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...
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 ...
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 Where a taxable person meets the criteria of ...
The new Ministerial Decision #261 of 2024 (“MD#261”) introduces additional UAE Corporate Tax (“CT”) related rules on Unincorporated Partnerships and Family Foundations. It provides much needed clarifications and revisions to earlier legislation. However, certain challenges potentially still remain, ...
Decide on elections that will likely be made in the tax return, where these could impact the tax accounting position, e.g.: Unrealised gains or losses: Understand the election options available and the impact this irrevocable election will have. Transitional Rules: Assess whether the relevant type...
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. ...
Additionally, the asset test for exemption solely applies to related parties. The amendments also clarify when foreign permanent establishments can benefit from an exemption and how tax losses from participations within or outside a tax group should be managed, as well as providing rules on ...
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 ...
At Tally Solutions, you will find the answers to your questions regarding the new corporate tax in the UAE. New rules can be confusing, especially tax ones, but you don’t have to worry when you have Tally Solutions. Know more about Corporate Tax ...