Introduction The United Arab Emirates (UAE) has been a popular destination for foreign investors and businesses for many years due to its strategic location, business-friendly policies, and tax-free environment. The UAE Corporate Tax Law has been introduced as a regime to ensure the sustainability of its economy. Registration for UAE Corporate Tax As per the … Read more
Introduction to UAE Transfer Pricing Documentation UAE MOF has come up with requirements regarding the maintenance of transfer pricing documentation requirements. What is Transfer Pricing under UAE Corporate Tax Law? The practice of determining prices for goods, services, or intellectual property that is transferred between two or more related parties, such as a parent company … Read more
Introduction Tax deregistration is the process by which a Taxable Person is deregistered from its registration with the Federal Tax Authority for corporate tax purposes. Further, this is typically done when a business ceases its operations. Then, the Taxable Person is no longer required to be registered for tax purposes. In the UAE, tax deregistration … Read more
Introduction Recently, the Ministry of Finance in the UAE introduced a new decision that requires certain Taxable Persons to maintain Audited Financial Statements. This article provides a deep analysis of these new regulations and their implications for businesses operating in the UAE. Categories of Persons required to prepare and maintain Audited Financial Statements The categories … Read more
Introduction The UAE Corporate Tax Law exempts a Qualifying Public Benefit Entity from Corporate Tax if it fulfills certain conditions. The Cabinet Decision has brought forth certain guidelines for Qualifying Entities. Which entities are Qualifying Public Benefit Entities? The Schedule annexed to the decision identifies the entities that are considered Qualifying Entities as per Article … Read more
Introduction Tax Registration is necessary under the UAE Corporate Tax Law for implications of corporate tax to be levied on entities. The Ministry of Finance, UAE has issued a decision underlining certain specific entities that do not have to register for Corporate Tax and are exempted. Exemption from Tax Registration under UAE Corporate Tax Law … Read more
Introduction to Small Business Relief under UAE Corporate Tax Article 21 of the UAE Corporate Tax Law provided that small businesses below a particular revenue would be exempt from UAE Corporate Tax. Vide Ministerial Decision No. 73 of 2023 on Small Business Relief for the Purposes of Federal Decree-Law No. 47 of 2022, the UAE … Read more
UAE Corporate Tax Law Procedures The UAE’s Federal Tax Authority (FTA) has released a comprehensive guide that outlines the UAE Corporate Tax Law Procedures which detail the tax administrative and enforcement procedures necessary for the effective implementation of the UAE Corporate Tax Law . As of March 1, 2023, the Decree Law on Tax Procedures … Read more
Introduction – Chapter 17 Tax Returns and Clarifications under UAE Corporate Tax law A Tax Return is filed by the Taxable Person for a particular Tax Period with respect to information of its Corporate Tax Liability and payment thereof. The Tax Return, also referred to as a UAE CT Return, is to be filed within … Read more
Introduction – Chapter 11- Transfer of Tax Loss under UAE Corporate Tax Law As a corporate entity that is engaged in Business Activities, operating in a dynamic economy can lead to business losses, i.e., the expenses incurred are more than the revenue earned. During that Tax Period, the Taxable Income will be negative after calculation. … Read more