The United Arab Emirates (UAE) has introduced a corporate tax on net profits of businesses which is effective from June 1, 2023, and Free Zone entities can still enjoy some tax privileges under certain conditions. On the other hand, there has been a growing misconception among businesses that the Fr...
As the effective date of the UAE corporate tax, 1 June 2023, draws closer, the Cabinet, Ministry of Finance, and Federal Tax Authority have issued a series of decisions aimed at providing clarity on application of the provisions of the Corporate Tax Law ("CT Law"). ...
The Ministry of Finance of the UAE has recently announced exemptions for entities and non-resident persons from registration for corporate tax purposes, which will come into effect from June 1, 2023....
The Ministry of Finance of the UAE has recently issued Ministerial Decision on Small Business Relief (“SBR”) for UAE Corporate Tax purposes. Such relief is intended to support and encourage the small and medium-sized enterprises (“SME”) sector, including start-ups in the UAE. ...
The implementation of the new Corporate Tax (CT) in the UAE continues to progress with new milestones such as the commencement of the registration process and an official announcement of the amount of taxable income that will be subject to 0% tax rate. As our valued clients, we would like to provide...
Starting from 1 March 2023, new definition and criteria of the tax residence in the UAE have started to apply for the purposes of any UAE tax law or bilateral tax treaties/agreements on avoidance of double taxation. The new definition is aligned with internationally recognized standards and will fac...
On 9 December 2022, the Ministry of Finance of the UAE published the Law on Taxation of Corporation and Businesses (“CT Law”) which provides the legislative basis for implementing a Federal Corporate Tax (“CT”) in the UAE. It is expected that the introduction of CT in the UAE will cement its...
When a new business is established, it normally requires a certain time to generate earnings through sales of goods and rendering services. In the meantime, a business continues to incur expenses to rent an office, pay utility bills, purchase goods and services to run daily operations as well as exp...