Overview of key thresholds under the UAE corporate tax law
The UAE corporate tax law shall apply to tax periods commencing on or after 1st June 2023. While the regulations have already come into effect, for many businesses the first tax period would commence on 1st January 2024. While most businesses would have done the evaluation of the impact on their businesses, it would be […]
EXCISE TAX – UAE
The UAE Excise Tax is an indirect tax implemented by the United Arab Emirates to discourage the consumption of harmful goods and to promote public health. It was introduced on October 1, 2017, and is applicable to certain goods considered harmful to health and the environment. Cabinet Decision No. 37 of 2017 serves as a […]
BEST STRATEGIES FOR INTEGRATING CORPORATE TAX ADVISORY SERVICES INTO YOUR BUSINESS PLAN
Integrating corporate tax advisory services into your business plan can enhance financial efficiency and compliance, leading to better profitability and risk management. Here are some effective strategies for accomplishing this: 1. Conduct a Needs Assessment Evaluate the specific tax needs of your business and identify areas where advisory services can add value, such as compliance, risk […]
WHAT ARE THE COMMON CHALLENGES FACED IN CORPORATE TAX COMPLIANCE AND HOW TO OVERCOME THEM
Corporate tax compliance in the UAE can present several challenges for businesses, particularly in light of the introduction of a federal corporate tax regime that began on June 1, 2023. Here are some common challenges and potential strategies to overcome them: Common Challenges Understanding the Regulations: The UAE’s tax laws can be complex and subject […]
THINGS YOU NEED TO KNOW ABOUT CORPORATE TAX ADVISORY SERVICES
The introduction of corporate tax in the UAE marks a significant shift in the business landscape, resulting in increased demand for corporate tax advisory services. Below is an overview of what those services typically include and some considerations for businesses operating in the UAE: Overview of UAE Corporate Tax Tax Rate: As of June 1, […]
WHY BUSINESSES NEED PROFESSIONAL CORPORATE TAX CONSULTANTS?
Businesses need professional corporate tax consultants for several reasons: Expertise in Tax Laws: Tax regulations are complex and frequently change. Professional consultants are well-versed in current tax laws and ensure that businesses comply with all regulations to avoid legal issues. Maximizing Tax Deductions and Credits: Tax consultants help identify potential deductions and credits that businesses […]
PROS AND CONS OF FORMING A CORPORATE TAX GROUP
Federal Decree Law No. 47 of 2022 related to taxation of Corporations and Businesses (CT law) defines a Tax Group as two or more Taxable Persons treated as a single Taxable Person according to the conditions of Article 40 of the CT law. There are multiple advantages of forming a Tax Group, such […]
Transfer pricing (TP) services.
Transfer pricing (TP) services in the UAE have become increasingly significant following the country’s adoption of the OECD’s Base Erosion and Profit Shifting (BEPS) Action Plan, particularly Action 13 which relates to transfer pricing documentation and reporting. Here’s an overview of what TP services typically include and the regulatory context within the UAE: Regulatory Context […]
Permanent Establishment (PE)
The concept of Permanent Establishment (PE) in the UAE has gained prominence with the introduction of the UAE Corporate Tax Law and its alignment with international tax standards. Understanding PE is crucial for businesses operating in the UAE to ensure compliance and avoid unintended tax liabilities. Definition of Permanent Establishment A Permanent Establishment typically refers […]
CORPORATE TAX CLARIFICATIONS ON UAE FREE ZONES
FTA has released the long-awaited Corporate Tax in UAE guide on Free Zones. We are highlighting below some key points from the guide. The guide is available in the FTA website. Free Zone Persons: Qualifying Income: Substance Requirements: Generally, to assess substance, the Free Zone Person should: • Identify the core income-generating activities related to […]