Exciting developments in the world of financial reporting! The International Accounting Standards Board (IASB) has officially announced that IAS 1 – Presentation of Financial Statements will be replaced by the newly issued IFRS 18 – Presentation and Disclosure in... Read More
In the United Arab Emirates, climate regulation is governed by Federal Decree-Law No. (11) of 2024 on the Reduction of Climate Change Effects (‘the Law’), which came into force on 30 May 2025. The Law establishes a binding federal framework for greenhouse gas... Read More
The UAE Cabinet has issued Cabinet Decision No. 1 of 2026, expanding the list of exempt persons under the UAE Corporate Tax (CT) Law to include certain sports entities, subject to meeting the prescribed conditions. The decision is effective retrospectively from 1 June... Read More
Effective 1 January 2025, the Gulf Cooperation Council (GCC) countries adopted a 12-digit Harmonized System (HS) code for customs purposes, replacing the previous 8-digit system used by most GCC countries. The Dubai Customs had issued Customs Notice 10/2025 regarding... Read More
Automated Eligibility Check for Waiver of Late Registration Penalty Pursuant to the Federal Tax Authority’s (FTA) 2025 initiative granting waiver of administrative penalties for late submission of Corporate Tax (CT) registration applications, an online eligibility... Read More
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