Month: May 2022

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How to build effective business strategies?

how to build effective business stratagies
how to build effective business stratagies

In today’s time, businesses are constantly facing challenges to build effective business strategies. Industry is evolving at a fast pace therefore, it is difficult for business leaders to keep up with latest developments. Leveraging new technologies and latest trends, businesses can explore the unseen opportunities. However, there can be complexities that businesses might face by implementing a new framework.

Basic idea to survive in this competitive business landscape is to have an adaptive and flexible business approach and strategies. This approach can help you lead through all the potential roadblocks on the way of your business journey. 

  • – Improved decision-making process: Today, it has become more important to make data-driven decisions. Business leaders need to stop relying on their opinions or intuitions and start incorporating technologies that can help make them better decisions. Utilising correct technologies that can give you data insights will eventually help you make a successful business strategy. Also, your business needs to have a clearly defined decision making process that can make their business operations streamlined. 

  • – Eliminating organisational silos: Corporate world is changing relentlessly and requires collaborating with other companies. To cater to this approach, company’s must eliminate their silos and support effective and cross-functional collaboration. This can create better opportunities for companies and help them have long-term success. 

Business leaders must always be open to explore new opportunities and latest updations happening in the industry. This is the only way to gain long-term success. Furthermore, business leaders must innovate and embrace new approaches that work in favour of their business. 

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Financial Services Outsourcing

financial services outsourcing
financial services outsourcing

Learning from the uncertain times, the finance team of companies are making efforts to build a strong financial model to make it ‘future-proof’. The aim is to have a strong financial base that can help companies survive even in uncertain circumstances like Covid-19. However, it is hard for businesses to keep up with changes in business dynamics and manage their finances efficiently. To build an accurate financial framework, finance leaders can opt for outsourcing services to meet those challenges. 

Need for outsourcing financial services

Today, the business dynamics are quite unpredictable. This is putting an increased pressure on finance leaders to meet the requirements of today’s time. Managing all finances accurately and timely is quite challenging. Therefore, it is perfect to get these services outsourced from a professional. 

Outsourcing financial advisory services basically means that you contact a service provider that appoints professionals that essentially acts as your finance team. Also, These finance advisors who will guide you how to deal with financial pressures, and what improvements you can bring in your current financial framework. 

You can get following benefits by outsourcing financial advisory services:

  • – Outsourcing financial services is more cost and time effective
  • – In-house finance team can become more focused on daily financial activities
  • – Improved financial decision making
  • – Providing support on complex financial matters

Bottom line:

Financial affairs of businesses are becoming difficult day-by-day. Legally, regulations are changing after some time and there is a mountain of regulations that businesses need to adhere to while maintaining their financial position in the industry. A dedicated finance team can manage this job for you. This will help companies focus on other key areas of business while knowing their finances are being managed by a team of professionals. 

Financial framework is the backbone of any business. Therefore, business owners must have detailed knowledge about how to handle their finances.

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FTA Launches Whistleblower Programme

FTA whistleblower program 1
FTA whistleblower program 1

In April 2022, Federal Tax Authority (FTA) launched a new programme Raqeeb, “whistleblower system for violations and tax evasions”.  As UAE always aims to ensure tax compliance and regulations, therefore this programme was launched to continuously monitor the tax compliance. 

The purpose of Raqeeb initiative is to:

  • – Increase tax awareness in the UAE
  • – Report any tax violations
  • – Increasing compliance with tax legislations
  • – Increasing the effectiveness of tax audits and minimizing the cases of tax evasions
  • – Prosecuting non-compliances with tax legislation and charging penalties or tax fines on them.

FTA has also announced a monetary reward to informants in order to encourage reporting of any non-compliance in the UAE. Monetary reward will only be given when certain conditions are met. Furthermore, FTA has published a detailed guide for informants to give them information about the programme and process of submitting a whistleblower form. Check the guide on Raqeeb programme here.

Who are qualified as informants?

  • – An informant is an individual who takes the responsibility to inform FTA regarding any non-compliance of tax or highlight any other illegal tax activities.
  • – Informants cannot report non-compliance activities with an anonymous identity. However, FTA ensures to keep the informant’s identity confidential and secure with FTA.
  • – It is mandatory for the informant to sign a non-disclosure agreement (NDA) when submitting the lead to ensure the protection of any confidential and sensitive information including information on monetary rewards.
  • – The informant term excludes FTA employees and their relatives up to the fourth degree of consanguinity, as well as other persons who obtained information through their position in or connections with the FTA.

Conditions for Monetary Reward

FTA specifies certain conditions under which they will give monetary reward to informants. These conditions are as following;

  • – The information provided is credible and not obtained by FTA previously
  • – The whistleblowing form is filled accurately and completely;
  • – The tax amounts collected from the reported business exceed AED 50,000;
  • – The reported person has exhausted all forms of objections and appeals.

After scrutinising the provided information by the informant and collecting the tax from the reported person, FTA will deposit the reward to the informant’s bank account. The monetary reward is directly proportional to the amount of tax collected by the FTA.

Globally, tax authorities have become more vigilant and enforcing strict tax laws to ensure tax compliance. Also, the Raqeeb initiative is a great step by the UAE tax authority that will create a significant impact on the business world. UAE hopes to create a prosperous business environment and implement tax laws according to global standards.