Introduction Recently, the Ministry of Finance in the UAE introduced a new decision that requires certain Taxable Persons to maintain Audited Financial Statements. This article provides a deep analysis of these new regulations and their implications for businesses operating in the UAE. Categories of Persons required to prepare and maintain Audited Financial Statements The categories … Read more
Introduction The UAE Corporate Tax Law exempts a Qualifying Public Benefit Entity from Corporate Tax if it fulfills certain conditions. The Cabinet Decision has brought forth certain guidelines for Qualifying Entities. Which entities are Qualifying Public Benefit Entities? The Schedule annexed to the decision identifies the entities that are considered Qualifying Entities as per Article … Read more
Introduction Small firms can get benefit from Section 44AD of the Income Tax Act, 1961 through a presumptive taxation system. This clause enables eligible taxpayers to report their income based on their turnover as opposed to keeping books of accounts and finding out their actual earnings and losses. Eligibility Criteria under section 44AD To avail … Read more