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An informative blog explaining the accounting standards used for computing taxable income under the UAE Corporate Tax regime. It highlights the application of International Financial Reporting Standards (IFRS), IFRS for SMEs, and the cash basis of accounting, as outlined in Ministerial Decision No. 114 of 2023. The blog also discusses the priority of UAE Corporate Tax Law over accounting standards, adjustments to taxable income, and the importance of compliance for businesses operating in the UAE.
Corporate Tax

Which Accounting Standard is Used for Computation of Taxable Income as per UAE Corporate Tax?

January 31, 2025 Comments Off on Which Accounting Standard is Used for Computation of Taxable Income as per UAE Corporate Tax?

Introduction Computation of taxable income is a fundamental process for businesses operating in the UAE. It is essential to understand how accounting standards guide this process, as they provide the foundation for preparing financial statements and determining taxable income. The UAE Corporate Tax regime, introduced under Federal Decree-Law No. 47 of 2022, emphasizes adherence to […]