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Annual audit closing of Firm, Net Profit showing in Trial Balance is AED28930. As per this case How many Amount we can transfer to Statutory Reserve,10% of the Actual Net profit or more. Please give an Answer
As per the companys' law no 2 of 2015 (UAE Company's' law), The limited liabilities companies is required to reserve 10% of the annual net income as a statutory reserve which is not subject to distribution or withdraw. The reserve can be ceased when reaches 50% of the capital of the company .
THE LAW OF UAE IS10 OF THE ACTUAL NET PROFIT TO STATUTORY RESERVE