A Clarification is an official document issued by the FTA in response to an inquiry from the applicant regarding the tax treatment of specific transactions. The primary objective of the…
UAE Corporate Tax: Claiming Deductions for Pre-Incorporation Expenses
Before a business is officially incorporated, there are certain expenditures incurred that are typically associated with the process of setting up a Business such as feasibility studies, registration fees, legal…
A Comprehensive Overview of Participation Exemption in UAE Corporate Taxation
To thoroughly understand the concept of participation exemption under UAE corporate tax regulations, it is essential to refer to the following key resources:- Ministerial Decision No. 116 of 2023: This…
VAT treatment of the supply of E-Commerce services in UAE (Electronic Services)
In UAE, the E-commerce sector is now a fast-growing industry, and many companies are setting up E-commerce businesses in UAE. This helps the customers to buy goods or avail services…
Navigating Employment and Entertainment Expenses Under UAE Corporate Tax Law
The UAE Corporate Tax (“CT”) law outlines provisions for the deductibility of certain expenditures, specifying the degree to which they can be deducted from businesses’ taxable income. According to Article…
10 YEAR BLUE RESIDENCY VISA
What is the 10-Year Blue Residency Visa? The 10-Year Blue Residency Visa is a long-term residency program introduced by the UAE government. Its purpose is mainly to attract and retain…
Purpose of IFRS Conceptual Framework & Key Components of IAS-1
IFRS Conceptual Framework The purpose of IFRS Conceptual Framework is threefold: It aids users of financial statements in consistently and coherently understanding and applying IFRS standards. It guides the preparers…
VAT Public Clarification on Manpower Vs Visa Facilitation Services
The Federal Tax Authority (FTA) issues public clarifications to provide guidance on specific VAT treatments. These clarifications help businesses understand how to apply VAT rules correctly to different types of…
VAT Treatment in the Designated Zone in UAE
A Designated Zone is an area specified by a Cabinet Decision as being a “Designated Zone”. It can also be said that, a Designated Zone is a VAT free Zone…
Unlocking UAE Corporate Tax: Expert Guide to Taxable Income & Participation Exemption
Spectrum Auditing conducted an exclusive webinar on “UAE Corporate Tax: Taxable Income and Participation Exemption” on Friday, 2 August 2024 from 3 pm to 4.30 pm. Dive deep into…
Business Restructuring Relief
On April 17, 2024, the Federal Tax Authority (FTA) released a Corporate Tax Guide focusing on “Business Restructuring Relief” (Relief) to offer general insights into the Relief provisions outlined in…
Understanding Free Zone Corporate Tax Rules
(FTA Guide released as on 20.05.2024) Introduction and Free Zone Tax Rules Free Zones are integral part of the UAE economy, fostering economic growth and transformation both in the UAE…
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