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Corporate Tax in UAE

We help businesses in UAE meet their corporate tax compliance. We know a lot about business taxes, so we can help you understand the rules and follow them.

Our business tax advisers give you clear and up-to-date advice on business tax issues. Because we have a lot of experience and knowledge in this field, our clients trust us with their CT compliance needs. Your project will be done by people who know what they’re doing, which will make it easier for your business to pay its taxes.

We study your business, products and services, and business transactions in detail. We do company tax calculations based on what we know and make sure they follow the law. We can make sure that your business pays the right amount of taxes because we have worked with clients in many different industries and are focused on getting results.

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What is Corporate Tax & What to Expect from Corporate Tax in the UAE?

A recent government announcement revealed that a new corporate tax will be imposed beginning with the fiscal year that begins on June 1, 2023. The tax regime has been designed in accordance with global best practises, with the goal of reducing the compliance burden on businesses. Continue reading to learn what the end of the ‘no corporate tax policy’ means for businesses operating in the UAE.

The application of corporate tax in the UAE has been discussed in financial circles for some time, so the announcement came as no surprise. Authorities will begin taxing business and commercial activities on June 1, 2023. This tax will be levied on all profits made by the company and reported in its financial statements. Companies must produce the statement in accordance with internationally accepted accounting standards, with only minor exceptions or adjustments. The Federal Tax Authority (FTA) will oversee corporate tax payments.

What is the rate of corporate tax?

Profits will be taxed at a standard statutory rate of 9%. The tax rate on taxable profits up to AED 375,000, on the other hand, will be 0%. This action is intended to encourage small businesses and startups in the area. Slab rates have yet to be determined. This could change in the future. Having said that, the UAE corporate tax rate will begin as one of the most competitive in the world.

Will there be any exceptions?

The enterprises that deal in the extraction of natural resources might, in fact, avoid paying the tax. These types of companies will still be subject to taxation on an Emirate level. In addition, residents of the UAE will no longer be required to pay taxes on dividends and capital gains derived from eligible shareholdings. If a corporation produces profits outside the United Arab Emirates and pays taxes in that nation on those profits, the company will not be required to pay corporate tax on such profits in the United Arab Emirates since foreign taxes will be credited against the UAE corporate tax payable.

Will it be possible for many corporations to file as a single tax entity under certain circumstances?

The corporation tax code of the UAE will have loss utilisation regulations that are very lenient. This paves the way for companies based in the UAE to be able to file their taxes as a single entity. In the case of a loss and/or in regard to intragroup transactions, they have the ability to submit a relief claim on their own behalf as a group (units).

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