Important Guidelines for Correcting Errors or Omission in VAT Returns The UAE FTA issued Decision No.8 of 2024 which outlines the Mechanism for correction of error or omission in the tax return submitted for VAT in UAE (effective from 1…
The UAE Ministry of Finance (MoF) announced amendments to Ministerial Decisions under Federal Decree-Law No. 47 of 2022 on Corporate Taxation. The Ministerial Decision No. (301) of 2024 on Tax Groups and Ministerial Decision No. (302) of 2024 on Participation…
Domestic Minimum Top-up Tax (DMTT) for MNEs Will be Effective from 1, January 2025 The UAE Ministry of Finance (MoF) announced a significant update in the corporate tax regulation by introducing a 15% Domestic Minimum Top-up Tax (DMTT) for Multinational…
A new framework has been introduced by the financial markets of a Gulf Cooperation Council (GCC), to streamline fund passporting that integrate & strengthen the position of GCC financial markets in the global investment landscape. During the 29th meeting of…
The FTA’s introduction of corporate tax in the UAE mandates certain entities to prepare their financial statements based on IFRS or IFRS SMEs for reporting, which has elevated significant difficulties for entities that do not previously adopt IFRS standards. According…
Is Audit Season approaching? No worries! We are here with this ultimate checklist to navigate your internal auditing process smoothly and confidently. From a mere compliance check to a strategic decision-making process. Internal auditing has evolved from a mere compliance…
From data analysis to decision making, AI is revolutionizing the accounting and finance industry. As we investigate the dynamics of accounting and finance, the practical implementation of AI technology presents impressive growth in enterprises by increasing efficiency and accuracy. Embracing…
Tax Alert! Bahrain to Introduce Domestic Minimum Top-up Tax for MNEs On September 1, 2024, the Kingdom of Bahrain introduced the domestic minimum top-up tax (DMTT) for large multinational enterprises (MNEs), by releasing the Decree Law (11) of 2024. Moreover,…
Key Updates to DMCC Regulations and Licensing Rules You Need to Know The Dubai Multi Commodities Centre (DMCC) has recently updated its regulatory framework, with new rules coming into effect on October 10, 2024. These changes are designed to simplify…
Navigating FTA’s UAE Corporate Tax Guide – Real Estate Investment for Natural Persons On 24 October 2024, the UAE’s Federal Tax Authority released a comprehensive guide that outlines the implications on income derived from real estate investments for natural persons….