In the United Arab Emirates, corporate tax audit is a legal procedure that confirms an organization’s adherence to tax regulations. To ensure that taxable income is reported, tax forms are filed, corporate income taxes are paid on schedule and audits are carried out. Under UAE Corporate Tax Law, Federal Decree-Law No. 47 of 2022, the … Read more
Article 40 of the UAE Corporate Tax Law states the procedure and requirements for forming a Tax Group. A Parent Company by a Tax Group under the UAE Corporate Tax law is entitled to aggregate one or more Subsidiaries. The key ownership requirements include juridical status, 95% ownership threshold, control over voting rights and profits, … Read more
According to the OECD guideline, a resident person shall have to pay taxes in his resident country based on the world income, while a non-resident person only needs to pay taxes in a contracting state based on the income derived from that state. According to this principle a resident person have to pay taxes twice … Read more
Financial audits are independent investigations into the records, processes, and statements of a company concerning their accuracy in line with accounting standards. It reviews whether the financial information presented concerning the company is presented fairly and according to the applicable Financial reporting standard. Laws Governing Audit in UAE The following regulations govern audits in UAE: … Read more