The new Guide contains general guidance on determination of taxable income and methods of its calculation with adjustments to be made at the following stages:
adjustments required to be made to the Accounting Income for determining the Taxable Income under corporate tax law,
adjustments required to be made to the Taxable Income for calculating the Corporate Tax payable under corporate tax law.
In addition, the new Guide covers case studies related the following concepts on the basis of the practical examples with excerpts from financial statements:
- deductible and non-deductible expenditure;
- interest expenditure;
- tax loss relief;
- interest expense and tax loss relief;
- transfer of tax loss and limitation on tax loss carried forward;
- cash basis of accounting;
- unrealised gains and losses, exempt income;
- foreign permanent establishment;
- non-resident person conducting business in the UAE through a permanent establishment.
The case studies presented in the Guide are only intended to provide general information and do not cover all possible situations that may occur in the application of the Corporate Ta...