Tax Losses under UAE Corporate Tax – Set off and carry forward Section 5 of the proposed UAE corporate tax outlines, the rules and regulations relating to the treatment of tax losses under the UAE corporate tax law. By their very nature, businesses go through different cycles of profit and losses, wherein they earn profits … Read more
What is Foreign Tax Credit ? Under the proposed law, UAE resident companies , will be subject to UAE CT on their global income. In certain cases, income derived by UAE business, from overseas operations may be liable to tax, both in the country where the business operations are carried out, and the UAE. In … Read more
Group Relief under UAE Corporate Tax Groups – Transfer of Assets & Liabilities Transfer of assets and liabilities between UAE resident companies that are at least 75% commonly owned – Transfer deemed at tax net book value The assets / liabilities transferred remain within the same group for aminimum of three years – ELSE in year … Read more
Group Transfer of Losses under UAE Corporate Tax Transfer of losses amongst Group Companies – Conditions Tax losses can be transferred to UAE group company who are at least 75% commonly owned – With conditions Tax losses cannot be transferred from : – Exempt companies ; Companies benefitting from 0% Free Zone CT regime. The tax … Read more
Introduction – Chapter 13 Calculation of UAE Corporate Tax Payable One of the key provisions of the UAE Corporate Tax Law is the one laid down for the calculation of Corporate Tax Payable. It is quintessential for every economy to create a framework for the correct determination of tax liability of various taxpayers in the … Read more
Introduction – Chapter 12 – Tax Group Provisions under the UAE Corporate Tax Law Due to liberalisation and globalisation of international trade, corporate entities have expanded their business beyond domestic boundaries. also called as Multinational enterprises or MNEs. They have established business houses and operations across foreign jurisdictions, creating complex frameworks for its business activities. … Read more
In order to have consistent flow of revenue from income taxation, many countries in the world have a concept of withholding tax, wherein, every time a payment is made which is taxable under the corporate tax law, the payor of such money is required to withhold some part of such payments, as tax, and deposit … Read more
Under the proposed, United Arab Emirates Corporate Tax Law, UAE Corporate Tax Rate shall be chargeable on Annual taxable income of a business . The rate at which tax shall be applied shall be as under : The United Arab Emirates corporate tax rate, shall be as under : – Tax percentage Income on which … Read more
UAE Corporate Tax – Taxation of Non Residents Introduction Non – Resident’s income will be subject to corporate tax in UAE, only if : – Income of Non – Resident which is sourced in the UAE. ; or Non – Resident have a Permanent establishment in UAE and the income is derived from such Permanent … Read more
Taxation of UAE Residents – Introduction In the UAE, taxation of UAE resident, shall depend on their tax status. Generally, the following person are treated as a UAE resident for income tax purpose – Taxation of UAE Resident : – Legal person incorporated in the UAE; Natural person, engaged in business in the UAE, directly … Read more