This is an updated article of the same subject line “Whether used cars were subject to VAT?” which appears in the blog section at (https://www.spectrumaccounts.com/whether-used-cars-were-subject-to-vat/). The below article is a…
Is outsourcing the accounts beneficial to your business in Dubai?
Yes, outsourcing the accounts is beneficial to your business in Dubai and UAE. Generally any business owner who is willing to outsource the accounting and bookkeeping works to an outside…
Profit Margin Scheme v2
{This blog is an updated version of our old blog on ‘Profit Margin Scheme’ present here at: https://www.spectrumaccounts.com/profit-margin-scheme/ and currently the blog is shared in a more useful question &…
Adjustment on account of bad debt relief
Adjustment on account of bad debt relief Summary of the FTA clarification: A public clarification has been issuedby Federal Tax Authority (FTA) in relation toVAT adjustment on account of bad…
IFRS 15 REVENUE FROM CONTRACTS
The core principle of IFRS 15 is that an entity shall recognise revenue from the transfer of promised goods or services to customers at an amount that reflects the consideration…
Going Concern Standard ISA 570 ( REVISED )
The going concern review can require significant judgment to be applied and the impact of external factors, such as significant global events, can make the assessment of management’s going concern…
UAE Federal Decree-Law No ( 19 )
Federal Decree-Law No (19) regarding Trusts was issued to support the asset management sector in the country, provide new mechanisms for managing family businesses and assets, and encourage charitable trusts.…
Dubai Design District or D3
Dubai Design District has been launched in 2013 by the UAE’S prime minister and the ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum.It is emerged into 3 phrases to…
IAS 8 – Accounting Policies, Changes in the Accounting Estimates and Errors
Understanding the difference: Accounting principles are general rules and guidelines established and a defined framework. Accounting policies are procedures and standards that an entity uses to follow such principles,…
DSO or Dubai Silicon Oasis
Dubai Silicon Oasis was established in the year 2004 and is completely owned by government of Dubai under Dubai Silicon Oasis Authority. It has Dubai’s first smart city which is…
Summary on provisions applying to legal persons regarding Real Beneficiaries
Background The United Arab Emirates (UAE) recently issued Cabinet Decision No. 58 of 2020 on the Regulation of Procedures Related to Real Beneficiaries (“the Regulation”), which came into effect on…
Summary on Tax Residency Certificate
Introduction: The Tax Residency Certificate / Tax Domicile Certificate is an official document issued by Federal Tax Authority confirming that an individual or corporate entity resides in the UAE. It…