On March 7, Law No. (1) of 2024 (“Law”) on taxation of foreign banks operating in Dubai was issued by the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum. This decision is effective from the date of its publication in the official...
TheUAE’s Ministry of Financeissued on Thursday a Ministerial Decision stipulating new rules for small businesses’ corporate tax. The Small Business Relief decision addresses the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, (The Corporate Tax Law). The recent...
As the first financial year following the introduction of the Corporate Tax Law (“CT Law”) comes to a close for many businesses in the United Arab Emirates, it is important to ensure taxpayers meet statutory deadlines and understand the key technical p
The UAE’s decision to exempt investment funds from its new corporate tax regime will be welcomed by businesses, but important questions over its implementation remain unanswered, according to one legal expert. It comes after the government unveiled Federal Decree-Law No. 47 of 2022 (56 pages ...
The United Arab Emirates (UAE) Federal Tax Authority is introducing the corporate income tax law (UAE Federal Decree-Law No 47 of 2022 – Taxation of Corporations and Businesses) in 2023. It will have a significant impact on businesses operating within the country. This new law will bring the...
Who is exempted from the corporate tax? A qualifying free zone entity which fulfils all conditions specified in the Executive Regulations of the UAE Corporate Tax Law will be exempt. Natural resource extraction activities are also exempted; however, they’re subject to existing emirate-level taxatio...
Penalty may include jail time and/or a fine up to a certain multiple of the unpaid tax amount. In some instances, it can be both, depending on the violation. Know more about Corporate Tax Corporate Tax Law UAE How is Corporate Tax in UAE Calculated ...
Understand the corporate tax using law and supporting information available on the Ministry of Finance and the Federal Tax Authority websites Assess the corporate obligation for your business, such as: Whether your business needs to register for UAE corporate tax ...
The UAE issued the Corporate Tax Law on 9 December 2022, which provided the legislative basis for the introduction and implementation of a federal corporate tax effective for financial years starting on or after 1 June 2023. In a nutshell, unless exempted,taxable business income above AED375,000...
UAE has issued a Federal Decree-Law on Taxation of Corporations and Businesses, under which they will become subject to UAE Corporate Tax from the beginning of their first financial year that starts on or after 1 June 2023. The UAE’s Corporate Tax regime will levy a standard rate...