Corporate Tax Rules For Accountants: Year-end adjustments and Transitional Provisions

Following topics are discussed in this webinar as part of educating accountants to keep in mind the year end Corporate Tax rules applicable for businesses...

Corporate Tax Rules: Year-end adjustments and Transitional Provisions
- UAE Corporate Structure
- Taxable Person (Who?)
- Imposition of Tax and Tax Rate
- Implementation Date of Corporate Tax

Specific provisions of CT relevant for books of accounts
- Exempt Income
- Deductions - General Rule
- Non Deductible Expenses
- Interest Deduction Limitations Rules
- Entertainment Expenditure - Deduction
- Types of Related Party Transactions

CT Transitional Provisions and Adjustments in Books of Accounts
- Transition Rules
- General Anti-Abusive Rules (GAAR)
- Ministerial Decision no. 120- Adjustments under Transition Rules
- Adjustments under Transition Rules – Option 1 (Valuation Method)
- Adjustments under Transition Rules – Option 2 (Time apportionment method)

CT Provisions Relevant for Year-End procedures
- Key action points before the commencement of the first Tax Period-Accounting
- Key action points before the commencement of the first Tax Period-Record Keeping & Others
- Key action points before the commencement of the first Tax Period-Assessing Future Actions
- Registration
- CT Returns
- UAE Corporate Tax Computation Template
- Accounting Record keeping & Auditing
- Accounting Record keeping required- Corporate Tax
- Ministerial Decision no. 114- Accounting Standards and Method of - Accounting for Corporate Tax Law
- Chart of Accounts- Changes
- Inventory Counting and Valuation
- Safeguarding Assets - Fixed Asset Register Maintenance
- The year-end closure

Q & A

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