Tax Alert! Bahrain to Introduce Domestic Minimum Top-up Tax for MNEs On September 1, 2024, the Kingdom of Bahrain introduced the domestic minimum top-up tax (DMTT) for large multinational enterprises (MNEs), by releasing the Decree Law (11) of 2024. Moreover,…
Introduction to Tax Groups The Corporate Tax Law has introduced Tax Groups as a framework allowing corporations to streamline their tax processes. This guide is designed to provide a straightforward overview of what Tax Groups are, their benefits, and how…
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…
The Ministry of Finance (MoF) issues the Tax Residency Certificate or Tax Domicile Certificate. In order to prevent double taxation, corporate individuals may register for a Tax Domicile Certificate in the UAE. In order to guarantee this, an agreement known…
The first consignment of jewellery sent by India to the UAE under the Comprehensive Economic Partnership (CEPA) was received by private sector gold business leaders on Tuesday. The first shipment of three packages contained approximately $1 million worth of precious…
The Federal Tax Authority (“FTA”) is the government entity responsible for the administration, collection, and enforcement of federal taxes in the United Arab Emirates (“UAE”). The following federal taxes apply in the UAE: As part of its mandate to enforce…
Financial statements are prepared in accordance with established guidelines. Understanding the objectives of financial reporting is helpful in understanding these guidelines. As discussed in the Financial Accounting Standards Board (FASB) Statement of Financial Accounting Concepts No. 1, the objectives of…
The United Arab Emirates will impose a 9% corporate tax beginning next year. The United Arab Emirates has become a popular destination for multinational corporations due to its tax-free status. It has, however, drawn international attention due to its lack…
For small business owners, the intricacy of taxation can be almost too much to bear at times. The complexity of employee taxes is the part that causes the most confusion. We shall attempt to debunk one of these fallacies in…
The Ministry of Finance (MOF) of the United Arab Emirates (UAE) has said that a federal company tax will be put in place all over the country. (dubbed the “UAE Corporate Tax”). For the purposes of this definition, a “Corporate…