Fresh-start accounting qualification and preparation. First, it is necessary to understand if the company qualifies for fresh-start accounting. In order to qualify, a company must first analyze if the ...

So, the opening balance of the asset used at the beginning of the first tax period should be Dh100,000 instead of Dh70,000, given in the books. Let's consider another example.

The UAE Ministry of Finance has issued Ministerial Decision No (120) of 2023 on Transitional Rules for Corporate Tax, providing guidelines for adjusting a taxable person's opening balance sheet under ...

The recently introduced UAE corporate tax law (the law) is carrying the transitional provisions and article 61(1) of the law requires that the opening balance sheet for corporate tax purposes of a ...

Opening balance-sheet rules relate to taxable person's assets, liabilities The latest Ministry of Finance guidelines apply to certain assets held by the taxable person. These need to reflect in ...