UAE Corporate Tax: An Overview of the Current Regime For decades, the UAE was known for a zero personal and corporate tax environment, one of the main draws for individuals and businesses evaluating the market. That changed when the Ministry of Finance (MoF) introduced a federal Corporate Tax regime, which is now fully in effect … Read more
General trading companies operating in UAE free zones carry a specific compliance obligation many owners underestimate: most free zone licensing authorities require an annual audit report submitted to the authority, not just good internal bookkeeping. Ignoring this requirement is a common and costly mistake, since non-compliance can lead to penalties or trade license suspension. This … Read more
What IFRS 10 Is and Why the Control Model Matters IFRS 10, Consolidated Financial Statements, was issued by the International Accounting Standards Board in May 2011 and became effective for annual periods beginning on or after 1 January 2013. Its central purpose is to establish a single, consistent principle for determining when one entity must … Read more
What Outsourced Accounting and Bookkeeping Means in Practice Outsourced accounting means contracting an external accounting firm to handle some or all of a business’s financial record-keeping, reporting, and compliance functions, rather than employing a full-time in-house accounting team. The scope can range from basic transaction recording to a comprehensive arrangement that covers bookkeeping, VAT return … Read more
Gold occupies an unusual position in IFRS. There is no accounting standard that specifically addresses gold, silver, platinum, or other precious metals, which means every business holding gold as an investment has to work out its accounting treatment from first principles rather than pointing to a single applicable standard. For UAE businesses, particularly those active … Read more
IFRS 15, Revenue from Contracts with Customers, replaced the previous revenue standards, including IAS 18, and introduced a single five-step model for recognizing revenue that applies regardless of industry. For UAE real estate, this isn’t a purely technical accounting update, it changed how developers recognize revenue on off-plan sales, one of the most active segments … Read more
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