Many UAE businesses provide interest-free loans to shareholders, subsidiaries, or other related parties and record them at the amount advanced. However, this may not comply with IFRS 9 – Financial Instruments. The Common Mistake Recording an interest-free loan at its... Read More
The Federal Tax Authority (‘the FTA’) issued guide on the Education Sector (VATGED1) aiming to provide clarity on aspects relating to applicability of VAT on the Education Sector. The key aspects of the Guide are summarized below: Key Parameters for Determining... Read More
Under the UAE Corporate Tax (CT) Law, gains arising from the sale or disposal of assets are generally subject to tax. However, transitional rules provide relief for certain categories of assets held prior to the commencement of a taxpayer’s first tax period such as... Read More
Under the directives of the Dubai Government, Customs Notices (CN) No 14 and No 15 have been released by the Dubai Customs effective from 21 May 2026. These Notices provide ease to business in payment of import Custom duties through instalments and waiver of customs... Read More
IFRS 3 establishes the accounting and reporting requirements (known as ‘the acquisition method’) for the acquirer in a business combination. The key steps in applying the acquisition method are summarised below: Step 1 – identify a business combination Step 2 –... Read More
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