Why Internal Control Gaps Still Hurt Growing UAE Businesses As UAE businesses grow, internal control gaps often appear quietly in day-to-day operations rather than through one major failure. The biggest risks usually come from informal approvals, weak reconciliation routines, poor access controls, and accounting processes that depend too heavily on one person or one spreadsheet. […]
Tax assessments can often lead to adjustments in financial statements, but do they always require a restatement of prior-period financials? The answer depends on the nature of the adjustment.If the tax assessment arises due to an error in prior financials—such as misapplication of tax laws or omission of taxable income—a restatement is required. Prior-period financials […]
As businesses in the UAE prepare for corporate tax compliance, closing the books of accounts effectively and in alignment with regulatory requirements is essential. Here are 12 key focus areas to ensure accurate financial reporting and compliance under Federal Decree-Law No. 47 of 2022: By focusing on these key areas, businesses can streamline their tax […]
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 […]
