Why Choosing the Right Internal Audit Firm Matters More in the UAE Now Internal audit has moved from a governance box-ticking exercise to a substantive assurance and advisory function for UAE businesses. The introduction of Corporate Tax under Federal Decree-Law No. 47 of 2022, combined with existing VAT obligations, AML compliance requirements, and the heightened … Read more
What Is the UAE VAT Refund Scheme for Business Visitors? The UAE Federal Tax Authority (FTA) operates a Business Visitor Refund Scheme that allows qualifying foreign businesses, those with no place of establishment in the UAE and no VAT registration here, to reclaim VAT incurred on eligible business expenses during their time in the country. … Read more
What Is Excise Tax Relief for Lost or Damaged Goods in a UAE Designated Zone? Excisable goods stored within a UAE Designated Zone are, by default, treated as released for consumption, and therefore subject to excise tax, if they go missing or are found to be deficient. The Federal Tax Authority (FTA) provides a route … Read more
Reducing VAT liability legitimately isn’t about avoiding what’s owed, it’s about making sure a business actually claims everything it’s entitled to and doesn’t leave recoverable VAT unclaimed simply because a deadline was missed or a supporting record wasn’t kept. There are practical, well-established steps every VAT-registered business can take, and some options available only to … Read more
The UAE Federal Tax Authority (FTA) issued Public Clarification VATP029 to guide gold jewelers, suppliers, and registered dealers on how VAT applies to the supply of gold items and making charges. This clarification is mainly applicable to gold items that consist primarily of gold and don’t qualify for zero-rating under Cabinet Decision No. 25 of … Read more
A business opens a second office in a building and signs a rental contract with the landlord. The contract runs for 5 years, but either party can end it at any time by giving 60 days’ notice, with no penalty for doing so. How does this affect the lease term recognized under IFRS 16, and … Read more
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