Corporate Tax Exemption Rules & Regulations The following “Tax Persons” in the UAE are exempt from Corporate Tax as per the FTA guidelines: A Government Entity A Government Controlled Entity A Person who owns an extractive business in the UAE, that meets the conditions of Article 7 of this ...
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...
The rules and procedures stipulated in Regulation No. (2) of 1996 shall be applied for tax periods that began before the provisions of this Law came into effect. Any other transitional rules may be determined by the General Director of DOF. ...
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...
If a business meets the criteria for small business relief, it will not have to pay any corporate tax on its profits. It will also be subject to reduced compliance requirements such as simplified transfer pricing rules. Qualifying Free Zone Persons ...
An individual is referred to as a natural person in the UAE corporate tax regime. Individuals engaged in business activity are subject to the corporate tax as per the UAE rules based on the Cabinet Decision. Individuals who don’t fall into this category are not subject to the corporate tax...
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 positions which will underpin the financial...
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 law such as non-compliance with the rules and regulations of the UAE corporate tax law. ...
UAE issues 2 new decisions on corporate tax regime in free zones Posted byUAE Free Zones on June1, 2023 The resolution includes determining the eligible income as well as excluded, qualifying activitiesLearn More... UAE announces new corporate tax rules to support companies' transition once law ...
Qualifying activities for corporate tax incentives in UAE free zones The FTA has specified several activities that qualify for the tax exemption: High seas sales and export sales billed domestically. Cryptocurrency investments, considered under qualifying income rules. Commodity trading, including oil and...