Ministerial Decision No.100 For The Year 2020 On The Issuance Of Directives For The Implementation Of The Provisions Of The Cabinet Decision No. 57 Of 2020 Concerning Economic Substance Requirements

The Minister of Finance: After perusal of: – The Constitution; – Federal Law No (1) of 1972 Concerning the Competencies of Ministries and the Powers of Ministers, as amended; – Federal Law No (18) of 1981 Concerning the Organization of Commercial Agencies, as amended; – Federal Law No (26) of 1981 Concerning the Maritime Law, …

IFRS 16 and COVID-19

Accounting for covid-19-related rent concessions applying IFRS 16 Leases We have been made aware of changes in lease payments that have occurred or are expected to occur, as a result of the COVID-19 pandemic. These changes include, for example, lessors providing rent ‘holidays’ to commercial lessees. IFRS 16 Leases contemplates that changes may occur in …

VAT Public Clarification – Schools and Nurseries

BUSINESS BULLETIN Education Sector (Schools and Nurseries) 1. Who should read this flyer? – Nurseries/ Pre-schools – Schools 2. Is VAT chargeable on all the supplies in the education sector? No. Certain supplies in this sector are zero-rated and some others are exempted a. Zero-rated supplies The supply of educational services is zero-rated, where both …