The UAE Federal Tax Authority (FTA) has issued Corporate Tax Public Clarification - CTP011, which clarifies the disclosure requirements and key considerations associated with downward adjustments made by a taxable person in the tax return. The issue and summary are as follows. See the full public clarification for a detailed analysis.
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Issue
In accordance with Article 34(1) of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Business and its amendments ("Corpo…