Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the purposes of corporate tax stipulates that a Taxable Person shall apply the International Financial Reporting Standards (“IFRS”), if the Taxable Person derive Revenue that does not exceed AED 50,000,000 (fifty million United Arab Emirates dirhams) for small and medium-sized entities
Whereas, Financial Statements refers to an entire set of statements as specified under the Accounting Standards applied by the Taxable Person, which include and is not limited to statement of income, statement of other comprehensive income, balance sheet, statement of changes in equity and cash flow statement.
Hiring an individual and corporate tax accountant in UAE is the best way to go if you are dealing with corporate tax in UAE and tax registration for a person in UAE. However, If you’re confused with your taxes, or you’ve already been juggling a lot of things on top of your tax responsibilities, then it is an excellent idea to ask the professionals in Farahat & Co to guide you.
In an attempt to save money or understand your finances finally. You may also think that it is a good idea for you to do your taxes.
However, as you make this important leap, you’ve failed to take into account accounting and tax jargon along with the confusing taxation rules in the country plus the recent changes. however, which most definitely take you into a loop!
Before you find yourself getting overwhelmed with the preparation and filing of your tax returns, consider asking us for advice.
In the UAE, we are the go-to specialists of countless entrepreneurs and corporations. We also help them deal with all matters associated with tax in the UAE. Yes, this also includes the individual VAT registration process in the UAE. Here is a list of activities and industries that we’ve helped including essential information you have to know regarding UAE tax:
We are specialists that businesses and individuals run to for taxation matters. However, here’s how we can help you:
Taxation in the UAE is made simpler with the help of a team that is comprised of reliable and seasoned tax consultants in Dubai. We have teams across the country and the GCC in order to help as many people as we possibly can. Call us today if you wish to speak to our experts!