Sathish Jayaraman

Welcome to BDO’s Quarterly Tax Update for the GCC. The first quarter of 2024 has started with a flurry of activity and there are some important changes across the region. BDO’s tax newsletter includes all the important tax developments across the region during the first quarter of 2024 and can be accessed via the link on the right. Read More Here: https://lnkd.in/dS6ikdYH #GCC #TAX #BDO #TAXALERT Rami Alhadhrami Ketan Puri Jino George Mark Camilo Yasmin AlDari Sharleen Subramanian Nada Helmy Rawan Gaballa

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FTA publishes detailed corporate tax return guide. Much awaited publishing.. #corporate-tax #Finnet-global #Taxation #UAEtax #GCCTaxation #taxplannig #taxconsultancy

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"UAE Corporate Tax Registration: Deadline Approaching! 🕒 Ensure Timely Compliance by May 31, 2024 📝 Avoid Penalties and Protect Your Business Interests 🚫 Register Now and Maintain Regulatory Alignment 💼 Stay Proactive and Mitigate Potential Risks ⚠️" #UAECorporateTax #BusinessRegistration #DeadlineAlert"

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🎥 Corporate Tax Simplified! Learn everything you need to know about UAE Corporate Tax from our expert Tax Agent. 💼 📚 Stay informed, stay compliant. Watch now!

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𝗨𝗿𝗴𝗲𝗻𝘁 𝗥𝗲𝗺𝗶𝗻𝗱𝗲𝗿 𝗳𝗼𝗿 𝗨𝗔𝗘 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀𝗲𝘀: 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗧𝗮𝘅 𝗥𝗲𝗴𝗶𝘀𝘁𝗿𝗮𝘁𝗶𝗼𝗻 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗗𝗲𝗮𝗱𝗹𝗶𝗻𝗲: 31 October 2024 Attention all UAE businesses with licenses issued between 1 August and 30 September 2024: • Register your business for Corporate Tax by 31 October 2024 to avoid a Dh 10,000 penalty. • Ensure timely compliance to prevent additional fines. Register your business by the deadline to avoid penalties. 𝗜𝗺𝗽𝗼𝗿𝘁𝗮𝗻𝘁 𝗗𝗮𝘁𝗲𝘀: • License issuance: 1 August - 30 September 2024 • Registration deadline: 31 October 2024 𝗖𝗼𝗻𝘀𝗲𝗾𝘂𝗲𝗻𝗰𝗲𝘀 𝗼𝗳 𝗡𝗼𝗻-𝗖𝗼𝗺𝗽𝗹𝗶𝗮𝗻𝗰𝗲: • Dh 10,000 penalty for failure to register Stay compliant and register your business on time! #UAECorporateTax #TaxCompliance #BusinessRegistration #DeadlineAlert

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Today the question related to the UAE Corporate Tax for Freezone Companies.  Are there any limitations or restrictions on who can establish or own a Free Zone Person? No. The Free Zone Corporate Tax regime does not impose any limitations or restrictions with regards to who can establish or own a Free Zone Person. P.S: Follow me to learn Corporate Tax Daily. #corporatefinance #uaecorporatetax #learningeveryday #VAT

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Related Parties in UAE Corporate Tax Laws (Refer-6.6.1 General guide page 73 General Guide issued by FTA) In UAE Corporate Tax, a Related Party is broadly defined by ownership, control, or kinship. The key criteria include: - Ownership & Control: A 50% or greater ownership typically signifies influence. Two entities are Related Parties if this threshold is met.    - Kinship: Natural persons related up to the fourth degree, including by adoption or guardianship, are considered Related Parties. This covers relations from parents and children to first cousins. - Natural vs. Juridical Persons: A natural person and a juridical person are related if the natural person (or their Related Parties) owns or controls 50% or more of the juridical person. - Juridical Persons: Two or more juridical persons are related if one controls or owns 50% or more of the other, directly or indirectly. - Permanent Establishments & Partnerships: These are also considered Related Parties under the law. Understanding these connections is crucial for compliance and strategic planning. Ensure your entity's relationships are well-defined to navigate the UAE Corporate Tax landscape effectively.

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#TaxTipsThursday: Will a Free Zone entity be required to register and file a UAE Corporate Tax (CT) return? Yes, all Free Zone entities are required to register and file a UAE CT return, regardless of whether they qualify as a "Qualifying Free Zone Person" or not. Compliance with this requirement is essential to maintain their tax status and benefits. Ensure your Free Zone entity is fully compliant with UAE Corporate Tax regulations. Contact FRFS for expert support in registration, filing, and compliance. #FRFS #TaxTips #CorporateTax #FreeZoneEntities #UAE #TaxCompliance #BusinessAdvisory #UAEBusiness #Dubai #AbuDhabi #Sharjah #RAK

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#NewIFRS19 Exactly after 1 month of launch of IFRS 18, International Accounting Standard Board (IASB) has issued another new IFRS Standard for subsidiaries i.e IFRS 19 Subsidiaries without Public Accountability: Disclosures. IFRS 19 permits eligible subsidiaries to use IFRS Accounting Standards with reduced disclosures. Applying IFRS 19 will reduce the costs of preparing subsidiaries’ financial statements while maintaining the usefulness of the information for users of their financial statements. Subsidiaries using the IFRS for SMEs Accounting Standard or national accounting standards for their own financial statements often keep two sets of accounting records for reporting to their Parent who are complying IFRS because the requirements in these Standards differ from those in IFRS Accounting Standards. Subsidiaries using IFRS Accounting Standards for their own financial statements provide disclosures that maybe disproportionate to the information needs of their users. IFRS 19 will resolve these challenges by: - enabling subsidiaries to keep only one set of accounting records―to meet the needs of both their parent company and the users of their financial statements; and - reducing disclosure requirements―IFRS 19 permits reduced disclosures better suited to the needs of the users of their financial statements. https://lnkd.in/gmyzR5YT

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Essential Tips for Mastering MCQ Sections in CMA Exam! Common mistakes students often make with objective-type questions: (Avoid These Common Mistakes to Boost Your Performance) 1. Poor time management:⏳ Not allocating enough time per question. 2. Skimming questions: ❌ Failing to read questions and options thoroughly. 3. Misunderstanding the question: ⁉️ Misinterpreting the question's intent. 4. Overlooking keywords: 📍 Ignoring crucial words or phrases. 5. Guessing randomly: ⁉️ Making uninformed guesses instead of strategic ones. 6. Not eliminating wrong choices: ❌ Missing the chance to remove obviously incorrect options. 7. Overthinking: 😌 Spending too much time on a single question. 8. Careless answer marking: 😕 Marking the wrong answer due to carelessness. 9. Skipping review: 🫵 Failing to check answers before submission. 10. Panic and stress: 🥸 Letting anxiety interfere with performance. 11. Insufficient practice: 👎🏾 Not practicing enough with objective-type questions. 12. Weak conceptual understanding: 🏷️ Having a poor grasp of key concepts. 13. Confusing similar options: ⁉️ Mixing up choices that look similar. 14. Ignoring elimination: 🗑️ Not using the process of elimination. 15. Changing correct answers: 👎🏾 Unnecessarily altering the right choice. How to avoid these mistakes and improve your performance:✅ - Manage your time effectively ⏳ - Read questions carefully 🔎 - Understand the intent of the question 🔖 - Pay attention to keywords 🔐 - Use the process of elimination ❗ - Stay calm and composed ☺️ - Review your answers before submitting 💯 - Practice consistently ✍️ - Strengthen your understanding of key concepts 📈 By recognizing these common pitfalls and implementing strategies to address them, you’ll be better prepared to tackle the MCQ section with confidence! 💪 #CMA #MCQ #levelup #exampreparation ##TimeManagement #ExamSuccess #FinanceExams #StudentSuccess #StudySmart #MCQStrategy #TestTakingSkills #ProfessionalCertification #FinanceProfessionals #LearningJourney #CareerGrowth

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📒 Accounting Standards for Businesses IN UAE 🇦🇪 Our latest guide provides a comprehensive overview of the key accounting standards applicable in the UAE. Whether you're a startup or an established business, understanding the intricacies of IFRS and UAE GAAP is crucial for maintaining compliance and achieving financial transparency. 💡 Don’t let accounting complexities hold you back! Equip yourself with the knowledge you need to navigate the financial landscape confidently. 📞 Need personalized assistance? Schedule a call with KRV Auditing and let our experts guide you toward financial excellence! https://lnkd.in/dnG84t9c #KRVAuditing #UAECorporateTax #IFRS #AccountingStandards #TaxCompliance #SmallBusinessRelief #FinancialReporting #TaxStrategy

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#FTA has released CT Guide on Investment Funds and Managers #UAE #corporatetax #CTGuide

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Join our focused session on IFRS 18! I’ll be speaking at the "Mastering the New IFRS 18" webinar. This insightful session is designed to equip you with the critical knowledge and tools needed to navigate the new IFRS 18 standards effectively. Date: 26th September 2024 Time: 11:00 AM UAE Time Register Here: https://lnkd.in/dHJsu-GE What Can You Expect? During the webinar, we’ll cover essential topics including: - Introduction to IFRS 18: Understanding the fundamental changes and their impact on financial reporting. - Aggregation and Disaggregation: How to accurately present financial items under the new standards. - The New Income Statement: Exploring the updated structure and presentation requirements. - Management-Defined Performance Measures: Discover how to disclose information about management performance measures. Why Should You Attend? This webinar is your chance to: - Enhance Your Understanding: Gain a comprehensive overview of IFRS 18. - Learn Practical Strategies: Apply actionable insights directly to your financial reporting. - Engage in Interactive Q&A: I’ll be there to answer your questions and provide guidance tailored to your needs. 📌 Don’t Miss Out! If staying current with financial reporting standards is important to you, this webinar is a must-attend. Register now to secure your spot and join me tomorrow for a valuable session. Looking forward to your participation! Imad Uddin Shaikh Yasir Gadit Usman Alam Ammar Hussain Kaghdi Arshad Gadit - FCA, ACCA Saqib Nisar Minhal H. Maqbool, CFA, FCCA Numair Kulkarni, ACCA Umair A., ACA Faizan ur Rahman - Chartered Certified Accountant, Master of Commerce Ali Abdul Rehman, FCCA #Webinar #IFRS18 #Compliance #FinancialReporting #ProfessionalDevelopment #Finance #AccountingStandards #CorporateFinance #FinancialServices #Leadership #UAE #Dubai #athGADLANG athGADLANG Wathiq

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Expected Credit Loss (ECL) Model: IFRS 9 introduces an ECL model, which is forward-looking and requires entities to recognize credit losses at each reporting date, even if no actual loss event has occurred. This model applies to financial assets, including trade receivables, lease receivables, and contract assets under IFRS 15. Simplified Approach for Trade Receivables For trade receivables (and some contract assets and lease receivables), IFRS 9 permits a simplified approach to calculate ECL, which simplifies the process of recognizing impairments. Under the simplified approach, companies do not need to track changes in credit risk but can recognize a lifetime ECL from initial recognition. This is usually implemented through a provision matrix, estimating potential losses based on historical data, adjusted for forward-looking information. Provision Matrix for Accounts Receivable: The provision matrix approach segments AR by age (such as current, 30 days past due, 60 days past due, etc.) and applies a specific loss rate to each category. Historical credit loss data is adjusted for factors such as economic changes or industry-specific risks. Companies then estimate the percentage of loss for each category and apply it to their receivables, recording the total amount as a provision. Steps to Apply the Simplified Approach Gather Historical Loss Data: Analyze past data to understand historical losses on receivables. Segment Receivables: Divide AR based on aging categories (e.g., 0–30 days, 31–60 days, etc.). Determine Loss Rates: Adjust historical loss rates based on current economic conditions and forward-looking information. Calculate ECL and Record Provision: Apply the adjusted loss rates to each segment’s outstanding balance to determine the ECL and record the provision. 5. Journal Entries At the reporting date, companies record the ECL as an allowance (or provision) for credit losses on AR: Dr. Bad Debt Expense (P&L) Cr. Allowance for Expected Credit Losses (Balance Sheet) 6. Subsequent Measurement and Updates IFRS 9 requires that the ECL calculation be updated regularly to reflect changes in credit risk. #ECL #IFRS9

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🌐 Staying Ahead with IFRS Standards: Key Updates as of June 2024 📊 In the ever-evolving landscape of international financial reporting, staying updated with the latest IFRS (International Financial Reporting Standards) is essential for finance and accounting professionals. I recently reviewed the comprehensive update on IFRS standards as of June 2024, which includes insights into IFRS 18 and IFRS 19, along with notable consequential amendments. This high-level overview provides valuable information on: Updates across various IFRS standards, including fair value measurement, revenue recognition, and financial instruments. Guidance on the application of these standards, particularly for first-time adopters. The implications of IFRS 18 on revenue recognition and IFRS 19 on enhancing financial disclosure requirements. As the global financial environment becomes increasingly complex, understanding and applying these standards effectively ensures compliance and transparency in financial reporting. For finance professionals managing audits, international subsidiaries, or complex financial statements, this update is an indispensable resource. I am keen to hear from fellow professionals: how are you implementing these IFRS updates within your organization? #IFRS #FinancialReporting #Accounting #Compliance #FinanceProfessionals #IFRSStandards #ContinuousProfessionalDevelopment

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📣📣📣IMPORTANT ACCOUNCEMENT📣📣📣 According to FTA guidelines, starting September 30, 2024, all EmaraTax users must log in using UAE Pass. We recommend linking your EmaraTax account with your UAE Pass beforehand to prevent any access issues. If your UAE Pass is already linked, please disregard this message. #accouncementpost #accouncements #Alert #ImportantNotice #importanteinformed #importantinformation

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Basis of Taxation - Natural Person A Natural Person is subject to Corporate Tax only if: • They Conduct Business or Business Activity in the UAE; and • Total Turnover derived from Business or Business Activities exceeds AED 1 million within the calendar year (Jan to Dec) Sources generating the following income streams are not considered as Business or Business Activities: • Wages • Personal Investment Income • Real Estate Investment Income Natural Persons should not register if: • they do not conduct a Business or Business Activity in the UAE; or • conduct a Business or Business Activity generating a turnover not exceeding AED 1 million. Source: - https://lnkd.in/dXcyQWaZ)

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