Introduction to Wills A will is a legal document that specifies how you want your assets disposed of after death. The will is created by an individual, called the “testator” or “maker” of the will. The testator determines who inherits…

Tax Clarifications Request by FTA In response to a question from the applicant regarding the tax treatment of specific transactions, the Federal Tax Authority produces a Clarification, which is an official document that has been signed and stamped by the…

The Department of Economic Development (DED) introduced the E-trader licence in Dubai to regulate the sales of online commodities sold through social media websites. This regulation aids in the reduction of the sale of counterfeit goods and commodities via social…

Over five years have passed since the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued the landmark lease accounting standards (IASB). The Boards have issued several updates and responded to hundreds of technical inquiries since…

About appeal user-guide This user-guide has been prepared to assist Licensees in submitting an appeal request to the Federal Tax Authority (National Assessment Authority) related to Administrative Penalties levied concerning Economic Substance Regulations. This guide will also assist the Licensees…

The Abu Dhabi National Energy Company, also known as Taqa, Emirates Steel, and Etisalat signed an agreement with the Ministry of Industry and Advanced Technology to participate in the national ICV programme. The agreement to increase the companies’ local manufacturing…

What is a Trademark? A trademark can be a unique term, symbol, design, phrase, logo, letter, or combination of these things that is used to represent a corporation or its products. Trademarks can also be registered with the United States…

In response to an evaluation of the United Arab Emirates’ tax framework by the European Union Code of Conduct Group on Business Taxation, the United Arab Emirates (UAE) issued Economic Substance Regulations (Cabinet of Ministers Resolution No. 31 of 2019),…

Importance of analytics in auditing What is Analytics? Analytics is generally defined as the process of analysing, gathering, and examining data sets in order for auditors to draw conclusions from that information and use it to make decisions. In other…

The Ultimate Beneficial Owner, better known as UBOs Declaration Form, is a new compliance document recently introduced. The requirement for the same became mandatory as a result of Federal Law 20, 2018 which focused on Anti Money Laundering and countering…

UBO (Ultimate Beneficial Owner) Declaration- Fines on UBO violators The UBO is the person who, directly or indirectly, owns and controls a company. In other words, an individual should be considered as a UBO, if they hold at least 25…

A statutory audit is a legal procedure that must be conducted to verify the accuracy of the financial statements and statements of an organization. It is done to evaluate the financial position of the company. The overall objective of an…