Corporate Tax (CT) shall be applicable on Businesses and Taxable persons in UAE from financial years starting on or after 1st June 2023. Hence the Effective Date on which Corporate Tax will become applicable will be different from business/taxable person to business, based on their specific finan...
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 ...
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...
It will be effective for financial years commencing on or after 1 June 2023, so time is short for companies with a presence in the country to understand the new rules and prepare for reporting requirements. The standard corporate tax rate will be 9%, meaning it remains competitive versus the...
The United Arab Emirates (UAE) Ministry of Finance has announced a new tax regime to keep up with the growth of the UAE’s economy and make it more transparent. This new regime, Corporate Tax (CT), will be effective from June 1, 2023. All taxpayers must register for UAE CT and obtain...
The UAE Corporate Tax regime will become effective for financial years starting on or after 1 June 2023. For e.g., businesses having FY starting from 1 July 2023 & ending on 30 June 2024 will become subject to the Corporate Tax from 1 July 2023. And businesses having FY starting on 1 ...
Effective Deregistration Date: Deregistration is effective from the last day of the tax period during which the conditions for deregistration were met or an alternative date as determined by the Authority. Deregistration Preconditions: Registrants must settle all outstanding tax amounts and administrative...
TAX CONSULTANTS AND BOOKKEEPERS Over the last few years, UAE has seen the introduction and the implementation of Excise on certain goods and VAT on businesses who generate revenues above certain registration thresholds. In addition, Corporate Tax has been introduced and it becameeffective for financia...
Understanding and preparing for the tax and duty implications of sending packages internationally is equally important. For shipments entering the UAE, a standard duty of 5% of the CIF value is generally applicable, with notable exceptions for alcohol and cigarettes, which incur duties of 50% and ...
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