Corporate Tax Rules: Year-end adjustments and Transitional Provisions

Spectrum Auditing conducted webinar on “Corporate Tax Rules : Year-end adjustments and Transitional Provisions” on 19th January 2024 especially for accountants who have questions on how to handle the company books of accounts and things to keep in mind regarding Corporate Tax which is already in force in the UAE. You can watch the webinar recording video here. Meanwhile, you can also find more webinar videos on our Spectrum Auditing’s YouTube channel.

Following topics are discussed in this webinar as part of educating accountants to keep in mind the year end Corporate Tax rules applicable for businesses…

Corporate Tax Rules: Year-end adjustments and Transitional Provisions

UAE Corporate Structure
Taxable Person (Who?)
Imposition of Tax and Tax Rate
Implementation Date of Corporate Tax

Specific provisions of CT relevant for books of accounts

Exempt Income
Deductions – General Rule
Non Deductible Expenses
Interest Deduction Limitations Rules
Entertainment Expenditure – Deduction
Types of Related Party Transactions

CT Transitional Provisions and Adjustments in Books of Accounts

Transition Rules
General Anti-Abusive Rules (GAAR)
Ministerial Decision no. 120 – Adjustments under Transition Rules
Adjustments under Transition Rules – Option 1 (Valuation Method)
Adjustments under Transition Rules – Option 2 (Time apportionment method)

CT Provisions Relevant for Year-End procedures

Key action points before the commencement of the first Tax Period-Accounting
Key action points before the commencement of the first Tax Period-Record Keeping & Others
Key action points before the commencement of the first Tax Period-Assessing Future Actions
Registration
CT Returns
UAE Corporate Tax Computation Template
Accounting Record keeping & Auditing
Accounting Record keeping required – Corporate Tax
Ministerial Decision no. 114- Accounting Standards and Method of – Accounting for Corporate Tax Law
Chart of Accounts – Changes
Inventory Counting and Valuation
Safeguarding Assets – Fixed Asset Register Maintenance
The year-end closure

Q & A

SPEAKERS:

Mr. Balaram Reddy, is the Managing Partner of Spectrum Auditing, Dubai, UAE. He is a Chartered Accountant with over 20 years of experience in the field of Audit, Taxation, Advisory and has worked in the Big4 consulting firms (Price Waterhouse Coopers, KPMG & Deloitte) and as well in the Industry. He has vast knowledge in IFRS, US GAAP, and performed financial reporting, Auditing for different industry sectors in the earlier stints.

Mr. Narendra Kottu is a Chartered Accountant (CA) and heads the CFO Services in Spectrum Auditing.

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You can watch the webinar video here:

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