August 2026
Acceptable Financial Accounting Standard: means IFRS and the generally accepted accounting principles of Australia, Brazil, Canada, Member States of the European Union, Member States of the European Economic Area, Hong Kong (China), Japan, Mexico, New Zealand, the People’s Republic of China, the Republic of India, the Republic of Korea, Russia, Singapore, Switzerland, the United Kingdom, and the United States of America.
Administrative Penalty: Monetary amounts imposed upon the Person by the FTA for breaching the provisions of the Tax Procedures Law, the Corporate Tax Law or decisions issued by the Cabinet for execution thereof.
AED: The United Arab Emirates dirham.
Authorised Financial Accounting Standard: in respect of any Entity, means a set of generally acceptable accounting principles permitted by an Authorised Accounting Body in the Jurisdiction where that Entity is located.
BEPS Inclusive Framework: OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting.
Business: Any activity conducted regularly, on an ongoing and independent basis by any Person and in any location, such as industrial, comm...