Archive for the ‘Finance’ category

Federal Decree-Law No. 47 of 2022 – – the legislative framework for corporate tax on business profits in the UAE

December 21st, 2022

On December 9, 2022, the UAE published the Corporate Tax (CT) Law, which will be effective from the financial years starting on or after June 1, 2023.

https://mof.gov.ae/wp-content/uploads/2022/12/Federal-Decree-Law-No.-47-of-2022-EN.pdf

https://mof.gov.ae/corporate-tax-faq/

https://mof.gov.ae/corporate-tax-faq-ar/

Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses.  Corporate Tax is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions.

Broadly, Corporate Tax applies to the following “Taxable Persons”:
● UAE companies and other juridical persons that are incorporated or effectively managed and controlled in the UAE;
● Natural persons (individuals) who conduct a Business or Business Activity in the UAE as specified in a Cabinet Decision to be issued in due course; and
● Non-resident juridical persons (foreign legal entities) that have a Permanent Establishment in the UAE (which is explained under Section 8).
Juridical persons established in a UAE Free Zone are also within the scope of Corporate Tax as “Taxable Persons” and will need to comply with the requirements set out in the Corporate Tax Law. However, a Free Zone Person that meets the conditions to be considered a Qualifying Free Zone Person can benefit from a Corporate Tax rate of 0% on their Qualifying Income (the conditions are included in Section 14).
Non-resident persons that do not have a Permanent Establishment in the UAE or that earn UAE sourced income that is not related to their Permanent Establishment may be subject to Withholding Tax (at the rate of 0%). Withholding tax is a form of Corporate Tax collected at source by the payer on behalf of the recipient of the income. Withholding taxes exist in many tax systems and typically apply to the cross-border payment of dividends, interest, royalties and other types of income.

During this month, FTA will also be running a series of online orientation sessions for EmaraTax users. There will be two sessions per day:

• 10 – 11 am providing you an opportunity to raise specific questions about using EmaraTax;
• 3 – 4 pm focusing on specific aspects of EmaraTax, in particular password reset, returns submission and payments.

This You Tube recording has already been released and will soon also be available in Arabic.

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Posted in Corporate Perfomance Management, Dubai and regional news, Finance, Healthcare, Hospitality, schools, Security and Compliance

Dynamics 365 Business Central 2022 release wave 2 – ask Synergy Software Systems

October 6th, 2022

This covers the new functionalities planned to be delivered to market from October 2022 to March 2023. 

Updates in 2022 release wave 2 include:

  • Seamless service: No matter the industry type of a small or midsized business (SMB), business users expect a dependable service and platform that they can run their business on.
  • Administration: Business Central delivers a set of features for better and improved communication about the health of each environment.
  • Application: Improve integration with Shopify. The finance and supply chain capabilities in Business Central are improved with several optimizations and enhancements so that users can run their business processes more efficiently.
  • Better with Microsoft 365: Improved the efficiency of collaborative business processes in Microsoft Teams. Users can pin cards inside Teams, and delegated admins can now use the Excel add-in.
  • Country and regional: In 2022 release wave 2, Business Central is generally available in more countries and regions.
  • Onboarding: Organizations can get to productive usage faster because it’s easier to discover and install apps.
  • Development tools: Now entirely Visual Studio Code
  • Power Platform: More efficient automation with Power Automate so that users can set up workflows for the specific needs of their organization.
  • This release wave contains features that must be enabled or configured by administrators, makers, or business analysts to be available for their users. For the complete list, look for all features tagged “Users by admins, makers, or analysts” in the release plan.

FUNCTIONAL ENHANCEMENTS

FeatureEnabled forPublic previewGeneral availability
Better bank reconciliation for checks and improved reportingUsers, automatically Sep 1, 2022Oct 2022
Extended text functionality for VAT clausesUsers, automatically Sep 1, 2022Oct 2022
Financial reporting replaces account schedulesUsers, automatically Sep 1, 2022Oct 2022
Find posted and non-posted document lines in searchUsers, automatically Sep 1, 2022Oct 2022
Flexible sorting in the Planning Worksheet pageUsers, automatically Sep 1, 2022Oct 2022
Make entry of variant codes requiredUsers by admins, makers, or analysts Sep 1, 2022Oct 2022
Post item charges for each step of the processUsers, automatically Sep 1, 2022Oct 2022
Service – minor improvementsUsers, automatically Sep 1, 2022Oct 2022
Simpler Shopify connectionUsers, automatically Sep 1, 2022Oct 2022
Track items that are used in projects, including picksUsers, automatically Sep 1, 2022Oct 2022
New VAT Date field on documents and entriesUsers, automaticallyOct 2022Oct 2022
Set up data exchange more easilyUsers, automaticallyOct 2022Oct 2022
Use multiple remit-to addresses for vendorsUsers, automaticallyOct 2022Oct 2022
Reverse payment reconciliation journal entriesUsers, automaticallyOct 2022Nov 2022

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Posted in Business Central, Dynamics 365, Finance, HR and Payroll, Microsoft, Power Apps

Why now is the time to adopt Power Bi – ask Synergy Software Systems, Dubai

August 19th, 2022

Power BI innovation never stops. For several years in a row now, it is positioned as a leader in the 2021 Gartner Magic Quadrant for Analytics and Business Intelligence Platforms, furthest to the right for completeness of vision and furthest up in the ability to execute within the Leaders’ quadrant.

The gaps are widening with interactive reports, paginated reports, datasets, dataflows, deployment pipelines, scorecards, dashboards, metrics, data alerts, and much more, and recently announced in public preview, self-service datamarts. No wonder, customers are adopting Power BI at an accelerated pace. Boost Office 365 productivity with Power BI integrated into PowerPoint and Microsoft Teams, connect to data anywhere with hundreds of built-in connectors, leverage industry-leading AI, go quickly from insight to action with the Microsoft Power Platform, and provide best-in-class mobile experiences with Power BI Mobile.

Reports can be mobile friendly, they can be paginated, and you can link into Azure Analysis Services.

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Posted in Corporate Perfomance Management, Dynamics 365, Finance, Healthcare, Hospitality, HR and Payroll, Microsoft, Microsoft Dynamics Ax, Microsoft Dynamics CRM, Power Apps, SharePoint and EPM, Technology

Dynamics 365 – Wave 2 highlights for 2022

July 13th, 2022
  • Dynamics 365 Marketing brings real-time customer journey orchestration to enable business-to-business (B2B) brands to hyper-personalize experiences across the entire buying journey.
  • Confidently grow your marketing and customer experience programs to target up to 100 million customers with up to 300 million messages and interactions per month.
  • Intuitive lead capture forms, leads nurturing hands-off automation, and a new analytics dashboard enable alignment between sales and marketing teams like never before.
  • Organizations can reach new levels of marketing maturity with AI-powered next best content selection and increased support for business units.  
  • Dynamics 365 Sales continues to optimize the seller experience using data and AI .
  • Help sellers to prioritize their work, blending business with productivity tools to meet sellers where they are.
  • Drive in-the-moment, collaboration experiences, so that every seller can engage with their colleagues and customers efficiently, reclaiming their time and being more productive.  
  • Dynamics 365 Customer Service is focused on delivering the capabilities that help run contact centers optimally.
  • Enhancements in unified routing with features such as percentage-based routing, preferred agent routing, and longest idle routing are new features
  • Customer support swarming in Microsoft Teams will help agents resolve complex cases through collaboration.
  • Organizations can empower their customers with options to leave voicemail, callback, and dial agents directly in the voice channel.
  • The agent experience is modernized with an enhanced conversation timeline, horizontal multisession navigation, and AI-powered conversation summary.
  • Supervisors can view Microsoft Power Virtual Agents analytics within their omnichannel analytics dashboards.
  • Dynamics 365 Field Service brings new capabilities that enable organizations to better orchestrate service operations for workers. Organizations can now:
    • build and maintain location and assets for large facilities,
    • keep their cost at bay by configuring “not to exceed” limits,
    • and group similar incident types under “trade” for ease of management.
  • Optimization improvements include booking lock constraints and i myriad of user experience improvements to the mobile app to further empower frontline workers.  
  • Dynamics 365 Finance launches the general availability of vendor invoice optical character recognition (OCR) which automates the reading and recognition of vendor invoices.
  • There are additional capabilities for subscription billing use cases.
  • The Tax calculation service will be integrated with Dynamics 365 Project Operations (preview)
  • The electronic invoicing service will be extended to support new and upcoming e-invoice legislations for: France, Poland, and Saudi Arabia. 
  • Dynamics 365 Supply Chain Management continues to invest in capabilities that drive agility and resilience across the supply chain.
  • New analytics and support for multiple vendors in planning optimization help organizations optimize their sourcing strategies.’
  • Inventory visibility lets organizations track real-time consumption within allocated quantities in support of promotions, special events, and new product introductions.
  • Guided warehouse implementation and configuration experiences enable rapid reconfiguration of supply chains .
  • Manufacturers in the process industry can use Planning Optimization to shorten their planning cycles. 
  • Dynamics 365 Intelligent Order Management expands its ecosystem of providers and builds on the continued success of FedEx. There are now 14 providers that span the supply chain lifecycle from order ingestion to last-mile delivery.
  • In the upcoming release, there is support for various order types—back orders, subscription orders, manual orders, and purchase orders.
  • You can also simulate fulfillment to model and understand the impact of choosing various fulfillment strategies.
  • Contextual collaboration features allow an order to be shared with multiple stakeholders using embedded Microsoft Teams. 
  • Dynamics 365 Project Operations Empower project managers and project teams in this release wave with project budgeting and time-phased forecasting, baselines and snapshots,
  • The application experiences on the web and mobile form factors is modernised.
  • For both project accountants and back-office personas, w advanced subcontracting and subscription billing capabilities are added.
  • Across-the-board investments will ease the complexity of interaction patterns.
  • Modern and fluent controls are also targeted for this release wave.
  • Dynamics 365 Guides Improve collaboration experiences for authors and operators on Microsoft HoloLens 2.
  • The application will also be updated to provide more advanced content authoring workflows versioning and publishing of guides in the coming wave. 
  • Dynamics 365 Human Resources We can now to tailor experiences and automatically complete processes where manual decisions and tasks are needed today.
  • Improved efficiency is available to managers and employees by providing notifications outside of the application for benefits processes and tasks.
  • Integrating employee skill and compensation, and leaving information to resource managers in Dynamics 365 Project Operations will also improve collaboration and efficiency.  
  • Dynamics 365 Commerce New and updated B2B experiences, include sales agreements across channels and customer-specific catalogs.
  • Omnichannel media management features streamline workflows.
  • Key point of sale investments includes a Store Commerce app availability for iOS and Android devices.
  • Apple Pay and Google Pay digital wallet integration,
  • New customer support options through virtual agent and live agent integration will be available for e-commerce.
  • Dynamics 365 Fraud Protection will offer a new transaction acceptance booster (TAB) offering that allows merchants to increase their bank approval rates without having to rip and replace their incumbent fraud provider solution.
  • To replace a merchant’s incumbent fraud solution is costly and timely, and this enables the merchant to benefit from Dynamics 365 Fraud Protection TAB capabilities with minimal disruption to their business.
  • Dynamics 365 Business Central continues to improve the reporting capabilities for customers, including new report datasets for Excel and improvements to the Microsoft Power BI reports which now will support dimensions.
  • The Microsoft Power Apps and Microsoft Power Automate integration offer new capabilities for low-code development.
  • The application will get several improvements like: helping users do reverse entries in the payment reconciliation journal and several improvements to the supply chain functionality.
  • There are steps to scale productivity via more efficient and performant tooling for development and administration.
  • Dynamics 365 Customer Insights continues to invest in accelerating customer understanding by enhancing time to value with quicker out-of-the-box insights, predictions, segments, and measures with limitless extensibility across technology ecosystems.
  • New features will power personalized experiences with real-time insights, analytics, and activations to deliver industry-leading personalization and moments-based marketing.
  • New features also enable ubiquitous insights for an integrated data flow across Microsoft Dataverse, Dynamics 365, and Microsoft Power Platform for seamless workflows.
  • Dynamics 365 Connected Spaces now supports alerts and notifications via Teams or Outlook when business AI-skills detect actionable patterns within a physical space.
  • Customers can now use Dynamics 365 Connected Spaces in Germany (besides US and UK) and connect up to 10 cameras for each Azure Stack Edge device maximizing their existing investments in expanding Dynamics 365 Connected Spaces across their physical footprint.
  • Customers can also leverage the Azure Stack Edge Pro 2 device for configuring Dynamics 365 Connected Spaces at the edge in addition to the existing Pro 1 devices.

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Posted in Business Central, Finance, Microsoft, Power Apps, SCM, Teams collaboration remote access