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
International Financial Reporting Standards (IFRS) 6 was released as an interim standard, essentially, it serves to combat the accounting complexities for the exploration and assessment of natural resource assets. Notably, IFRS 6 has been in effect since December 2004 and it is effective for accounting periods commencing on or after January 1, 2006. The establishment … Read more
The upcoming corporate tax in UAE is for corporations and applies to their business profits for the year 2023 and so on. The law is not active presently, however, work is in progress to make the law official and acceptable. This law update addresses the regulations for tax returns and relevant aspects such as transfer … 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
Ras Al Khaimah Economic Zone is one of the most significant economic Zones in the UAE, it serves a compelling role in the UAE’s economy. The economic zone offers businesses a firm financial foundation and supports a wide range of commercial operations. Ras Al Khaimah Economic Zone companies are required to submit their financial statements … 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
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