expertise to assess your current circumstances, decide on the best course of action, alert you to changes in the laws governing business in your area, and offer guidance on how to improve the effectiveness and profitability of your company.

6: Special advisory services

Every business relies heavily on its finances, and having your finances handled by an expert can mean the difference between your company’s success or failure.

Chief Financial Officers (CFOs) can help with this. The accounting firm can create crucial financial and operational policies for the business, serving as an external CFO. They assess the company’s financial statements in order to make financial decisions.

 

The information provided herein is for the general information of the user and is provided in good faith. We make no representation or provide warranty of any kind, express or implied, regarding the adequacy, suitability, validity, or completeness of the information. Our advice in regard to UAE corporate tax and value added tax is based on our understanding of the relevant laws and the regulations issued. We cannot be held responsible for new regulations and/or interpretation of existing regulations by the FTA that is not consistent with our advice. Under no circumstance shall we have any liability to any user of this information or to third parties for any loss or damage of any kind incurred as a result of the use or reliance of this information.

Dubai’s Accounting Services

Handling Multiple Businesses? Dubai’s Accounting Services Can Help

Handling Multiple Businesses? Big Finances! Dubai’s Accounting Services Can Help

Running multiple businesses at once is undoubtedly a daunting task, and it can be quite difficult to juggle at the same time.  But every problem has its own solution.

Beaufort Associates Accounting services in Dubai can help entrepreneurs dealing with multiple businesses simultaneously with financial complexities. 

Different businesses require an equally diverse set of skills to run, and a complex approach to ensuring the growth of an enterprise requires a lot of hard work and expertise.

The financial complications of managing different businesses simultaneously can weigh heavily on you. 

That is why traders often face various challenges in business-related matters for which Dubai accounting services can solve your problem. It works to deal with your financial complexities as per your business requirements.

So in this article, we will see how Dubai accounting services can help in handling different businesses simultaneously.

Understanding Dubai’s Thriving Business Landscape:

Dubai is a well-known place worldwide for its business facilities and infrastructure which has helped to establish itself as a leading business hub due to its strategic location. 

With world-class facilities, excellent transportation and excellent infrastructure, it is an attractive destination for businessmen from all over the world.

Dubai offers you a wide variety of business opportunities in different sectors. 

With finance, entrepreneurs can explore opportunities in various sectors including technology and tourism. 

Dubai’s business regulatory environment is considered business-friendly for entrepreneurs. 

The government introduces attractive policies that attract foreign investment.

Dubai is an attractive place for businessmen due to its excellent facilities, with numerous opportunities for investment from finance to tourism, which are attractive due to the government’s business-friendly policies.

Managing Multiple Businesses’ Finances

There are several important aspects of managing the finances of multiple businesses, such as:

    • Consolidation of Financial Statements: This process involves combining the financial statements of separate businesses – independent legal etities and/or branches – into one comprehensive and single statement.  A consolidated financial statement helps in providing an overview of the overall performance of the business.
    • Tax Planning and Compliance: Corporate Tax law allows treating commonly owned companies to be grouped together for tax purposes under certain conditions. Such grouping has several advantages and also certain disadvantages. It is important to carefully consider the financial position and the tax exposures of the individual companies to decide how and when to opt for grouping of companies. This aspect requires thorough knowledge and management of taxes and a knowledgeable outsourced service provider can assist in developing and implementing a meaningful strategy.
    • Cash Flow Management/Problems: Effective cash flow management is very important while dealing with multiple businesses simultaneously and efficiently. This includes planning for the future taking into account inflows and outflows and implementing the best policies to improve liquidity while managing risks.

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The Importance of Accounts Data Security 

The importance of account data security in financial management cannot be overemphasized, and it is very important to keep a few things in mind for its better management, including:

Security of financial information: To prevent financial losses, it is very important for you to consider the security of accounting data from unauthorized access, fraud. This includes controlling and implementing strict and robust security measures to protect sensitive financial information.

 Complying with data privacy laws: Whether a business is one or multiple, compliance with data privacy laws and regulations is critical to ensure the sensitivity and integrity of business accounting data.

Challenges and Solutions

Managing multiple businesses simultaneously can be a daunting and exhausting task, especially when dealing with financial complexities and complex regulatory changes.

Beaufort’s trained and experienced team (professionals with expertise in regulatory affairs and complex financial management) is available to assist in managing and operating multiple businesses optimally. 

Our Accounting services in Dubai will engage with you to develop an excellent solution to efficiently deal with your concerns.

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Benefits of Outsourcing Accounting Services

Your company’s operations can be improved and earnings can be increased by outsourcing your accounting services.

However, some companies are still hesitant to cede control over such a crucial area of their operations.

Actually, there are many advantages to outsourcing, from cost savings to better financial reporting.

Case Study & Success Story

Beaufort Associates: 20 Years of Assisting and empowering several clients. Over a decade ago Beaufort was approached to assist the Dubai subsidiary of a European multinational company in providing accounting services.

We communicated with the local and the head office management to define data sharing protocols, deadlines and financial information deliverable requirements.

Beaufort scales it services over time as the activities and the revenue of the subsidiary grew and took responsibility for several aspects of financial managements including accounting, audit support, VAT planning and compliance.

In so doing, Beaufort Associates has had the privilege of contributing to their incredible growth journey.

Beaufort Associates has played an integral role in ensuring their financial stability, offering tailored accounting solutions and expert advice.

This long standing partnership is a testament to the success that can be achieved when innovation and unwavering commitment to excellence come together.

Final Thoughts

To conclude we may say that accounting services are very important for a successful business.

These financial services provide significant technical and legal support as well as guidance in improving the financial management and controls of various businesses, ensuring accurate bookkeeping, financial reporting, and compliance with local regulations.

In Dubai, you have the convenience that professional companies can focus on their core operations by outsourcing accounting services.

Overall, accounting services are considered very important for maintaining the financial health and success of many businesses in Dubai.

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The information provided herein is for the general information of the user and is provided in good faith. We make no representation or provide warranty of any kind, express or implied, regarding the adequacy, suitability, validity, or completeness of the information. Our advice in regard to UAE corporate tax and value added tax is based on our understanding of the relevant laws and the regulations issued. We cannot be held responsible for new regulations and/or interpretation of existing regulations by the FTA that is not consistent with our advice. Under no circumstance shall we have any liability to any user of this information or to third parties for any loss or damage of any kind incurred as a result of the use or reliance of this information.

vat accounting dubai

Maximize Profits with Top-Tier VAT Accounting Services in Dubai

Maximize Profits with Top-Tier VAT Accounting Services in Dubai

The goal of Beaufort Associate is to offer its customers high-quality service. The business is committed to provide its clients quick, accurate, and trustworthy advice and services.

Its team of highly skilled chartered accountants in Dubai is competent in a range of accounting services for small businesses in the city.

Financial reporting is growing more and more difficult as corporate transactions become more complicated.

To assist clients in fulfilling their responsibilities under the International Financial. 

  • We have a strong track record of boosting business profitability.
  • We’ll increase your cash flow.
  • Your ability to make decisions is enhanced by us.
  • By enhancing internal controls, we reduce business risk.
  • We will work with you to win and keep the confidence of your stakeholders, including bankers, customers, suppliers, and other investors.

Advantages of Outsourcing Beaufort VAT Accounting Services in Dubai

Your Financial Operations Can Be Simplified

You can streamline your financial operations and concentrate on your main business operations by outsourcing your accounting requirements to Beaufort Associate.

All facets of your accounting services for small businesses in Dubai, including bookkeeping, payroll, and tax compliance, will be handled by our knowledgeable staff, ensuring accuracy and effectiveness.

Expertise is accessible

You have access to a group of highly qualified and knowledgeable accounting professionals when you work with Beaufort Associate.

Our professionals stay current on the most recent laws and industry best practices, ensuring that your financial problems are handled precisely and in accordance with the law.

Cost reduction

Your accounting operations could be outsourced to Beaufort Dubai for considerable financial savings.

You can employ our services at a fraction of the cost instead of hiring and training internal accountants.

We are able to provide excellent services at reasonable prices thanks to our effective processes and economies of scale.

Concentrate on Your Main Business

You can concentrate on what you do best—running your business—by giving us the responsibility of handling your accounting services for small businesses in Dubai.

You may focus on making strategic decisions, growing your market presence, and improving customer satisfaction with more time and resources at your disposal.

Superior Data Security

 Data security is important, and Beaufort is aware of this. To protect your sensitive financial information, we use innovative technologies and strong security procedures.

Maintain Compliance with Local Laws

Operating Accounting services in Dubai, United Arab Emirates, necessitates adherence to numerous accounting and tax requirements.

One of the leading accounting firms in Dubai, Beaufort Associate has a thorough understanding of local rules and regulations, guaranteeing that your financial activities continue to be in complete compliance.

We take care of all the required reporting, filing, and paperwork, saving you time and lowering your risk of fines or legal troubles.

Partner with Beaufort Dubai, one of the top accounting firm in the UAE, to receive outsourced accounting services in Dubai, and take advantage of the many benefits that come with expert knowledge, cost savings, efficient operations, and peace of mind.

Concentrate on expanding your business while we precisely and effectively handle all of your accounting needs.

Accounting services in UAE for Startups

  • At Beaufort we are aware of the distinct difficulties faced by startups and the need for specialist assistance.
  • Our team of highly qualified experts is dedicated to supporting you along the road and making sure that your financial affairs are in order and in compliance with local laws.
  • We also offer a variety of services to help your financial operations run more smoothly as part of our accounting services & VAT Consultancy in the UAE for startups.
  • We handle everything from corporate tax in Dubai, UAE planning and compliance to bookkeeping and the creation of financial statements, enabling you to concentrate on expanding your firm.
  • Our Team are knowledgeable about the tax system in the UAE and stay current on any changes, ensuring that your company is always compliant.
  • We take the time to comprehend your company’s aims and objectives with our tailored approach. This enables us to offer specialized guidance and solutions that fit your unique demands.
  • You will always be informed and have the power to make wise financial decisions thanks to our open and proactive communication culture.

Beaufort UAE Associate Accounting Services In UAE

We made up of a team of highly skilled individuals with a focus on business services.

To assist the expansion and prosperity of businesses, we provide prompt and dependable accounting services in the UAE.

The following are some of the ways Beaufort helps businesses:

  • Constructing a strategy based on the demands of the client.
  • Identifying and organizing the needs of the business for efficient assistance.
  • Deciding on the best accounting systems for small businesses in Dubai, getting the necessary software, and putting the structure in place.
  • Managing duties such bookkeeping, billing, payroll, calculating expenses, and other accounting-related activities.
  • Using a qualified team to create and support the system.
  • Ensuring that reports are prepared, submitted, and interpreted in a timely manner.
  • Creating an efficient communication system to aid in decision-making.
  • Putting the needs of high management into consideration while creating management reports.

Do you need help with registering your business for VAT and getting the tax certificate?

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Beaufort Offer Several key-services for Businesses in the UAE, including:

1. VAT Consultancy

Helping to implement the VAT, analyzing its effects, making the necessary changes to accounting services records and systems, and training accountants within enterprises.

2. TAX Services

Providing through a dedicated team of tax specialists expert understanding of the most recent tax laws and legal solutions for tax-related challenges.

3. Bookkeeping

Offering an extensive range of accounting and bookkeeping services.

4. Services Financial

Assisting clients in efficiently concentrating on organizational growth and managing their limited resources.

5. Management Accounting

Providing direction on financial management, financial analysis, and business planning to help businesses make wise business decisions.

6. Internal audit

Conducting interim and ongoing internal audits to evaluate and appraise firms’ internal control systems.

Contact us to request a free initial consultation today!

Looking For Top Notch Accounting Service in Dubai ?

Find Your #1 Accounting Service Provider Dubai, UAE.

Our team of skilled experts specializes in many different accounting disciplines, guaranteeing that your financial operations are effective, precise, and legal. Beaufort Associate is your go-to source for thorough accounting solutions that boost the performance of your company. Accuracy, effectiveness, and strategic financial management are guaranteed thanks to our expertise across several key accounting areas.

These are the primary fields in which we excel:

Bookkeeping Services

The need for bookkeeping services in Dubai, United Arab Emirates, is growing. According to UAE law, all corporate entities are required to abide by the IFRS (International Financial Reporting Standards) accounting laws and regulations.

  • Services for outsourced bookkeeping include the setup and upkeep of daily transactions.
  • Chart for account setup and review.
  • Input of data, including keeping track of daily transactions.
  • Depending on the needs, the frequency of visits will be decided; we can offer daily, weekly, monthly, and quarterly visits.
  • Processing of accounts due and receivable
  • Reconciliations of Banks
  • Procedures that Comply with VAT
  • Producing MIS Reports

We Have #1 Accountants in Dubai

One of the top accounting firms in Dubai, Beaufort UAE Associates offers complete accounting services in Dubai. A variety of services, including bookkeeping, financial statement preparation, budgeting, financial analysis, and others, are provided by our skilled team of specialists.

With order to help you make wise decisions, we also assist you with comprehending and analyzing the financial performance of your company.

You may streamline company operations and make sure that all financial concerns are handled as effectively as possible with our knowledge.

Why Choose Beaufort UAE: The Best Accountants in Dubai

It’s vision has guided us throughout the years: to become the market leader in the MENA region by offering all value-added services to “businesses” so they can innovate and develop a business model that enhances maximum sustainability and profitability.

It’s aim is to enable organizations to succeed more via unshakable dedication, unparalleled services, and an ongoing commitment to innovation.

Using our more than 20 years of experience, let us assist your business.

Our everyday journey Is guided by Our Set Principles

  • Integrity is being true to our deeds, not just to our words; upholding integrity in behavior and producing outcomes of the highest caliber.
  • Transparency upholds our interactions with partners, peers, and clients with decency and respect.
  • Customer Care is devoted to the one guiding philosophy of exceeding clients’ commitments and expectations.
  • They cherish our employees and foster a culture of trust, ownership, success, and creativity.

The information provided herein is for the general information of the user and is provided in good faith. We make no representation or provide warranty of any kind, express or implied, regarding the adequacy, suitability, validity, or completeness of the information. Our advice in regard to UAE corporate tax and value added tax is based on our understanding of the relevant laws and the regulations issued. We cannot be held responsible for new regulations and/or interpretation of existing regulations by the FTA that is not consistent with our advice. Under no circumstance shall we have any liability to any user of this information or to third parties for any loss or damage of any kind incurred as a result of the use or reliance of this information.

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