What Financial Crime Actually Means Financial crime describes a broad category of illegal activity in which the mechanism of harm is money — either its theft, its manipulation, or its concealment. The term covers money laundering, fraud, embezzlement, bribery, corruption, insider trading, and terrorist financing, among others. What unites them is not the method but … Read more
In the United Arab Emirates, on April 30, 2019, the Cabinet Resolution No. (32) of 2019 (the “Resolution”) on Country by Country Reporting (CbCR) was released. On the one hand, it has been modified and is now covered by Cabinet Resolution No. (44) of 2020. The Organization for Economic Cooperation and Development’s (“OECD”) guidelines on Country by … Read more
What Is IFRS 6 and Why It Exists as an Interim Standard The International Accounting Standards Board issued IFRS 6, Exploration for and Evaluation of Mineral Resources, in December 2004, with the standard taking effect for accounting periods beginning on or after 1 January 2006. It was never intended as a permanent solution — the … Read more
Annual financial statements that are backed by an auditor’s report and attested by it must be submitted when a corporation is registered. According to the Commercial Companies Law, all top audit firms in Dubai are obligated to have an audit or financial review of their financial records. There is a lot of uncertainty each year … Read more
The UAE Corporate Tax will be effective from the 1st of June 2023. The UAE Corporate Tax will be equally applicable to all types of businesses and commercial workouts excluding extraction of natural resources, among other exemptions which will continue to be taxed at the Emirate level. Banking operations are no exception to Corporate Tax, … Read more
Why Accounting Quality Determines Corporate Tax Compliance Quality Under Federal Decree-Law No. 47 of 2022, UAE Corporate Tax is calculated from accounting net profit as reported in IFRS financial statements. The taxable income figure on a Corporate Tax return is not a separate calculation built from scratch. It starts with the accounting profit and is … Read more
Hold On!
For audit, accounting, tax, or VAT, our team is here to help.
Need Expert Advice on: