Corporate Tax Guide | CTGTGR1 | January 2024
Accounting Standards: The accounting standards specified in Ministerial Decision No. 114 of 2023.
Accrual Basis of Accounting: An accounting method under which the Taxable Person recognises income when earned and expenditure when incurred.
Administrative Penalties: Amounts imposed and collected under the Corporate Tax Law or the Tax Procedures Law.
Bank: A Person licensed in the UAE as a bank or finance institution or an equivalent licensed activity that allows the taking of deposits and the granting of credits as defined in the applicable legislation of the UAE.
Business: Any activity conducted regularly, on an ongoing and independent basis by any Person and in any location, such as industrial, commercial, agricultural, professional, vocational, service or excavation activities or anything related to the use of tangible or intangible properties.
Business Activity: Any transaction or activity, or series of transactions or series of activities conducted by a Person in the course of its Business.
Business Restructuring Relief: A relief from Corporate Tax for business restruc...