What kind of taxable income are allowed inorder to use the realization basis method? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 All Taxable Persons are permitted to choose to employ the realization basis technique so long as they accrually produce their financial statements. It is crucial to remember … Read more
What is the realization principle, and when is income realized for UAE Corporate Tax purposes? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 The UAE Corporate Tax structure permits Taxable Persons to use the realisation principle to calculate their Taxable Income, much like under many other Corporate Tax systems. … Read more
What adjustments are made to accounting net profit (or loss) for UAE Corporate Tax purposes? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 The accounting net profit (or loss) must be adjusted in accordance with the provisions of the UAE Corporate Tax Law. These adjustments encompass, among others: Unrealized … Read more
Whether financial statements need to be prepared on an accrual basis? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Taxable Persons should prepare their Financial Statements, and determine their Taxable Income on an accrual basis, unless they are permitted to use the Cash Basis of Accounting instead. Ministerial Decision … Read more
What standards must be followed for Financial Statement preparation? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 For UAE Corporate Tax purposes, Financial Statements of UAE entities and other businesses should adhere to the International Financial Reporting Standards (IFRS). In the event that a Person’s Revenue falls below AED … Read more
What is a Taxable Income? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Taxable Income for a specific Tax Period comprises the net profit or loss recorded in the business’s financial records, after adjustments for specific items as defined in the Corporate Tax Law. Contact us for UAE Corporate … Read more
Why are the consolidated Financial Statements of a Tax Group prepared by aggregating the standalone Financial Statements of the Parent Company and each Subsidiary within the Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 The preparation of consolidated Financial Statements, following the International Financial Reporting Standards (IFRS), involves … Read more
Upon choosing the Cash Basis of Accounting for Financial Statements, are there specific standards governing the maintenance of documents or records? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course There are no specific standards exclusively applicable to Persons who prepare their Financial Statements using the Cash Basis of Accounting. However, … Read more
Under what circumstances can a Person utilize the Cash Basis of Accounting for their Financial Statements? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A Person may employ the Cash Basis of Accounting if their Revenue does not exceed AED 3,000,000. If a Person’s Revenue surpasses the AED 3 million … Read more
What is Cash Basis of Accounting? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course An accounting method under which the Taxable Person recognizes income and expenditure when cash payments are received and paid. Contact us for UAE Corporate Tax Advise CONTACT US FOR TAX CONSULTANCY Master UAE Corporate Tax: Explore … Read more