We have discussed the basis of the taxable income calculation earlier, now we can get into what income can be exempt from this calculation on the basis of the consultation document released by the MOF. It is important to understand the exempt income for corporate taxation to correctly reduce the tax liability. Bottom Line Since […]
Businesses incur research and development costs in order to bring product differentiation, the launch of a new product etc. Such R&D costs have a special treatment and cannot be entirely treated as normal expenses. As per IFRS, research costs are expensed, however, in case of development costs (including internal costs) are capitalized provided certain conditions […]
Depreciation is the systematic allocation of the depreciable amount of a fixed asset over its useful life. A fixed asset is recognized in the books of accounts when:
With the advancement of COVID’19 the pandemic in the past few months, the commercial industry has seen a variety of challenges. A pandemic cannot be confined to merely a major health crisis, it has had a subsequent effect on businesses across the globe. Not only has it gotten businesses to rethink and restructure their ways […]
Due diligence is a process of verification, investigation, or audit of a potential deal or investment opportunity to confirm all relevant facts and financial information and to verify anything else that was brought up during a mergers and acquisitions deal or investment process. Due diligence should be completed before a deal closes to provide the […]
Banks in Abu Dhabi are set to merge later in this quarter which is set to impact UAE in several ways. ADCB (Abu Dhabi Commercial Bank) and UNB (Union National Bank) are set to merge. The combined company is then to acquire Al Hilal bank which is still set to act as a separate Islamic bank […]
The New UAE Foreign Direct Investment Laws which determine the nation’s business infrastructure has come into effect on 23rd September 2018.
The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and cultural centers, advancing energy cooperation, e-commerce ties, numerous investments, and the infamous Belt and Road […]
UAE’s most recent investment law has become the talk of the town as it opens up business regulations further and allows 100 percent ownership to foreign investors in certain onshore business sectors. This law is currently awaiting the FNC’s approval and is planned to be introduced in the last quarter of this year.
UAE has taken numerous steps recently for ease of business, by reducing visa requirements for businesses hiring expatriate