What standards must be followed for Financial Statement preparation?
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 50,000,000, they are permitted to employ IFRS for Small and Medium-sized Enterprises (IFRS for SMEs).
If a Person’s Revenue does not exceed AED 3,000,000, they may use the Cash Basis of Accounting.
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Related Content for UAE Corporate Tax
Are Free Zone companies in UAE liable to Corporate Tax ?
Free Zone has distinct taxation system based on Qualifying Income and Excluded Income. It is therefore essential to know the kind of income taxable under UAE Corporate Tax Law for Free Zone companies.
Can you Split up your Business to claim Small Business Relief in the UAE?
If your business exceeds the Revenue Threshold limit for Small Business Relief, can you split up your business to claim Small Business Relief as per UAE Corporate Tax Law or will it constitute a Tax Crime punishable under the UAE Tax Procedures Law?
Who is a Taxable Person under UAE Corporate Tax Laws?
Are you a Taxable Person liable for Corporate Tax under the UAE Corporate Tax Law? Can an Exempt Person be considered as a Taxable Person?