Month: June 2023

UAE Corporate Tax 2023 — A Complete Guide

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There is a myth about UAE ‘There is no Tax in UAE’, like a myth, the saying is not true, just because without taxation a Government cannot function. UAE does not impose income tax in most sectors but the tax levied is more than 50% on oil business and for entertainment also tax is high. Dubai charges more than 10% for hotel services and also service tax is high on Restaurant bills.

Moreover, the import duties on certain goods that are odd in Islamic law are also taxed high. It is through this exorbitant tax on certain products and services, the majority of people are made income tax-free.

In 2018, the United Arab Emirates for the first time enacted a VAT tax, which levied a 5% surcharge on all consumer purchases. The government then declared in January 2022 that a 9% corporate tax would go into effect the following year.

What is the 2023 Corporate Tax?

Corporate tax is a direct tax imposed on net income or profit from the business. The UAE corporate Tax came into effect on June 1st, 2023. UAE’s corporate tax will be 9% on the profits of businesses above 375000 AED and businesses less than that have to pay 0% tax.

Objectives of UAE Corporate Tax 2023:

  • By introducing the CT, the UAE aims to cement its position as a leading global hub for business and investment
  • accelerate its development and transformation to achieve its strategic objectives·  
  • reaffirm its commitment to meeting international standards for tax transparency and preventing harmful tax practices.

Exempted from Taxation

  • Businesses engaged in natural resources extraction are exempted from Corporate Taxation and they have to continue the existing taxation
  • CT won’t be applicable to dividends or capital gains that a UAE company makes from its qualifying shareholdings.
  • Qualifying intra-group transactions and reorganizations will not be subject to CT.

Impact on businesses operating in the UAE

  • The new tax intends to increase UAE the share of the non-oil revenue budget
  • Will increase the revenue base of the country, it can also become a key player in international business by adhering to international standards.
  • The change in taxation policy cab enhance financial growth and ensure sustainable growth
  • It is a futuristic step towards business credibility.

Calculation

The calculation of CT is based on net profit or loss. In the event of a business loss, up to 75% of the value could be deducted from future years’ taxable income.

­­Key Skills and Qualities for Excelling as a Facilities Manager

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The role of the Facility Manager is vital for the smooth functioning of the built environment. The built environment can be anything from a hospital, stadium, office, or any type of functional building and its related space. For the efficient functioning of a facility, the facility manager has to make multiple-level interactions. For that, a facility manager should be efficient in problem understanding, addressing, and solving.

Especially in a Post-COVID scenario, the relevance of the Facility Manager in providing a safer space for the operation of the organization is more than ever. The area of expertise required for facility managers ranges from Infrastructural planning, and budget planning to knowledge on environmental sustainability. Facility Management requires knowledge in divergent areas and the interesting part is that each and every day as a Facility Manager, work of different nature has to be performed. The Facility Management Course in Dubai can give a detailed idea about the key skills.

The key skills for a Facility Manager

1.Technical Knowledge and Expertise

As Facility Management is getting more entangled with different services, the best way to organize the operations and work seamlessly is by using apt software. To work efficiently according to the industry trends, software applications that assist the day-to-day functioning have to be used and the knowledge of software solutions should be updated according to industry trends.

2. Problem-solving and Analytical Skills

In Facility Management, the nature of day-to-day work varies, so as the group to be interacted with. Only by developing strong leadership skills, different teams can be made to work efficiently under the facility manager. Management skills are crucial to integrate different groups. In overseeing tasks, the Facility Manager must have a strict approach.  The Facility Management Course in Dubai can provide a deeper understanding to develop analytical skills.

3. Effective communication

There are different wings in Facility management, and each one of them requires a different level and type of communication. Efficient and effective communication is an essential part of the smooth functioning of the organization. In order to put the idea in a proper framework to be conveyed effectively and effectively sound communication skill is essential. There will be intra as well as inter-organization communication and also external communication.

4. Attention to Detail and Organizational Skills

It is necessary to not miss details, to avoid any kind of mishap or malfunctioning it is essential to have an eye for details and not to miss even the minutest thing that needs attention. As a Facility Manager is answerable to any incident.

5. Adaptability and Flexibility.

Key kill is to be capable of facing any kind of threat related to the facility and most importantly there should be a knack to avoid such instances. The ability to handle emergencies, address unexpected issues, and to come out with solutions are part of this job.

6. Financial Management and Budgeting Skills

Financing is a very difficult part of Facility management. The income-expense balance is the key to a successful budget plan. But there are always chances for unexpected expenditure, for that it is necessary to keep a buffer. A tactical approach to managing money is the key responsibility in budgeting.

7. Continuous Learning and Professional Development

Encourage a commitment to continuous learning and staying updated with industry trends.  There are different areas of work involved and there are always updates happening. so it is necessary to keep up with the changes in the system.

Conclusion

To understand the details of Facility Management and to develop practical as well as Theoretical knowledge yourown institute can offer training to become a Certified Facility Manager then it is necessary to take the CFM exam. To keep up with the industry standards make sure to get the right training from Youown Institute, CFM is an important certification in the facility management area provided by IFMA.

Essential Tips for Successful UAE Labour Law Certification.

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In UAE, Labour Law plays a remarkable role in the recruitment practices of labours in the private sector. In order to ensure the smooth functioning of employee-employer relationships in all private firms, the UAE Labour Law is executed in all companies/ firms in UAE, except in a few free zones, where UAE Labour law is not applicable but there will be Free Zone’s own Labour Law. Thorough knowledge of UAE labour Law certification is essential for Human Resource Managers to recruit employees in the private sector. Various jobs like HR, legal advisor, compensation and Benefits specialist are mainly open for professionals who are certified in UAE Labour Law.

Importance of Certification-Discuss the benefits and significance of obtaining UAE Labour Law certification.

  • UAE Labour Law Certification is very much needed for HR Professionals, Legal Heads, and Business heads with the subject interface. Moreover, UAE Labour Law Certification provides a comprehensive understanding of labour law.
  • In order to act in accordance with the UAE law, and make sure company policies are aligned with the Labour Law to avoid further complications, certification is essential. A certified employee can handle those aspects in a smooth manner.
  • The certification enhances the credibility of the professional, as it can give an extra benefit of knowledge.
  • The chances of getting a promotion for a certificated professional are much higher than one who is without certification.
  • labour law-certified professional stands the chance of earning a better salary.

Tips for Successful Certification

For the successful finish of the certification process, it is most important to develop a comprehensive knowledge of the Labour Laws and their application. Enroll for the UAE labour law certification course in yourown institute for the successful completion of the course.   As part of the course, cover nuances of Labour Laws in-depth with the help of professional trainers.

To have a detailed understanding of UAE Labour Law attend the certification course. After covering the study material, make a proper note of the course along with training from the experts so the certification can be completed. Make sure to join a reputed institution to get proper guidance throughout the certification. Moreover, the objective of course completion is practical application, only proper training can make you equipped for the real-life scenario.

Conclusion-Summarize the key points covered in the blog post.

For aspiring professionals in HR and legal departments, it is necessary to keep up with the changes in rules and regulations. Especially in the UAE where a major part of its labour force comes from different parts of the world. The need to have a vivid knowledge of labour laws is quintessential. Every private company needs a professional who is an expert in the area of managing their Human Resources and also should be in a position to implement the rules in the functioning of labour law. Get yourself enroll in this program to boost your career.

How to prepare for Certified Anti-Money Laundering Specialist (CAMS)

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A certified Anti-Money Laundering Specialist is a professional who is equipped to understand the source of fraudulent money and can detect financial crimes. Money laundering is an illegal activity that alters the money or profit from criminal or illegal activities to clean money.  To detect such a complicated financial crime, especially in the digital era, one needs a deep knowledge of the functioning of various financial systems.

In order to become an anti-money laundering specialist one has to clear the CAMS exam. As CAMS certification is considered the gold standard for Anti-Money Laundering/Combating Financing Terrorism, the CAMS exam is designed to be a tough one that can be cracked only by deep learning and comprehensive knowledge. To get the certification you must apply online and can schedule your exam online.

Familiarizing with CAMS Examination Content

The first and foremost thing in the CAMS certification is all about understanding the exam. For that, the study material has to be thoroughly understood also the exam pattern. The CAMS exam has 120 Multiple Choice Questions and to pass the exam a candidate should score 75%. The duration of the exam is 3.5 Hours and there is no negative mark.

Utilizing Study Resources

The main reference to prepare for CAMS is the official guide of ACAMS and like any exam, success depends on sincere learning. Every Chapter should be thoroughly read and proper notes should be made. Moreover, the questions won’t come straight from the book, it will be made by combining concepts from different areas. You can get CAMS training in Dubai from yourowninstitute.

Practicing with Sample Questions

The Key to scoring good marks in any exam is practice. CAMS exam is also no different in this regard. Practicing sample questions and doing mock exams can give you the confidence to face the exam. By familiarizing yourself with the questions and also by practicing you get a stronghold in cracking the exam in the first attempt itself.

Joining Study Groups or Communities

Combined study or group study can do wonders in preparing for competitive exams. That’s the best way to cover a broad area in a short time. If you can split the chapters according to convenience among yourself and could prepare from each area, that helps you to learn all areas faster. If a group of committed people can prepare together for the CAMS exam, that can help to get rid of procrastination also. Join study groups or Communities for CAMS Training in Dubai.

Reviewing and Revising Exam Topics

Proper preparation, doing sample papers, and taking mock exams along with regular revision is the key to cracking an exam. By using the right strategy for preparation CAMS exam can be cracked in 3 to 4 months. As there are lots of facts to be memorized, revision is an important ingredient for preparation.

If you are preparing for CAMS certification in Dubai, the best choice to get professional guidance and training is YourOwn Institute. We can customize the coaching according to your convenience. We provide both online and offline classes. We are ready to provide classes in your vicinity. We are committed to serving you according to your need.