Taxation

UAE Corporate Tax update FTA publishes decision No 6 of 2023 on the Tax Deregistration Timeline for purposes of Corporate Tax. The Federal Tax Authority (FTA) of the United Arab Emirates (UAE) published FTA Decision No. 6 of 2023 (Decision) on the timelines for Tax Deregistration under the UAE CT…

UAE CORPORATE TAX UPDATE-FTA publishes decision No 5 of 2023 on the Conditions for Change in Tax Period. The FTA has issued  Federal Tax Authority Decision No. 5 of 2023 on the Conditions for Change in Tax Period. This Decision shall be published in the Official Gazette and shall come…

UAE CORPORATE TAX – QUALIFYING GROUP AND TAX GROUP Large businesses often conduct their operations through a group of companies, which has a parent company and a number of subsidiaries. By forming a corporate tax group in the UAE, businesses can also enjoy benefits such as better tax planning ,reduction…

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…

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…

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…

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…

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:…

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…