Payroll Calculation
Managing payroll and employment relationships can be complex, given the variety of labor laws and regulations in the UAE. Our payroll service ensures accuracy and compliance with all relevant standards and regulations.
Our Services Include:
- Complete Payroll Management: Automating and managing all aspects of payroll processing, including accruals, deductions, and tax withholdings
- Payroll Reporting: Preparation of detailed payroll reports for management and analysis, which assist in budget planning and financial expenditures
- Labor Law Consultation: Providing up-to-date information on changes in labor legislation, consulting on employment relations, and workers’ rights
- Support During Inspections: Assistance in preparing for labor inspections and audits, ensuring full compliance with legislative requirements
Is accounting mandatory for all companies in the UAE?
Yes, all companies registered in the UAE are required to maintain accounting records according to the Federal Law No. 2 of 2015. This requirement applies to companies in both the mainland and those registered in Freezones.
What accounting standards are applicable in the UAE?
The UAE generally adopts International Financial Reporting Standards (IFRS) for accounting. These standards ensure transparency and comparability of financial statements for local and international stakeholders
Is an audit mandatory for companies in the UAE?
Yes, most companies in the UAE are required to undergo mandatory annual audits. This requirement helps to enhance the trust of investors and creditors in the company's financial statements. However, requirements may vary depending on the jurisdiction and type of company.
What tax obligations do companies have in the UAE?
There is no corporate tax for most businesses in the UAE, except for companies operating in the oil and gas sector and banking sector. However, Value Added Tax (VAT) was introduced in 2018 at a rate of 5%. Companies whose turnover exceeds a certain threshold are required to register as VAT payers
What documents are needed for accounting in the UAE?
Companies must retain all primary accounting documents, such as invoices, bank statements, contracts, cash documents, and other documents supporting financial transactions. These documents should be kept for at least five years
What are the deadlines for filing tax returns and reports in the UAE?
The deadlines for filing tax returns depend on the specific circumstances of each company and whether the company is a VAT payer. For example, VAT returns are usually filed quarterly. For precise deadlines, it is recommended to consult with an accountant or tax consultant
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