Episode 3 – Hiring a CFO – What you Should Expect The Interim CFO’s engagement takes advantage of the years of experience that individual brings with them, however, for the engagement to be successful the CFO must understand the business, the goals and dreams of the business owner in detail. Furthermore, the cultural fit between […]
Episode 4 – Hiring a CFO – Practical Scenarios In the previous podcasts, we have discussed the virtues of employing an Interim/ Virtual CFO and clearly, the experience these individuals have had can add value quickly to any organisation. What are the typical areas of a business a CFO will be commanding tangible and intangible […]
Episode 2 – The Value of Outsourcing? Interim CFO’s are a resource becoming more accessible to the business community than ever before. We have seen during the pandemic that companies have to be as lean as possible and this outsourcing has allowed firms two acquire skills and expertise at a fraction of the cost of […]
The Organisation for Economic Cooperation and Development (OECD) recently announced that 136 countries agreed to the Statement on the Two-Pillar Solution to address the tax challenges arising from the digitalization of the economy that will have a fundamental impact on international tax rules. By joining this tax reform, countries have agreed to set a minimum […]
The Kingdom of Bahrain (Bahrain) implemented Value Added Tax (VAT) on 1 January 2019 at a standard rate of 5%. It is understood from news sources that in less than 3 years since the implementation of VAT, Bahrain plans to double its VAT rate to 10 % in a bid to boost state revenue and […]
Episode 1 – What is a Virtual CFO? Virtual, or Interim CFO’s can be an effective tool in the arsenal of any growing business; they are individuals with, in many cases, several decades of skills and experience that can be deployed when you need them starting at a cost that is comparable to employing a […]
With the issuance of the new Cabinet Resolution No. 57 of 2020 concerning Economic Substance Requirements (“Regulations”) on 10 August 2020, the Federal Tax Authority (“the FTA”) was appointed as the National Assessing Authority. The FTA’s functions include, without limitation: (i) undertaking assessments to determine whether a Licensee has met the Economic Substance Test; (ii) […]
Saudi Arabia’s Minister of Finance and Board Chairman of the Zakat, Tax and Customs Authority (ZATCA) issued Ministerial Decree No. 3852 introducing new rules of origin for GCC manufactured goods and the conditions to qualify those goods as ‘national’ for applying the GCC preferential treatment during the import into the KSA as per the GCC […]
The UAE Federal Supreme Court ruled on the first Tax Evasion case ordering payment of five times the amount of the evaded tax, amounting to approximately 4 million Dirhams. Tax Evasion is defined in the Tax Procedures Law as “the use of illegal means resulting in the reduction of the amount of the Due Tax, […]
Enforcement Action by MoE The Ministry of Economy (MoE) of UAE has stepped up its enforcement actions by imposing fines of Dh50,000 each on 20% of a total of 15,000 establishments operating and deemed non-compliant Designated Non-Financial Business and Professions (DNFBPs) firms. On Tuesday 17th August 2021, news hit the stands, as MoE declared that […]
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