Corporate Tax Related Parties
Corporate Tax – Related Parties and Control in Business Relationships In the world of business, it’s essential to establish clear definitions and guidelines to navigate the complexities of relationships between individuals and entities. The term “Related Parties” plays a crucial role in determining these connections, while the concept of “Control” sheds light on the ability […]
Transfer Pricing Principles and Fundamentals
Transfer Pricing Principles and Fundamentals Overview This section aims to provide an understanding of Transfer Pricing, emphasizing the application of the Arm’s Length Principle in the UAE and specifying the individuals and transactions falling under its purview. What is Transfer Pricing? Transfer Pricing is primarily a tax concept with broader implications for accounting and […]
Corporate Tax Landscape in the UAE
Overview of the UAE’s Corporate Tax Landscape Introduction The United Arab Emirates (UAE) issued Federal Decree-Law No. (47) of 2022, known as the “Corporate Tax Law,” on 09 December 2022. This legislation establishes the framework for the implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE, applicable for financial years commencing on or […]
Corporate Tax – FS Audited 2023
Corporate Tax Checklist for Audited Financial Statements (Year 2023) It has been nearly two years since UAE announced in Jan 2022 that it will introduce corporate to in its taxations system which was followed by a decree law, and nearly other 50 different regulations, guides, and decisions from the Cabinet, Ministery of Finance, FTA. Since […]
Exempt Persons for Corporate Tax
Exempt Persons for Corporate Tax What is an Exempt Person? The Corporate Tax Law outlines exemptions for specific individuals or entities based on compelling public interest and policy justifications. These entities are referred to as “Exempt Persons.” The guide covers the following categories of Exempt Persons: Qualifying Public Benefit Entities listed in a Cabinet Decision […]
Annual Tax Updates 2023 GCC Region
Annual Tax Updates 2023 in GCC Region In 2023, significant tax updates and changes unfolded in the tax landscape across the GCC countries. The GCC region is known for its dynamic economic environment, with each country having its tax regulations and policies. Recognizing the importance of staying informed, here are the major tax updates announced […]
Extractive and Non-Extractive Natural Resource Business
Taxation of Extractive and Non-Extractive Natural Resource Businesses in the UAE Introduction Taxation is a crucial aspect of any business operation, and the extractive and non-extractive natural resource sectors are no exception. The Corporate Tax Law in the United Arab Emirates (UAE) provides a comprehensive guide for businesses engaged in these sectors, outlining the taxation […]
Corporate Tax – Foreign Source Income
Foreign Source Income in the UAE Corporate Tax Law Introduction Foreign source income plays a pivotal role in the Corporate Tax Law of the United Arab Emirates (UAE). As businesses and individuals engage in international transactions, it becomes imperative to define and comprehend the concept of foreign source income within the context of taxation. This […]
Accounting and Reporting Standards for Corporate Tax
Accounting and Reporting Standards for Corporate Tax Corporate Tax Guide | CTGACS1 The Corporate Tax Law stipulates that each Taxable Person must determine their Taxable Income based on standalone Financial Statements prepared in accordance with the accepted Accounting Standards in the UAE. Ministerial Decision No. 114 of 2023 specifies that the accepted Accounting Standards for […]
Free Zones – Latest Tax Landscape
Free Zones – Insights of the Latest Tax Landscape Cabinet Decision No. 100 and Ministerial Decision No. 265 for Free Zone Entities The Cabinet of Ministers has recently enacted Cabinet Decision No. 100 of 2023, effective from June 1, 2023, to determine Qualifying Income for Qualifying Free Zone Persons under Federal Decree-Law No. 47 of […]
