What Is the Raqeeb Whistleblower Program? Raqeeb is the Federal Tax Authority’s dedicated whistleblower program for reporting suspected tax violations and evasion in the UAE. It became effective on April 15, 2022, following a Cabinet Decision that set out the procedures for submitting, reviewing, and rewarding reports. The program gives members of the public and … Read more
Accounting for spare parts and servicing equipment is one of the more genuinely ambiguous areas of IFRS. No standard addresses spare parts directly, which means every business holding them has to work through a judgment call: are these items inventory under IAS 2, or property, plant and equipment under IAS 16? Getting this wrong has … Read more
When a VAT Refund Arises for a Registered Business A VAT refund position arises when a VAT-registered business’s recoverable input tax for a tax period exceeds its output tax liability for the same period. This produces a net VAT credit rather than a net VAT payable amount. The credit position can arise for several legitimate … Read more
An FTA tax audit is not a one-off VAT check anymore. Since Corporate Tax came into force under Federal Decree-Law No. 47 of 2022, the Federal Tax Authority can examine a business’s VAT position, Corporate Tax position and Excise Tax position under the same audit framework, and the rules on how far back it can … Read more
Most governments provide grants or other assistance to support certain businesses. There’s an obvious benefit to this assistance, and audit professionals working with entities receiving it need to make sure it’s properly reported in the financial statements. Understanding IAS 20 is the starting point for getting this right. What Does IAS 20 Cover? IAS 20, … Read more
What a Voluntary Disclosure Is Under UAE Tax Law A voluntary disclosure is a formal notification a taxpayer submits to the Federal Tax Authority to correct an error or omission in a previously filed tax return, tax assessment, or tax refund application. It applies across VAT, Excise Tax, and Corporate Tax, and it exists as … Read more
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