Taxation Archives - Page 3 of 4 - Ahmad Alagbari Chartered Accountant

11 May, 22

Administration of Corporate Tax- Under UAE Corporate Tax Law Consultation Document

𝐀𝐃𝐌𝐈𝐍𝐈𝐒𝐓𝐑𝐀𝐓𝐈𝐎𝐍 𝐎𝐅 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 | 𝐔𝐀𝐄 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 𝐋𝐀𝐖 | 𝐂𝐎𝐍𝐒𝐔𝐋𝐓𝐀𝐓𝐈𝐎𝐍 𝐃𝐎𝐂𝐔𝐌𝐄𝐍𝐓 On 31 January 2022, the UAE Ministry of Finance announced the introduction of Federal Corporate Tax (CT) in UAE w.e.f. 1 June 2023. While the UAE Federal Tax Authority (FTA) is finalizing the UAE CT regime, on 28 April 2022, it issued a […]

10 May, 22

Tax Group Key Features- Under UAE Corporate Tax Law Consultation Document

𝐓𝐀𝐗 𝐆𝐑𝐎𝐔𝐏 𝐊𝐄𝐘 𝐅𝐄𝐀𝐓𝐔𝐑𝐄𝐒 𝐔𝐀𝐄 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 𝐋𝐀𝐖 𝐂𝐎𝐍𝐒𝐔𝐋𝐓𝐀𝐓𝐈𝐎𝐍 𝐃𝐎𝐂𝐔𝐌𝐄𝐍𝐓 On 31 January 2022, the UAE Ministry of Finance announced the introduction of Federal Corporate Tax (CT) in UAE w.e.f. 1 June 2023. While the UAE Federal Tax Authority (FTA) is finalizing the UAE CT regime, on 28 April 2022, it issued a public consultation […]

06 May, 22

Calculation of Taxable Income and Exemption under UAE Corporate Tax Law Consultation Document

𝐔𝐀𝐄 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 𝐋𝐀𝐖 𝐂𝐎𝐍𝐒𝐔𝐋𝐓𝐀𝐓𝐈𝐎𝐍 𝐃𝐎𝐂𝐔𝐌𝐄𝐍𝐓 𝐊𝐄𝐘 𝐅𝐄𝐀𝐓𝐔𝐑𝐄𝐒 Calculation of Taxable Income Exemptions On 31 January 2022, the UAE Ministry of Finance announced the introduction of Federal Corporate Tax (CT) in UAE w.e.f. 1 June 2023. While the UAE Federal Tax Authority (FTA) is finalizing the UAE CT regime, on 28 April 2022, it issued […]

05 May, 22

PROPOSED UAE CORPORATE TAX LAW FREE ZONE COMPANIES

𝐔𝐀𝐄 𝐂𝐎𝐑𝐏𝐎𝐑𝐀𝐓𝐄 𝐓𝐀𝐗 𝐋𝐀𝐖𝐅𝐑𝐄𝐄 𝐙𝐎𝐍𝐄 𝐂𝐎𝐌𝐏𝐀𝐍𝐈𝐄𝐒𝐂𝐎𝐍𝐒𝐔𝐋𝐓𝐀𝐓𝐈𝐎𝐍 𝐃𝐎𝐂𝐔𝐌𝐄𝐍𝐓 UAE Ministry of Finance has released a public consultation document on UAE Corporate Tax (UAE CT) to seek views on its features and implementation. What is the purpose of a public consultation?The document contains information on the proposed Corporate Tax (‘CT’) regime and is released for the purposes […]

29 Apr, 22

Tourist VAT Refund Scheme- Guide for UAE Retailers

VAT refund scheme in UAE makes it possible for eligible tourists to receive a portion of VAT as a refund for products bought at registered stores. VAT amount can be claimed from an electronic system, at designated spaces, without any human interference. Once tourists submit the required documents, the digital system decides whether the taxes are […]

27 Apr, 22

UAE TAX FREE SHOPPING-HOW TOURIST CAN CLAIM VAT REFUND

WHAT IS TAX FREE SHOPPING? Tax Free shopping is the purchasing of certain taxable goods in the UAE which will be exported (subject to terms and conditions) whereby shoppers can obtain a refund of the VAT charged on these goods, providing that they validate their purchases at the point of exit. Tourist will refund 85% […]

25 Apr, 22

VAT Refund for Foreign Businesses IN UAE

Foreign businesses / business visitors should check if they are eligible to make a claim for fund of VAT paid on the goods purchased or services purchased in/ from UAE. FTA has provided the guidance on how to apply for such business visitors VAT refund through ‘VAT Refund Scheme for Foreign Businesses’ by submitting the […]

26 Mar, 22

CORPORATE TAX IN UAE- GUIDE EXEMPT INCOME , TAXABLE INCOME AND ITS CALCULATION

CORPORATE TAX IN THE UAE The Ministry of Finance (MoF) defines corporate tax as a type of direct tax levied on the net profit of corporations or other entities from their business. A competitive corporate tax regime based on international best practices is likely to consolidate the UAE’s position as a leading global hub for […]

25 Mar, 22

CT IN UAE- TREATMENT OF TAX GROUPS, CARRIED FORWARD LOSSES, TRANSFER PRICING, AND WITHHOLDING TAXES

The UAE CT regime will become effective for fiscal years starting on or after 1 June 2023 and is expected to be a federal level corporate taxation. Thus, all UAE businesses, corporations and entities engaged in and licensed to undertaken commercial activities shall be subject to the UAE CT. Businesses engaged in the extraction of […]

24 Mar, 22

CT IN UAE- TREATMENT OF FREE ZONE COMPANIES, INTERNATIONAL ASPECTS, FREELANCERS AND OIL AND GAS INDUSTRIES

The 9% CT rate, which is one of the lowest CT rates globally, was most likely selected to maintain the UAE’s attractiveness for foreign investment. The CIT regime has been implemented by the UAE in view of achieving the following objectives: Cementing the UAE’s position as a world-leading hub for business and investment Meeting international […]

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