Cabinet Decision No. 75 of 2023 and Amendments: Administrative Penalties for Corporate Tax Violations (Effective from 1 August 2023, Updated 1 March 2024)  Date of Issue: 10 July 2023 (Amended on 22 February 2024)  Effective Date: 1 August 2023 (Amendments…

FTA Decision No. 2 of 2025: Updated Policy on Issuance of Clarifications and Directives (Effective from 1 March 2025)  The Federal Tax Authority (FTA) has issued Decision No. 2 of 2025, introducing an updated and consolidated Policy on Issuance of…

FTA Decision No. 1 of 2025: Extension of Deadlines for Tax Assessment Review and Reconsideration Requests (Effective from 1 March 2025)  Date of Issue: 17 February 2025  Effective Date: 1 March 2025  The Federal Tax Authority (FTA) has issued Decision…

Understanding Corporate Tax Accounting Standards in UAE: A Guide for Businesses The roll out of corporate tax regulations in the UAE represents a transformative shift in the UAE’s financial landscape. As part of the corporate tax requirement, businesses are now…

How To Prepare For Your Annual Audit? Best Practices For UAE Businesses As most of the businesses in UAE approach the end of the fiscal year, it is crucial to prepare for the annual/yearly audit. This is the right time…

Frequently Asked Questions (FAQs) About ICV Certification In UAE Securing an ICV certificate in UAE brings long-term growth for businesses and it’s crucial to stay competitive in the evolving business landscape. We have answered the most commonly asked questions in…

General Interest Deduction Limitation Rule in the UAE Corporate Tax: All You Need To Know  The UAE Ministry Of Finance issued Ministerial Decision No. 126 of 2023 on 30 May 2023, in relation to the General Interest Deduction Limitation Rule…

As Crypto Mining becomes increasingly popular, the attention to the tax treatment on CryptoCurrency Mining is essential. Businesses and individuals in UAE involved in the crypto mining activities have concerns regarding the VAT application on such activities. To rectify this…

The Public Company Accounting Oversight Board (PCAOB) recently proposed new updates requiring auditing firms to provide specific information regarding their audit practices on an engagement and firm level, expanding the public reporting.  Audit Firms that work with accelerated filers and …

Corporate Tax Return Filing in UAE If you’re running a business in the UAE, it is mandatory to file for Corporate Tax Return to comply with the tax regulations and avoid penalties. The Federal Tax Authority issues the timeframe for…

How to Choose the Best Auditing Firm in UAE in 2025? Have you ever thought about the impact that your business will create when choosing the right auditing partner?  If you agree that your business is much beyond the selling…

How To Prepare for Corporate Tax Filing in the UAE? The UAE has completely transitioned into the corporate tax era, making a paradigm shift in the country’s business landscape. With the introduction of corporate tax regulations, businesses now should adapt…

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….

The International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) were developed by the International Accounting Standards Board (IASB) as a simplified framework for smaller businesses. These standards cater specifically to entities that do not have public accountability,…

VAT Update Alert! Amendments On Executive Regulations Effective From 15th November 2024 On 2 October 2024, The UAE Federal Tax Authority released amendments to VAT Executive Regulations of Federal Decree-Law No. 8 of 2017 by publishing Cabinet Decision No. 100…

VAT Public Clarification (VATP038) on Manpower & Visa Facilitation Services in UAE On 31 May 2024, the Federal Tax Authority (FTA) issued VAT Public Clarification VATP038 regarding the VAT treatment of manpower and visa facilitation services concerning employment visas and…

Overview Federal Decree-Law No. 47 of 2022 on Corporations and Businesses (“Corporate Tax Law”) was issued on 3 October 2022 and published on 10 October 2022 in Issue #737 of the Official Gazette of the United Arab Emirates (“UAE”).  The…

While COVID-19 may have slowed down certain activities, as well as inadvertent breakdowns in financial reporting matters. Consequently, global regulators and watchdogs have issued reports and standards to address these concerns. In this edition of the Audit & Accounting Alert,…

Amount of Annual Income Subject to Corporate Tax-CD-116 of 2022 0% CT rate Taxable Person Income not exceeding (375,000) shall be subject to Corporate Tax at the rate of (0%) zero percent in the Tax Period irrespective of whether the…

Caculating Corporate Tax liability Corporate Tax Reliefs Transfer of Tax Loss–(Article 38) Tax loss can be offset against taxable income of another person if: Tax Return To complete a tax return for CT folloing information will be included: a) The…

Deductible Expenses–(Article 28) Interest Expenses Entertainment Expenditure –(Article 32) 50% of entertainment expenses are deductible. Entertainment include the followings:a) Meals.b) Accommodation.c) Transportation.d) Admission fees.e) Facilities and equipment used in connection with such entertainment, amusement or recreation. Non-Deductible Expenses–(Article 33) Contact…