With the Federal Decree-Law no. 47 of 2022 on the Taxation of Corporations and Businesses (the CT Law) effective and enacted for reporting purposes, it is critical to understand how this will impact the financials for interim and year-end reporting.
According to the requirements of IAS12 (Accounting for Income Taxes), businesses are required to assess current and deferred taxes on reporting date. This will include incorporating appropriate disclosures in the financial statements to provide stakeholders with material and relevant insights on the (future) tax impacts.
In light of the latest developments in terms of Cabinet and Ministerial decisions and the upcoming FY23 Q2 reporting, our Tax experts conducted a 30-minute webinar on Monday, 19 June 2023, at 11:00 am (UAE time), where they discussed the key tax accounting implications businesses could face during their interim and year-end reporting for FY23 due to the enactment of the CT law.
Speaker
Robert Bird
Senior Manager | International and M&A Tax
