Most governments provide grants or other assistance to support certain businesses and companies. There is an obvious benefit to this assistance compared to other Dubai, UAE companies. Audit firms in Dubai working for entities or company audit professionals should properly report it in financial statements. How you may ask? Let’s go over the rules first … 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
In this article, we would like you to understand critical concepts that accounting and financial services in Dubai & UAE consider when choosing bookkeeping policy regarding IFRS. But firstly, we need to understand accounting policies. What are accounting Policies? Accounting or bookkeeping policies are detailed rules or principles inherent to a transaction, operation, or event … Read more
Joint operation or joint venture? Understanding how accounting services in the UAE classify and account for joint arrangements matters for any business co-investing with another party. This guide covers investments in joint arrangements, which fall into either a joint operation or a joint venture under IFRS 11, Joint Arrangements. IFRS 11 was introduced in 2011 … Read more
What IFRS 16 Changed and Why It Matters IFRS 16, Leases, replaced IAS 17 and took effect for annual reporting periods beginning on or after 1 January 2019. The change was fundamental. Under IAS 17, a lessee classified each lease as either a finance lease (recognised on the balance sheet) or an operating lease (kept … Read more
The VAT Framework for Higher Education in the UAE Higher education institutions operating in the UAE are not subject to a blanket VAT exemption. The UAE VAT framework under Federal Decree-Law No. 8 of 2017 divides supplies made by higher education institutions into three categories: zero-rated, exempt, and standard-rated at 5%. Which category applies to … Read more
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