Legal Foundation: Required under Article 55 of the Corporate Tax Law for reporting transactions with Related Parties and Connected Persons. Who Must Submit: All taxable entities engaging in transactions with Related Parties or Connected Persons must submit the form, regardless of unspecified materiality thresholds. Deadline for Filing: The form must be submitted with the tax […]
A recent amendment to the UAE VAT Executive Regulations, effective November 15, 2024, which may impact your business. Key Update: Under Article 53, the amended regulations now allow the recovery of input VAT on health insurance provided to employees and their dependents. This includes coverage for: • One spouse• Up to three children under the […]
In the UAE, all entities must adhere to either IFRS or IFRS for SMEs for their accounting and financial reporting, as mandated by Ministerial Decision No. 114 and the Corporate Tax Guide CTGACS1. IFRS for SMEs offers a more streamlined framework, especially beneficial for smaller enterprises. Here are some key advantages: 1.Simplified Recognition and Measurement […]
