Team, Author at NUFCA | Page 11 of 14

Relaxations In IFRS 9 Gives More Flexibility To UAE Banks

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The Central Bank of UAE has issued a statement in which it has introduced a new requirement for all banks to apply anInternational Financial Reporting Standards 9’s (IFRS 9) expected credit loss (ECL) provisions to decrease provision necessities. Prudential filter aims to minimize the effects of IFRS 9 provisions on…

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As a committed member of OECD inclusive framework, and in response to the UAE’s tax framework by the European Union (EU) Code of Conduct Group on Business Taxation, the UAE introduced a resolution on the Economic Substance on 30th April, 2019. Guidance that provides further clarity on the application of…

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In Dubai, there are several free zones that provide particular locations for the establishment and operations of various industries, they also assist them in the growth & development of their business. One of the most significant free zones is the Dubai Multi Commodities Centre (DMCC). DMCC provides many advantages and…

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Disruption….Disruption….Disruption that’s what we are hearing from the past few months. Disruption on human lives, Disruptionin development, disruption in economies and for businesses disruption in financial statements. For now Let’s focus on problems faced by the business houses and how it is disrupting financial statements of the companies. Coronavirus today…

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To suppress the damaging consumption patterns and improve the standard of life are the leading goals behind the Cabinet’s choice to expand the scope of excise tax UAE. After coming into effect, consumers who wish to purchase excise goods will be needed to pay the excise tax, in addition to…

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An external audit takes place focuses on a company’s performance and compliance. All the records related to the audit examined in an external audit to ensure no errors exist in the financial declaration, which is very important for investors and regulatory requirements. External auditors have no affiliation with a company…

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There are differences between auditing and accounting even when they do nearly the very same things and have nearly comparable tasks. They have different tasks that a person can do and the other can not and vice versa. We can provide you the differences between the two and just what…

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Worth included tax (VAT) is generally a tax that is implemented on the goods and services which is imposed at their sale. This is, in fact, the kind of an indirect tax that is used in a number of countries in the entire world. The expense is sustained by the…

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The Tax Registration Number (TRN) is a special 15-digit number gotten after the VAT registration of a business to differentiate one entity from the other. The VAT is an indirect tax imposed on the purchase of products and services. The execution of VAT has actually increased federal government profits to…

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A tax audit is an exam conducted by the Federal Tax Obligation Authority (FTA). To confirm if a company is sensibly performing its business procedures as a registered taxed service. This audit makes certain that all companies submit the tax returns accurately. Which every responsibility, as well as tax obligation…

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