All the eyes will be on Dubai, when it hosts the popular Expo 2020 in October 2021. It will be one of the first mega event to be conducted after the outbreak of Covid-19 pandemic. Expectations are high as the world is pinning its hope on the event. Success of Expo 2020 is likely to boost the confidence of investors. As more than 190 countries are getting ready to participate in the Expo, a major challenge emerges in regards to the basic accounting requirements of the participants.
Best accounting firm in Dubai extends their support to Expo participants providing necessary accounting support with VAT and related obligations. Not just Dubai, but choosing one of the best accounting firms in UAE allows foreign participants with competent resources to satisfy their documentation requirements.
Expo participants face several challenges and accounting requirements, but accounting companies in UAE come up with the right solution according to their requirements,
Should Expo participants maintain their business records?
Yes, Expo participants are required to comply with tax and reporting requirements. So, it’s essential to maintain proper records of transactions. During the various stages of events, it’s necessary to file the details of transactions and expenses with different regulatory authorities in UAE. With the help of accounting companies in Dubai, you will find competent resource to maintain your business records.
What are tax requirements of Expo 2020 participants?
According to the rules and regulations of Expo 2020, he participants are bound to incur tax on their expenses regarding the construction, installation, decoration, and operation of your pavilions. The government also considers expense on goods or services imported for personal or business use. The participants can avail the benefits of special VAT refund scheme through Cabinet decision No 1 of 2019.
With the support of VAT Consultants in Dubai, collect all the relevant VAT records that include VAT return, application for VAT registration, VAT refund application, and application for certificate entitlement, etc. VAT Consultants in UAE saves participants from the trouble of penalties by providing effective record assistance.
Categorize expense with Dubai accounting firms
Accounting consultants in Dubai makes sure to categorize expenses and provide accurate accounting for the participants. This allows participants to determine the expense in relation to the VAT refund claims. Participants can make a VAT refund claim, only on eligible expenses listed through the Cabinet decision No 1 of 2019. Proper accounting and bookkeeping services in UAE allow participants to meet all the business requirements.
What are the accounting challenges faced by the participants of EXPO 2020?
Apart from the Covid-19 challenges, the participants are bound to face several difficulties in maintaining their adequate accounting records.
Some of the challenges are listed below,
- Non-availability of accounting resources
- Lack of clarity in compliance requirements
- Limitation in accounting system for tax obligation
- Lack of integrated process that weakens internal controls.
But, accounting service providers in UAE sort out all the challenges and keep up the spirit of this mega event.
Why is it critical to get support from the best accounting firms in Dubai?
Covid – 19 pandemic had deferred, Expo 2020 which is now scheduled to take place on a new date with more enthusiasm,. Professional accounting services in Dubai allows participants to keep up with the VAT regulations and comply in line with the FTA’s guidelines. Since non-compliance incur penalties, make sure to get assistance from the best accounting firms in UAE.
Find the right talent and resources to make your accounting requirements flawless. A & A associate is a leading accounting service provider in UAE providing extensive support for EXPO participant business requirements.
Get robust advice on proper tax treatments and assistance in maintaining the records related to transactions as specified in the law. We support our clients by providing additional supporting documents in cases like applying for certificate for entitlement, VAT refund application, etc.
We ensure high-quality accounting for small business with timely tax filings and proper accounting for proper transactions. With our dedicated accounting services in UAE, make your participation in Dubai EXPO 2020 seamless. We support the participants by providing full compliance with the UAE VAT laws and recover all the VAT costs expenses incurred in the UAE.