Chapter 1: General Definitions under the UAE Corporate Tax Law As per Article 1 of Chapter 1 of the UAE Corporate Tax Law provides the definitions of terms used in it so as to aid in its better understanding and effective implementation and application of its provisions. Some of these are: [demo id=41] Term Definitions … Read more
Introduction – Chapter 2 – Imposition of UAE Corporate Tax and Applicable Tax Rates One of the most important provisions in the UAE Corporate Tax Law is the rate of Corporate Tax to be levied on Taxable Persons and its respective applicability on various entities operating in the UAE. According to the UAE Corporate Tax … Read more
Introduction – Chapter 4 Taxable Person and Corporate Tax Base under UAE’s Corporate Tax Law The quintessence of a taxation regime is to determine its applicability. It is important to determine who is a Taxable Person under the UAE Corporate Tax Law because Corporate Tax is to be paid by a person recognised as a … Read more
Introduction – Chapter 5 – Free Zone Persons under the UAE Corporate Tax Law Free Zones, referred to as Free Trade Zones, are created to facilitate single-window- administration for the convenience of foreign investors while promoting global trade. Free Zones in the UAE are either associated with ports or are industry specific. The UAE has … Read more
Introduction – Deductions under UAE Corporate Tax Law A Taxable Person, under the recently announced UAE Corporate Tax Law, has been provided with certain tax deductions from their Taxable Income that are incurred by the Person during the relevant Tax Period. But what is a tax deduction? As per the UAE CT Law, it refers … Read more
Introduction – Chapter 18 Violations and Penalties under the UAE Corporate Tax Law Article 60 of the UAE Corporate Tax Law provides for the assessment of Corporate Tax. Assessment of tax refers to the reviewing and evaluation of information filed in the Tax Return by the Taxable Person. This is done to ensure that the … Read more
Introduction – Closing Provisions under UAE Corporate Tax The closing provisions details the supplementary part of a legislation and addresses the miscellaneous aspects of a legislation such as publication of the Act, administrative policies, delegation of powers and so on.[Text Wrapping Break] Article 62: Delegation of Powers under UAE Corporate Tax Law Delegation of powers … Read more
Introduction Transitional Rules provide guidance for transitioning from the existing legal system to the new legal framework subject to any conditions and adjustments as may be prescribed by the Minister. The Transitional Rules set here enlist the provisions that are required to be implemented to transition smoothly from the pre-UAE Corporate Tax Law system to … Read more
Reliefs under UAE’s Corporate Tax Law – Introduction There are certain reliefs provided to Taxable Persons under the UAE Corporate Tax Law for the transfer of assets and liabilities between a Qualifying Group and for the transfer of shares and an ownership interest in case of Business Restructuring. After fulfilling the requisite conditions to meet … Read more
Introduction In a business environment marked by an increase in cross-border transactions, Anti-Abuse provisions are the standard mechanism used by various countries to prevent “abuse of tax regulations” by Taxable Persons. Anti-Abuse Rules also called “AAR”, measure a transaction entered into by a Taxable Person on the pedestal as to whether such a transaction can … Read more