Taxation

The United Arab Emirates will soon be introducing Corporate Tax, effective for financial years starting on or after 1 June 2023, applicable on the net profit of companies or other businesses in accordance with Federal Law No.47 of 2022 on Taxation of Corporations and Businesses. On 6th April 2023, Ministerial Decision No. 73 of 2023 […]

As per Article 3 of the Federal Decree Law No 47 on “Taxation of Corporations and Businesses”, in UAE for financial years beginning on or after 1st June 2023, the threshold of annual taxable income chargeable to corporate income tax at the rate of 0% for Taxable Person was to be specified separately by a Cabinet Decision. […]

Dubai Customs Notice No. 5 of 2022 (Notice) issued in June 2022, have come into effect from January 1, 2023 Following notice from Dubai Customs – Notice No. 5 of 2022 – items with a value above AED 300 are now subject to customs clearance and customs duties. All goods with value that does not […]

The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022. The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE […]

The UAE has issued Federal Decree-Law No. 18 of 2022 to amend a number of provisions of the Federal Decree-Law No. 8 of 2017 on Value Added Tax (the VAT Decree-Law). The amendments will take effect from 1 January 2023. The main changes to the VAT Law are summarized below: Article 1 – Definitions The […]

With the introduction of a corporate income tax. The UAE CT regime is expected to introduce TP rules and TP documentation requirements in line with the OECD TP Guidelines. What is Transfer Pricing? Transfer pricing refers to the prices of goods and services that are exchanged between companies under common control. For example, if a […]

Dubai Metaverse Strategy. How to Navigate Metaverse Economy. The metaverse could contribute $3 trillion (€2.8 trillion) to the global GDP within a decade if it evolves in the same way mobile technology has in terms of adoption and would lead to a 2.8 per cent contribution to global GDP by 2031 according to new research […]

EXTP007 -Excise Tax Public Clarification on deficient or missing goods within a Designated Zone and the process destruction of Excise Goods within a Designated Zone and requesting an Excise Tax relief EXECUTIVE SUMMARY On 21 June 2022, the United Arab Emirates (UAE) Federal Tax Authority (FTA) published a new Public Clarification EXTP007 (pdf) (Clarification) on […]

VAT Public Clarification VATP029 on Gold – Making charges The Federal Tax Authority (FTA) has issued a new VAT Public Clarification VATP029 on Gold – Making Charge (“VAT Public Clarification VATP029”, “Public Clarification”) providing guidance on the application of the UAE VAT legislation regarding the fee received for the crafting of a gold item by […]