Mahar Afzal

Doing the right thing. So important on a personal and professional front.

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New changes coming in IFRS3 and IAS 36 Soon. Criticism on Goodwill impairment | Mustafa Mirchawala #ACCA #FR #MUSTAFAMIRCHAWALA #IAS #IFRS #Goodwill #Impairment #Learning #Newchanges

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Unlock success in ICAEW pathways with Mr. Ahmed Ali Ehsan! Gain expert insights into tackling scenario-based questions and mastering the review process for exceptional results. Don’t miss these game-changing tips! 💼📚 #ICAEW #CA #ACCA #PAC #charteredaccountants #ProfessionalTips #ScenarioQuestions #CareerGrowth

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🌟 Important Update from the Federal Tax Authority (FTA): Grace Period for Updating Tax Records 🌟 The Federal Tax Authority (FTA) has announced a grace period for registrants to update their tax records without incurring administrative penalties. 🗓️ Key Dates: The grace period starts on January 1, 2024, and ends on March 31, 2025. 📋 What You Need to Know: 1️⃣ Registrants must update any changes to tax records (e.g., name, address, trade license activities) within 20 business days. 2️⃣ Failure to comply within the specified period could result in penalties, ranging from AED 1,000 to AED 10,000. 3️⃣ During the grace period, no penalties will be imposed for updates made. 🔄 Penalty Reversal: If penalties were imposed for failure to update records before the grace period, they will be reversed automatically, with the amounts credited to the registrants’ tax accounts. 📌 Act Now: Take advantage of this grace period to ensure your tax records are accurate and compliant. For detailed guidelines, visit the FTA website or consult the Public Clarification document. #TaxCompliance #FTAUpdate #UAERegulations #Finance #BusinessUpdate

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Unclear transfer pricing rules in the UAE holding your business back? This guide (Part 11 of Our Corporate Tax Insights Series) simplifies it! Ensure fair value in transactions with connected businesses across the UAE. Identify related parties and use methods like comparable uncontrolled price to set arm's length pricing. Keep detailed records and follow the FTA's Transfer Pricing Disclosure Form. Master and Local File requirements apply in certain cases. Exemptions exist, but compliance is crucial. Read more for a full breakdown of UAE transfer pricing! https://lnkd.in/dkqGitcB For expert guidance, turn to AM Audit, your trusted advisors in corporate tax and transfer pricing. +97143231738 | +971 54 327 8971 | +971 52 368 5021 | [email protected]| amaudit.ae #AMAudit #CorporateTax #UAECorporateTax #TransferPricing #TransferPricingDocumentation #taxexemption #CorporateTaxCompliance

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Discover how your business can benefit from the UAE's Small Business Relief under the Corporate Tax Law. Learn eligibility, tax implications, and how Live Auditors & Chartered Accountants LLC can help you stay compliant with real-time auditing solutions. #SmallBusinessRelief #CorporateTax #TaxCompliance #UAEBusinesses #SMEFinance #BusinessAuditing #RealTimeAuditing #FinancialTransparency #TaxStrategy #CharteredAccountants

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Day two of the conference begins with very relevant topic. All audit firms are required to adhere to ISQM 1 standards to maintain high quality, achieve audit objectives and meet stakeholders expectations. #isqm1 #mgimena #mgiworld #auditingstandards #omanauditors #fsaoman #cmaoman

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⏰May 31st, 2024⏰ The deadline to register for UAE Corporate Tax! Avoid penalties of up to AED 10,000! Shuraa Tax can ensure an efficient registration process. Contact us today 📲 . . . Saeed Khalifa Al Fuqaei SHAHID RATHER #accuracy #vat #accounting #business #taxplanning #consultation #taxtips #taxconsultant #smallbusiness #news #update #fines #taxliability #penalty

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UAE Free Zones: New Tax Guidelines Clarify Zero Percent Rate Eligibility The Federal Tax Authority (FTA) has recently issued guidance on the zero percent corporate tax rate for UAE free zone companies. Key points include: 1. Qualifying Free Zone Person (QFZP) status requires:   - Audited financial statements   - Operational substance   - Income from approved activities 2. Exceeding 5% or AED 5 million in non-qualifying income disqualifies the entire income. 3. New clarifications:   - High sea sales treatment   - Domestic bills for exports   - Cryptocurrency investments   - Interest from surplus funds (non-qualifying)   - Substance test for holding companies 4. Designated zones vs. free zones:   - Different rules for distribution activities   - Mainland purchases can qualify if exported 5. Expanded definitions:   - 'Processing of goods' beyond manufacturing   - Commodity trading doesn't require exchange listing 6. Temporary absence of qualifying income doesn't disqualify QFZP status Companies should verify their zone's classification and review these guidelines to ensure compliance and maximize tax benefits. #UAETax #FreeZones #CorporateTax

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UAE Coporate Tax Relief for Small businesses: The UAE CT Law provides tax relief for small businesses. A tax resident person may elect to be treated as "not having derived any taxable income" where the revenue for the relevant and previous tax periods does not exceed AED 3 million during each relevant tax year. If such threshold is exceeded, then the taxable person will be subject to UAE CT at the relevant rates as provided under the CT Law. The abovementioned revenue threshold will be applicable starting on or after 1 June 2023. However, it will only apply to subsequent tax periods that end before or on 31 December 2026. Benefit: You will not pay any Corporate tax to FTA even your net profit is AED 3million out of sales of AED 3million. It's very huge relief if you consider. But please to be clear If person avail this small business relief then it will requrie to submit a simplified CT return for its annual tax period. #UAECT #Corporatetaxuae #uaecorporatetax #CTUAE #UAETax #Dubaitax #DubaiBusinesstax #smallbusinessrelief #SBR #UAECTRELIEF

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The Federal Tax Authority (FTA) has released a pivotal Public Clarification regarding Corporate Tax Registration Timelines, as outlined in FTA Decision No. 3 of 2024. This decision encompasses several critical points, offering extensive guidance and resolving many previously unanswered questions: 1. The specified timelines in FTA Decision No. 3 of 2024 apply equally to juridical persons whose first Tax Period has already begun, irrespective of whether they are starting, continuing, or ceasing business activities during their first Tax Period. 2. This decision also includes Offshore Companies incorporated or recognized under UAE legislation. 3. Companies becoming residents due to having a place of effective management (POEM) in the UAE, without a trade license, must submit their registration by 31st May 2024. 4. Juridical persons with expired but uncanceled licenses as of 1st March 2024 must submit a Tax Registration application based on the month of their original license issuance. 5. If a juridical person holds multiple licenses as of 1st March 2024, the license with the earliest issuance date should be used to determine the deadline for submitting the Tax Registration application, taking into account the year of issuance. 6. The date of the existence of the Permanent Establishment is when the Permanent Establishment is recognized for UAE Corporate Tax purposes. 7. For a Non-Resident Person with both a Permanent Establishment and a nexus in the UAE, the earlier of the two deadlines shall apply for submitting a Tax Registration application to the FTA. This much-awaited clarification from the Federal Tax Authority provides a comprehensive guide on Corporate Tax Registration Timelines. Enriched with practical examples, it serves as an invaluable resource for businesses navigating the complexities of corporate tax registration. For further insights and detailed information, please refer to the attached guide. This essential update offers clarity and direction, ensuring that businesses are well-equipped to meet their tax registration obligations. Ascentia UAE Shiju P. *For more such tax insights, stay tuned with Tax Talk* *WhatsApp Community Link*https://lnkd.in/duRWW9bX

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BDOs quarterly GCC Tax updates provide a comprehensive summary of the important tax developments across the region, including any actions to be taken. We’re pleased to announce the publication of the Q2 2024 newsletter in which, as always, there’s plenty to report as the tax scene across the region continues to develop and change. Please contact BDO’s tax experts in the Middle East for assistance with any tax-related matters. https://lnkd.in/dreCSWvn #tax #BDO #GCCtax2024

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UAE Corporate Tax Update: The Federal Tax Authority has published the official Corporate Tax Return guide detailing several aspects of the UAE Corporate Tax Return to ensure accurate compliance by taxable persons. The 1st set of CT returns fall due for submission by December 31, 2024 and the release of this guide will assist in addressing any queries that taxable persons may have. Time to get to work!!! #jaxa #uaetax #uaecorporatetax #uaetaxation

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The Federal Tax Authority ('FTA') of UAE has issued a decision on "The Refund of Fees of Private Clarification Requests"   Kindly check our concise flash alert for the most recent updates. #fta #vat #vatinuae #uaevat #uae #vatupdate #uaetax #tmsl #tmslglobal #taxupdates

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The UAE Federal Tax Authority has released an extensive Corporate Tax Guide specifically for Free Zone Persons (QFZPs). This guide covers the conditions to qualify as a QFZP, taxation rules, and compliance requirements, including maintaining adequate substance, adhering to the arm's length principle, and fulfilling transfer pricing documentation requirements. Key highlights include the criteria for qualifying income, de minimis requirements for non-qualifying revenue, and the implications of losing QFZP status. This guide is a crucial resource for businesses operating in UAE Free Zones to navigate the corporate tax landscape effectively. #AMAudit #FTA #uaeFTA #CorporateTax #UAECorporateTax #FreeZone #TaxUpdate

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Federal Tax Authority has issued a new Public Clarification regarding the Registration Timelines for Taxable Persons for Corporate Tax which intends to clarify the timeline when a Taxable Person is required to submit a Tax Registration application to the FTA for Corporate Tax Purposes. #CTRegistration #UAECorporateTax #TimelineClarification #TaxablePersonsRegistration #LatestClarification

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Check out this video shedding light on the UAE's tax benefits and how its tax rates stack up against other countries. #uaecorporatetax #globaltaxrates #taxationinuae #taxaccountinguae #accountingservicesuae #corporatetaxregistrationuae #corporatetaxconsultancyuae #inzone

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