No more hiding for violators and evaders. The UAE’s Federal Tax Authority (FTA) formally launched a dedicated whistle-blower program —Raqeeb— as a means of discouraging evasion and other violations. The goal of the new program is to alert the public to a platform where they can report businesses, entities, or companies that engage in fraudulent … 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
UAE Tax Audit is a procedure by which the Federal Tax Authority inspects commercial records and any other information related to a Person Conducting Business. The FTA conducts tax audits in UAE to ensure that the government can assess whether a taxable entity has met the requirements and adhered to the VAT Laws. The FTA … 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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