Ministerial Decision No. 265 of 2023: Updated List of Qualifying and Excluded Activities for Free Zone Corporate Tax Regime (Effective from 1 June 2023) Date of Issue: 27 October 2023 Effective Date: 1 June 2023 The UAE Ministry of Finance…
Cabinet Decision No. 100 of 2023: Clarification on Determining Qualifying Income for Free Zone Entities (Effective from 1 June 2023) Date of Issue: 25 October 2023 Effective Date: 1 June 2023 The UAE Cabinet has issued Cabinet Decision No. 100…
Overview Federal Decree-Law No. 47 of 2022 on Corporations and Businesses (“Corporate Tax Law”) was issued on 3 October 2022 and published on 10 October 2022 in Issue #737 of the Official Gazette of the United Arab Emirates (“UAE”). The…
Cabinet Decision No. 75 of 2023 and Amendments: Administrative Penalties for Corporate Tax Violations (Effective from 1 August 2023, Updated 1 March 2024) Date of Issue: 10 July 2023 (Amended on 22 February 2024) Effective Date: 1 August 2023 (Amendments…
While COVID-19 may have slowed down certain activities, as well as inadvertent breakdowns in financial reporting matters. Consequently, global regulators and watchdogs have issued reports and standards to address these concerns. In this edition of the Audit & Accounting Alert,…
Amount of Annual Income Subject to Corporate Tax-CD-116 of 2022 0% CT rate Taxable Person Income not exceeding (375,000) shall be subject to Corporate Tax at the rate of (0%) zero percent in the Tax Period irrespective of whether the…
Caculating Corporate Tax liability Corporate Tax Reliefs Transfer of Tax Loss–(Article 38) Tax loss can be offset against taxable income of another person if: Tax Return To complete a tax return for CT folloing information will be included: a) The…
Tax Base –(Article 12) State Sourced Income–(Article 13) Permanent Establishment–(Article 14) Fixed or Permanent Place–(Article 14) Fixed or Permanent Place–Exceptions (Article 14) A fixed place or permanent place is not operated by the non-resident person, or its related party or…
Taxable Income–(Article 20) Taxable Income– Financial Statements (Article 20) Taxable Person that prepares financial statements on an accrual basis may elect to take into account gains and losses on a realization basis in relation to: Exempt Income–(Article 22) Participation Exemption…
Related Parties–(Article 35) Transactions between Related Parties–(Article 34) Arm’s length ruleThe arm’s length result of a transaction or arrangement between Related Parties must be determined by applying one or a combination of the following transfer pricing methods:a. The comparable uncontrolled…
