Division of a PJSC:The UAE’s new Commercial Companies Law presents the concept of PJSC division. Such division can either be (a) horizontal, in which the same shareholders own directly the shares of the resulting company pro rata to their shareholding in the parent company) or (b) vertical...
Under the recent cabinet decision, these entities must meet the conditions under Article (9) of the Corporate Tax Law, continue to comply with all relevant federal and local laws and notify the Ministry of Finance of any changes that impact their status as a Qualifying Public Benefit Entity, t...
Penalties imposed on a taxable person for violation of provisions of UAE corporate tax law The Tax Procedures Law will determine the various penalties and fines that will be imposed on the taxpayer by the Authority. These penalties and fines will be imposed if any violations occur as per the ...
UAE announces new corporate tax rules to support companies' transition once law takes effect in June Posted byUAE Free Zones on May 27, 2023 Ministry of Finance issues a decision that applies to certain assets and liabilities held by businesses before the law's implementationLearn More... ...
Favourable tax regime The UAE imposes no tax on personal income, and its 9% standard rate is one of the lowest corporate tax rates in the world. 05 Liberal regime Free zones established in each emirate, some of them dedicated to specific sectors, can allow 100% foreign business ownership. ...
UAE Expected to Issue Draft Law on Corporate Tax and VATJennifer A. Lovesy
(LLCs), being taxed at the entity level rather than at the individual partner level. Partners in these partnerships typically receive profits that are not subject to corporate tax, as the partnership is considered a resident person in the UAE. The corporate tax law ...
laid the foundations of the said tax system that is now bringing good effects to the country. In addition, the Federal Tax Authority (FTA)’s role in this whole new era is explained in a detailed manner for people to know the new government department that handles the tax system in the ...
As a local law firm, we are well aware of UAE VAT Law, and we provide affordable and best possible solution for VAT implementation in UAE. Contact us for Consultation on VAT in UAE, Tax in Dubai and VAT Registration.VAT in UAE/ Tax in UAE ...
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...