Accounting Income: The accounting net profit or loss for the relevant Tax Period as per the Financial Statements prepared in accordance with the provisions of Article 20 of the Corporate Tax Law.
Accounting Standards: The accounting standards specified in Ministerial No. 114 of 2023.
Accrual Basis of Accounting: An accounting method under which the Taxable Person recognizes income when earned and expenditure when incurred.
Auditor: An independent Person licensed and registered by the competent authorities of the UAE, that is appointed and remunerated by a private pension fund or a private social security fund to audit its Financial Statements.
Business: Any activity conducted regularly, on an ongoing and independent basis by any Person and in any location, such as industrial, commercial, agricultural, vocational, professional, service or excavation activities or any other activity 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.
Cash Basis of Accounting: An accounting method under which the Taxable Person recognises income and expenditure when cash payments are received and paid.
Commercial Property: Immovable Property or part thereof:
a. used exclusively for a Business or Business Activity.
b. not used as a place of residence or accommodation including hotels, motels, bed and breakfast establishments, serviced apartments and the like.
Corporate Tax: The tax imposed by the Corporate Tax Law on juridical persons and Business income.
Corporate Tax Law: Federal Decree Law No. 47 of 2022 on the Taxation of Corporations and Businesses.
Corporate Tax Payable: Corporate Tax that has or will become due for payment to the FTA in respect of one or more Tax Periods.