The UAE Corporate Tax Law allows certain deductions in the computation of taxable income, while also setting out specific circumstances where deductions aren’t permitted. Every taxable person in the UAE is entitled to particular deductions when calculating taxable income, and understanding both what’s deductible and what isn’t is essential to an accurate Corporate Tax return. … Read more
As financial reporting standards continue to evolve, it’s essential for small businesses in the UAE to comply with International Financial Reporting Standards (IFRS). IFRS is a set of accounting rules designed to provide transparency and consistency in financial reporting across countries and industries, helping ensure financial statements are accurate, reliable, and comparable, which enhances the … Read more
Corporate Tax in the UAE applies to companies engaged in the import, export, wholesale, or retail distribution of pharmaceuticals, medical devices, and other healthcare supplies, the same as it applies to any other business activity. What genuinely differs for this sector isn’t the Corporate Tax treatment itself, but the VAT treatment layered on top of … Read more
For Corporate Tax calculation purposes in the UAE, deductible expenditure covers business expenses genuinely incurred to generate taxable income. The timing of the deduction can vary depending on the expense type and the accounting method used. Expenditure on capital assets is recognized through depreciation deductions spread over the asset’s economic life. Where an expenditure serves … Read more
Corporate income tax is collected by governments on the taxable profits of corporations, the profit remaining after deducting all expenses permitted under the nation’s tax regulations. Following the introduction of Federal Decree-Law No. 47 of 2022, Corporate Tax has become a central topic for UAE businesses. The law required businesses to begin paying Corporate Tax … Read more
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