The Federal Tax Authority has issued Decision No. 8 of 2024 – Issued 1 November 2024 – (Effective from 1 January 2025) outlining the mechanism for correcting errors or omissions…
Special Considerations in IFRS 15: Revenue from Contracts with Customers
IFRS 15 provides a comprehensive framework for revenue recognition, but there are certain special cases that require careful attention. These cases arise in situations where the standard’s general principles may…
December 31, 2024 – First Corporate Tax Return Deadline Approaches
Don’t miss the December 31 deadline for your first Corporate Tax Return. Ensure compliance with UAE tax laws and avoid penalties. Learn how we can assist. As part of…
Understanding VAT Administrative Exceptions: Categories, Applications, and Requirements
What is a VAT Administrative Exception? A VAT Administrative Exception is a mechanism that provides registrants with concessions/exceptions allowed by the Federal Decree-Law No. 8 of 2017 on Value Added…
Streamline Your Compliance: Form a Tax under the UAE Corporate Tax Law
As part of the recent updates under the UAE Corporate Tax Law, businesses may now form a tax group for corporate tax purposes, as outlined in Article 40 of the…
International Accounting Standard 12: Income Taxes
With the implementation of corporate tax in the UAE, companies are now required to adhere to IAS 12 Income Taxes, which governs how income taxes are accounted for in financial…
How to Utilize the Grace Period for Tax Record Updates
If you are VAT-registered and any circumstances arise that affect the tax records you provided to the FTA during your registration, you are required to update your records and notify…
Why Illegal Activity Expenses Are Not Deductible for Corporate Taxes?
When it comes to managing business finances, understanding what constitutes a deductible expense is crucial. One area that often raises questions concerns the expenses related to illegal activities. It’s essential…
Are UAE Golden Visa Expenses Deductible Under Corporate Tax Law?
Navigating corporate tax complexities can be challenging, especially when significant investments like the UAE Golden Visa are involved. Here’s what businesses need to know about the deductibility of these expenses: …
Understanding UAE VAT: What’s Taxable and What’s Exempt?
Value Added Tax is an indirect tax which is levied on the supply of goods and services. There are only a few items exempted from VAT in the UAE. Few…
Impact Of Artificial Intelligence In Accounting
WHAT IS AI Artificial intelligence (AI) is a technology that allows machines to simulate human thinking and behavior. It involves developing computer systems capable of tasks such as learning, reasoning,…
Important Reminder for Trade License Holders: CT Registration Deadlines
If your trade license or certificate of incorporation was issued in August or September, please be aware that the Corporate Tax (CT) registration deadline is October 31, 2024. Additionally, for…
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