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Excise Tax Compliance Review
Maintain Excise Compliance: Ensure Proper Filing and Avoid Penalties for Noncompliance
Excise duty is charged to people who sell goods that are unsafe for the environment or for people’s health. These businesses must adhere to the UAE excise duty requirements, which include registration, declaration filing, and voluntary disclosures, among others. However, the Federal Tax Authority is continually revising UAE excise duty compliance reporting requirements. Companies realize the significance of proper implementation of excise duty laws and regulations for this reason. Our tax advisors in Dubai and Abu Dhabi will assist you in adjusting to the evolving FTA regulatory landscape.
UAE Excise Duty Regulations
According to Federal Decree-Law No. 7 of 2017, businesses that trade in excisable commodities in any emirate are required to register. This includes e-cigarettes, tobacco, carbonated beverages, and energy drinks, among others. Under the terms of the FTA, all taxable entities are required to comply with the UAE’s excise duty regime. The government continuously revises the tax system to remain ahead of the game. To ensure compliance with UAE tax regulations, FTA auditors will review your excise tax records at any time for accuracy and conformity.
What is the Significance of Excise Compliance?
Excise compliance verifies that your excise records conform to your local tax requirements. The Federal Tax Authority is responsible for tax collection and assessment in the United Arab Emirates. According to the tax period, the relevant regulatory agencies will review your excise tax registration, returns, and filings. You will be exempted from FTA noncompliance fines if you handle excisable items properly.
The Main Purpose of Excise Compliance
The primary purpose of excise tax compliance in the UAE is to protect company bank accounts from hefty FTA fines. An organization that fails to comply with excise duty requirements will be subject to penalties imposed by the governing tax body. They are imposed for inaccurate registration, late declaration filing, submission of invalid documents, and other information. The FTA imposes severe penalties for noncompliance with excise duty regulations. Therefore, it is recommended to use competent consultants to provide excise duty services in the UAE that guarantees all compliance requirements are met.
Why is Compliance Challenging for Businesses in the UAE?
To encourage investors, the tax authorities in the UAE are continually revising laws and regulations. The UAE government took this action to combat global commercial competitiveness. But this makes it more difficult for businesses to comply with tax regulations. Businesses are uncertain when to register, whether they exceed the threshold, how frequently they must file an excise tax report in the UAE, etc. This is because yesterday’s compliance with excise duty may differ from today’s. For a successful application for excise duty, FTA guidelines must always be maintained.
ADEPTS Excise Compliance Service Process
Excise compliance in the UAE is a crucial process that has undergone substantial adjustments to secure the country from the detrimental consequences of excisable items. When managing your compliance with excise taxes, our tax advisers emphasize a variety of things. Let's analyze our excise compliance services, which include the following
Conducting an Excise Duty Evaluation
The procedure of determining the value of products subject to excise duty. It includes determining the amount of excise duty based on the rate of excise duty. Valuation is essential since even a little calculation error can result in the loss of tax records. Expert excise consultants from ADEPTS process and calculate the amount of tax owed to the government with precision, leaving no opportunity for error. Individuals and corporations receive specialized support to help them comply with excise duty regulations.
On-Time Submission of Excise Reports
Each tax period requires the accurate filing of tax returns with the FTA. A registered legal entity that fails to file an excise duty return on time is subject to both fines and reputation loss. Our tax consultants ensure that your tax returns are filed accurately and on time. To ensure the transparency of excise items, we include your statutory declarations with your returns.
Adjustments to your Excise Duty Record
To prevent FTA fines, excise duty records must be up-to-date and correct. Poor records of excise duty can make it difficult for businesses to register for excise duty, submit declarations, and receive refunds. Consult our tax specialists in Dubai and Abu Dhabi if you find yourself in a similar dilemma. Our team can propose required adjustments to your records in conformity with UAE tax regulations, so take advantage of our premier excise services.
Ensured Compliance and Regulatory Adherence
Internal audit ensures that organizations comply with applicable laws, regulations, and industry standards. By reviewing compliance processes and controls, internal auditors identify any non-compliance issues and provide recommendations for rectification.
Insights on Excise Tax
To guarantee compliance with UAE excise duty legislation, each taxpayer must remain informed of any changes made by the authority. Due to a lack of knowledge and time, this may appear excessively hard to a businessperson. Our tax advisors keep you well-informed of the latest excise clarifications and updates from the Federal Tax Authority. We assist businesses with their complicated tax concerns and procedures.
Why Choose ADEPTS
ADEPTS Chartered Accountants LLC is a premier accounting and bookkeeping firm in UAE, offering reliable services to manage income and expenditure, as well as helping clients to adhere to International Financial Reporting Standards (IFRS). Our team of professional financial advisors provides cost-effective solutions to meet long-term goals with exceptional accuracy and precision.
Comprehensive review
Our team conducts a thorough and comprehensive review of your excise tax compliance, covering all aspects of excise tax regulations and requirements.
Customized solutions
We provide tailored solutions to address any issues or gaps identified during the compliance review, based on your specific business needs.
Experienced team
Our team of experts has extensive experience in excise tax compliance and can help you navigate complex regulations with ease.
Avoid penalties
By identifying and addressing compliance issues proactively, our service can help you avoid costly penalties and fines.
Peace of mind
With our compliance review service, you can have peace of mind knowing that your excise tax compliance is up to date and in line with regulations.
services
Excise Tax
Excise Tax Health Check
Under the FTA, all registered organizations must determine if their excisable items are taxable and comply with tax duties. This is essential, as the government may contact you if they wish to conduct an excise duty audit. If FTA auditors discover noncompliance, the taxpayer may be subject to hefty fines.
Excise Tax Audit
Uncover your future. Identify and remediate Tax Compliance violations with an Excise Audit
ICV Certificate Services
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- Certifications and Related Advisory
- ICV Certification Services
In the UAE’s competitive market, being present isn’t enough; you need to lead. The ICV Certificate goes beyond paperwork; it’s a powerful tool that demonstrates your genuine investment in the country’s economic growth. This isn’t just compliance—it’s your gateway to bigger opportunities and stronger profits.
Imagine being the preferred choice for major contracts and lucrative partnerships. That’s the power of an ICV Certificate. Without it, you’re missing out. Government entities, semi-government bodies, and even leading private firms are actively prioritizing ICV-certified businesses. An ICV Certificate quantifies your contribution to the UAE economy, giving you an invaluable advantage.
Why ICV Certification is Your Smartest Strategic Investment
Think of ICV Certification as a strategic move, not a compliance burden. The ICV program is designed to strengthen the UAE economy, and your participation directly fuels that goal, bringing tangible, measurable benefits to your company.
Here’s how investing in ICV Certificate will directly benefit your business:
Win More High-Value Contracts:
- Get Preferred Status: A growing number of major organizations in the UAE now prioritize ICV-certified vendors. This means you’re at the front of the line.
- Secure Lucrative Deals: An ICV certificate Dubai can be the decisive factor in winning top contracts and tenders. Many public and private entities now focus their procurement on ICV Certified vendors.
- Avoid Disadvantage: Without an ICV Certificate, your bid’s ICV score will be “ZERO.” This immediately puts you at a significant disadvantage against certified competitors.
Expand Your Market Reach & Opportunities:
- Increase Local Demand: Significantly boost your sales right here in the UAE.
- Forge Powerful Partnerships: ICV certification opens doors to valuable collaborations with international companies actively seeking certified local partners.
- Unlock New Tenders: Companies with an ICV certificate Dubai see increased demand for local products and services. This directly leads to winning more government contracts and tenders.
Achieve Genuine Business Expansion & Growth:
- Direct Growth Pathway: For ambitious entrepreneurs and agile SMEs, ICV certification offers a clear path to substantial growth.
- Deepen Market Integration: You’ll integrate your operations deeper into vital local value chains. This provides smaller and medium-sized companies with huge opportunities for growth.
Enhance Your Brand & Industry Standing:
- Elevate Credibility: Beyond winning tenders, an ICV certificate solidifies your reputation across the market. It signals a deep commitment to UAE’s growth.
- Build Trust: You’ll foster deeper trust with customers, investors, and even top talent, boosting your brand perception as a responsible and integrated player.
- Show National Alignment: Holding an ICV certificate positions your business at the forefront of the UAE’s economic vision. You become a recognized partner in national progress.
Beyond Contracts: The Strategic Edge of ICV
An ICV Certificate delivers far more than immediate contractual gains. It provides strategic advantages that fortify your business for long-term, sustainable success:
Robust Supply Chain Resilience:
- Reduce Risks: Embracing ICV often means prioritizing local sourcing. This builds a more robust and efficient supply chain.
- Minimize Import Issues: Less reliance on complex international logistics means fewer import complexities.
- Greater Stability: You’ll build stronger resilience against global market fluctuations, ensuring more stable operations.
Magnet for Foreign Investment:
- Attract Global Capital: For international investors, an ICV certificate UAE is a powerful signal of stability and local commitment.
- Become a Preferred Partner: It highlights your integral role in the UAE’s economy, making you a more appealing prospect for foreign investment and strategic partnerships.
Strengthen Your Corporate Image:
- Positive Market Perception: Companies that contribute to the local economy are viewed very favorably by customers, stakeholders, and investors.
- Boost Brand Loyalty: This directly enhances your corporate image, strengthens brand loyalty, and attracts socially responsible investors.
Is ICV Certification the Right Move for Your Business?
While the ICV program’s benefits are broad, it’s especially vital for:
- For Suppliers Eyeing Major Contracts: If your business supplies goods or services to government departments, semi-government organizations, or firms with ICV certification, having your own ICV is essential to stay in the game and win contracts.
- For Driven Business Leaders: If you’re looking to grow your company and play a bigger role in the UAE’s economic landscape, the ICV certificate is a key step forward.
- For Companies Wanting an Edge: In a crowded market, standing out matters. ICV certification helps set your business apart and opens the door to exclusive opportunities.
Our Advantage: ADEPTS Makes Your ICV Journey Seamless
At ADEPTS, we don’t just process paperwork; we empower your growth. We provide comprehensive services designed to streamline your ICV certification journey, ensuring a smooth, fast, and successful outcome that delivers real value.
Fast-Track ICV Certification:
- Quick Results: Get your ICV certificate efficiently, often within a week. We ensure swift delivery, provided you supply accurate documents quickly.
- Attract More Business: This certificate directly helps you attract more customers and win crucial government contracts.
Strategic ICV Improvement Plans:
- Avoid Penalties: We expertly prepare ICV Improvement Plans for tender submissions. These propose your strategy and expected ICV score for the next 3-5 years.
- Optimize Your Score: We compare plans to find the best option, helping you avoid losing valuable 5% ICV retention money.
Maximize Your ICV Score:
- Gain a Competitive Edge: We help create a plan that optimizes ICV spending and investment strategy. This boosts your overall ICV score.
- Robust Strategies: Our team actively crafts strong ICV strategies. This genuinely enhances your ICV score and strengthens your standing for all future tenders.
Your Path to ICV Success: Our Streamlined Process
Getting your ICV certificate isn’t complicated when you have the right partner. It’s a clear, structured process that demands precision, financial accuracy, and expert guidance.
1. Audited Financial Statements:
- Compliance is Key: You'll need IFRS-based Audited Financial Statements from a UAE-based Local Auditor.
- New Company Flexibility: If your company is new (under 10 months old), we can use management accounts for up to 9 months for your ICV certificate.
2. Precise Financial Information Sharing:
- Comprehensive Data: Based on your audited financials, you’ll share specific financial documents with our ICV team. This includes purchase details (from ICV and non-ICV suppliers), employee payroll (WPS/Payroll for expats and Emiratis), UAE investments, and any exports.
- Thorough Document Support: Our experts compile, verify, and organize all necessary financial and operational documentation, ensuring everything is perfect.
3. Rigorous Financial Verification:
- Strict Adherence: Our ICV team meticulously verifies your information against predefined ICV guidelines. Templates are accurately filled, and your ICV score is precisely calculated.
- Zero Errors, Full Compliance: Our attention to detail is paramount. We ensure every step is precise and fully compliant with all standards. This proactively prevents errors or frustrating non-compliance issues later.
4. Expedited Finalization & Issuance:
- Swift Certification: We review your ICV template and all supporting documents thoroughly. Then, we confirm your ICV score and issue your ICV certificate.
- Efficiency You Can Leverage: Provide us with accurate documentation, and our goal is simple: get your ICV certificate Abu Dhabi finalized with impressive speed – often in just a week. That's efficiency you can truly leverage for your business.
- Expert Liaison: We provide professional guidance and facilitate all interactions with authorized ICV certifying bodies for your ICV certificate.
1. Audited Financial Statements:
- Compliance is Key: You’ll need IFRS-based Audited Financial Statements from a UAE-based Local Auditor.
- New Company Flexibility: If your company is new (under 10 months old), we can use management accounts for up to 9 months for your ICV certificate.
2. Precise Financial Information Sharing:
- Comprehensive Data: Based on your audited financials, you’ll share specific financial documents with our ICV team. This includes purchase details (from ICV and non-ICV suppliers), employee payroll (WPS/Payroll for expats and Emiratis), UAE investments, and any exports.
- Thorough Document Support: Our experts compile, verify, and organize all necessary financial and operational documentation, ensuring everything is perfect.
3. Rigorous Financial Verification:
- Strict Adherence: Our ICV team meticulously verifies your information against predefined ICV guidelines. Templates are accurately filled, and your ICV score is precisely calculated.
- Zero Errors, Full Compliance: Our attention to detail is paramount. We ensure every step is precise and fully compliant with all standards. This proactively prevents errors or frustrating non-compliance issues later.
4. Expedited Finalization & Issuance:
- Swift Certification: We review your ICV template and all supporting documents thoroughly. Then, we confirm your ICV score and issue your ICV certificate.
- Efficiency You Can Leverage: Provide us with accurate documentation, and our goal is simple: get your ICV certificate Abu Dhabi finalized with impressive speed – often in just a week. That’s efficiency you can truly leverage for your business.
- Expert Liaison: We provide professional guidance and facilitate all interactions with authorized ICV certifying bodies for your ICV certificate.
ADEPTS: Your Trusted Partner for ICV Success
Need your ICV certificate in the UAE? We make the process clear, fast, and secure, ensuring you get the most out of your certification.
Unrivaled Expertise
Our team understands UAE and international laws deeply. With vast experience, we expertly guide you. We handle all legal and financial steps. From initial audits to final certification, we’ve got you covered.
Tailored Strategies, Real Results
Your business goals are unique. Our solutions are designed specifically for you. Whether it’s your first certification or a renewal, we build smart, custom plans. These directly support your growth journey.
Efficiency That Saves You Money
No delays. No wasted effort. We streamline the entire ICV certification process. This helps you get certified faster. Our proven methods save you money while maintaining high quality.
Guaranteed Compliance, Zero Risk
Mistakes in financial reporting can cost you. As an authorized agency, we ensure full compliance with UAE tax and corporate laws. This includes corporate tax, VAT, and excise. You get complete accuracy and no compliance risks.
Dedicated Partnership, Unwavering Support
We are more than advisors. We are your dedicated partners. We provide honest advice, clear steps, and ongoing support. We stay with you at every stage of your ICV certification. We offer the best ICV certification services for your success.
frequently asked questions
An ICV certificate is an official assessment. It quantifies your business's direct contribution to the UAE's economic development. This provides you with a significant competitive advantage.
Initially, ADNOC introduced it to boost GDP, create Emirati employment opportunities, and localize vital elements of the value chain. It has since expanded under the Ministry of Industry and Advanced Technology (MOIAT) to include government and semi-government entities nationwide in the UAE, making it a powerful national initiative.
It commenced with ADNOC in November 2017. By 2019-2020, various government and semi-government entities unified the ICV certificate process. In 2021, MOIAT assumed oversight, establishing it as a comprehensive national ICV framework for the UAE.
Companies functioning as direct or indirect suppliers to the designated Implementing Agencies (official government or semi-government bodies involved in the ICV program) are required to acquire one. This gives them a distinct competitive edge.
An ICV Certificate UAE is valid for 14 months from the issuance date of the company's audited financial statements. Renewal using updated financials is required to maintain its benefits and ensure continuous access to opportunities.
Generally, each distinct company license is considered a separate legal entity. However, if multiple branches operate within the same Emirate with identical activities and ownership, a single, combined ICV certificate UAE might be permissible for that specific Emirate, streamlining your process.
For companies established for less than 10 months, management accounts covering up to a 9-month period can be utilized for ICV certificate calculations. Any management accounts extending beyond this 9-month timeframe will necessitate an audit.
No. Audited Financial Statements, prepared strictly in accordance with IFRS, are a mandatory prerequisite for ICV certificate acquisition. This ensures the integrity of your application.
The ICV score is determined based on a predefined, specific methodology. It meticulously assesses the supplier's overall contribution to the UAE economy. A higher score means more advantages for your business.
The cost is variable. It depends on several key factors, including the precise nature of your business, your company's annual turnover, and the number of employees. We provide transparent pricing based on your specific needs.
The ICV certificate engagement typically spans 8 to 10 working days. This timeframe is an estimate and hinges critically on the prompt provision of all necessary information. We work quickly to get your certificate in your hands.
Why Choose ADEPTS
Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.
services
Certifications
Achieving the right certifications can set your business apart, enhance credibility, and open new opportunities. Our adept team specializes in guiding companies through the certification process for ICV Certification, Energy Tariff Incentive Program, and ISO Certification. With our expert support, you'll navigate these processes smoothly and efficiently, gaining the certifications that are vital for your business's growth and reputation.
ICV Certification Services
ISO Certification
ETIP Certification
Financial Statements Audit
Ensure Experts Audit your Financial Statements
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- Audit & Assurance
- Financial Statements Audit
Adepts Chartered Accountants LLC is one of the most trusted and experienced financial auditors in the United Arab Emirates, providing comprehensive audit services to ensure Clients have their financials presented fairly, accurately, and reliably. Our team of highly skilled professionals perform a thorough assessment of your company’s financial statements, including Balance Sheet, Profit & Loss Account, Cash Flow Statement and related schedules and notes thereto including internal controls and accounting records, with the utmost integrity and transparency.
Goals Of Auditing Financial Statements
Auditing is critical to ensuring the reliability and credibility of a company’s financial statements and financial performance. Public listed companies are required to file annual audit reports with the respective exchanges and authorities, while lenders require financial statements to lend funds. Similarly, suppliers often demand financial statements as a precondition for extending trade credit.
Our goal is to audit an entity’s financial records and provide reasonable assurance that the reported figures are accurate, complete, and free from material misstatement. Adepts Chartered Accountants LLC through its experienced and professional auditors can help develop reliable, transparent information through reviews of internal controls, tests of transactions, analytical procedures, and other methods. By performing these checks, businesses can ensure that all departments accurately report their financial position and performance on an ongoing basis.
Why do you need it?
Financial Statements Audit by Adepts Chartered Accountants LLC is the perfect solution for small and big businesses that want to ensure their financial statements are accurate and compliant. We provide a comprehensive and reliable service that lets business owners make decisions based on said audited Financial Statements. Our team of experienced accountants will thoroughly audit your statement, identify any deviations from or non-compliances with International Financial Reporting Standards (IFRSs), and provide recommendations for accounting adjustments / corrective action.
We also offer ongoing support to help you maintain compliance in the future. Whether you’re just starting out or have been in business for years, Our Audit services can help you achieve financial peace of mind.
Benefits of Auditing Financial Statement
- Improved accuracy and reliability of financial statements
- Increased transparency and accountability of a company’s financial performance
- Detection and prevention of fraud or mismanagement
- Compliance with legal and regulatory requirements
- Enhanced credibility and confidence among stakeholders, including investors, creditors, and regulatory authorities
- Improved internal controls and risk management practices
- Identification of areas for improvement in financial reporting and business processes.
Process of Audit
The audit process typically includes four steps: planning, execution, reporting, and follow-up:
Planning
During this phase, the auditor will develop an audit plan outlining the audit’s scope and objectives. The plan will also identify the resources that will be required and the timeline for the audit.
Execution
This is when the actual audit work is conducted. The auditor will gather information and perform tests to assess the adequacy of the organization’s controls and accuracy of details of transactions.
Reporting
After the auditors have completed their work, they will prepare a report that contains their findings, audit opinion and recommendations in a standard format and guidelines as set out in International Standards on Auditing (ISAs) by IFAC. The report will be shared with management so that they can make decisions and take actions to improve the organization’s controls and accounting system based on audit report and recommendations from our team of professionals and experts.
Follow-up & Distribution
This is when the auditor checks to see if management has implemented their recommendations included disclosures or passed required adjustment entries. If not, the auditor may take further action, such as escalating the matter to higher levels of management or issuing a formal report.
frequently asked questions
Auditing a company's financial statements gives investors, business owners and other stakeholders confidence in the company's financial information and helps them make smart business decisions.
The Audit financial statement should be audited because it gives its stakeholders confidence that the Financial Statements are audited by an independent auditor, external to the company and how healthy a company's financial position is as a whole and how well the company has performed during the respective year.
The following statements are audited during the engagement:
- Income Statement
- Balance Sheet
- Statement of cash flows
- Statement of Changes in Equity
- Related notes and schedules thereto
Why Choose ADEPTS
Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.
services
Audit & Assurance
Comprehensive Audit and Assurance Services
In today's complex business environment, reliable financial information is crucial. Specializing in Financial Audit and Quarterly Financial Review Reporting, we provide the insights and assurance your business needs to thrive.
Financial Statement Audit
Trust is the foundation of any successful business, and our Financial Audit services are designed to strengthen that trust. We provide an independent and comprehensive examination of your financial statements, ensuring they present a true and fair view of your business's financial position. Our meticulous approach not only helps you meet regulatory requirements but also enhances your understanding of the financial nuances of your operations.
Forensic Auditing
Forensic auditing is a specialized branch of auditing that involves the systematic examination of financial records, transactions, and documentation to uncover fraud, financial irregularities, or misconduct within an organization. It goes beyond traditional auditing practices by applying investigative methodologies and forensic tools to gather evidence that can be used in legal proceedings or to strengthen internal controls.
Quarterly Financial Review Reporting
Stay informed and proactive with our Quarterly Financial Review Reporting services. These reviews offer timely insights into your financial status, helping you make informed decisions and respond quickly to changing circumstances. We provide a detailed analysis of your financial performance, highlighting trends, opportunities, and areas of concern.
