#Corporate Tax
The new regulation clarifies when non-resident investors in QIFs and REITs are subject to corporate tax under the country’s tax law
The first possible tax period for individuals conducting business or business activities is the calendar year 2024
New tax regimes in the GCC nations will unleash a new era of growth and economic resilience for the region
Taxable persons incorporated on or after June 1, 2023, with tax periods ending on or before February 29, 2024, now have until December 31 to fulfill their corporate tax obligations
The government urged eligible businesses to register with the National Bureau for Revenue before the deadline
The FTA said fines would begin to apply to those who do not comply with the requirements to submit Corporate Tax registration applications before the specified deadlines
Businesses operating in UAE free zones must review the FTA’s latest guidelines to ensure compliance and take advantage of the 0 per cent corporate tax rate on qualifying income
New corporate tax deadlines for businesses to start in May. Here’s what you need to know
Failure to comply with the tax deadlines could result in hefty fines
The new tax regime clarifies that the headline 9 per cent corporate tax will be creditable against the emirate-level tax on foreign banks
Foreign banks that violate the law face a stiff penalty of not more than Dhs500,000
The evaluation of the UAE’s Free Zone Corporate Tax regime was part of the OECD’s comprehensive review of taxation regimes worldwide
Dealmakers and their advisers are including insurance on their agenda just as much as the traditional corporate risk manager
The company will provide SMEs with free corporate tax registration, free accounting services, and compliance guarantee
Under Cabinet Decision No (75) of 2023, penalties will be imposed on taxable persons who do not comply with the UAE corporate tax law effective from August 1
The new feature forms part of the steps the FTA has taken to ensure a smooth implementation of the corporate tax law
The government said qualifying entities in the country’s economic free zones will be subject to a 0 per cent rate
The new decisions will help determine taxable income in addition to providing tax relief for intra-group transfer of assets or liabilities between members of the same qualifying group
The decision further clarifies the conditions under which UAE resident entities that are 95 per cent or more commonly owned can form or join a tax group and be treated as a single entity
Businesses must assess their finance technology stack to check if the tools can effectively manage the new processes required and if the systems in place integrate efficiently to allow for seamless automation
The decision applies to immovable property, intangible assets, financial assets and financial liabilities held by businesses before the corporate tax law comes into effect on June 1
According to the ministry, the three new decisions aim to enhance the flexibility of UAE’s corporate tax regime and ensure a supportive business environment for all sectors
Buyers will need to evaluate the tax status of the target company or target assets and consider whether any restructuring is required to optimise tax efficiency
Here’s how to ensure your SME is set to deal with the advent of UAE’s corporate tax from June
The decision aims to clarify the application of the corporate tax regime for individuals and ensures that only business income is taxed
The authority explained that early corporate tax registration will allow enough time for companies and businesses to comply with their legal obligations
Organisations that qualify for the exemption include entities that focus on activities such as philanthropy, community services and corporate social responsibility
The Ministry of Finance said government entities, government-controlled entities as well as extractive businesses are exempted from corporate tax
The tax relief seeks to support startups and other small businesses by reducing their corporate tax burden and compliance costs
The evolving landscape will require chartered accountants to steer the ship, bring clarity to the process and ensure compliance with regulations and policies