Ministry of Finance announces Corporate Tax Law exemption for entities contributing to the public and community benefit.
Ministry of Finance announces Corporate Tax Law exemption for entities contributing to the public and community benefit. Qualifying public benefit entities are established for the welfare of the public and society, focusing on activities which contribute to the fabric of the UAE. This implementing decision is designed to reflect these entities’ important role in the […]
What happens when companies do not have Exit Certificates?
What happens when companies do not have Exit Certificates? An Exit Certificate for Goods is an official document issued by UAE ports to confirm that all goods being exported have met all the necessary requirements and standards for departure. It is also known as a Customs Exit Certificate or a Shipment Release Certificate, and it […]
Liquidation Procedure in The UAE
Liquidation Procedure in The UAE The method through which a business is shut down is called Company Liquidation. All partners receive equal shares of the company’s assets and property. Articles 306 – 326 of Federal Law No. 2 of 2015, which outlines the steps and processes for dissolving an LLC firm, provides that a corporation […]
What is the Process of Obtaining an Exit Certificate?
What is the Process of Obtaining an Exit Certificate? The Exit Certificate serves as proof that the shipment has fulfilled all the legal and administrative requirements and has complied with all the rules and regulations of the port authorities. It confirms that the goods have been inspected, cleared for export, and that all relevant taxes, […]
FTA Tax Audit – Rights of An Audited Person
FTA Tax Audit – Rights of An Audited Person A tax audit conducted by the FTA in the UAE involves a thorough examination of a company’s financial data, accounting records, and VAT return filings to verify that the taxpayer has accurately assessed and reported their tax liability, complied with relevant laws and regulations, and fulfilled […]
How to use Emara Tax for claiming Direct VAT Refunds?
How to use Emara Tax for claiming Direct VAT Refunds? When the amount of the input tax exceeds the output tax on VAT Return, taxable persons in the UAE can seek a VAT refund. In the UAE, you can request a VAT refund using the VAT 311 form, which is available on the Federal Tax […]
Why is a Tax Audit done by The FTA?
Why is a Tax Audit done by The FTA? FTA audits are performed in the UAE to ensure that firms are following tax rules and regulations, such as VAT (Value Added Tax) and Excise Tax. These audits might be performed at random or when the FTA detects noncompliance or fraudulent activities. The authority will check […]
The Value Added Tax (“VAT”) guide on Input Tax Apportionment
The Value Added Tax (“VAT”) guide on Input Tax Apportionment issued on 24th March 2023 The UAE Federal Tax Authorities (FTA) have published a new Value Added Tax (VAT) guide on Input Tax Apportionment in March 2023, in line with the UAE Federal Decree-Law No. 8 of 2017 on VAT and its amendments, as well […]
Small Business Relief
Ministry of Finance issues decision on Small Business relief for Corporate Tax purposes Ministerial Decision No. 73 of 2023 has been issued by the Ministry of Finance for Small Business Relief under the Corporate Tax Law. The decision allows taxable persons whose revenue does not exceed a certain threshold to be treated as not having […]
Going Through a Tax Audit by the FTA in the UAE
Going Through a Tax Audit by the FTA in the UAE A tax audit by the FTA in the UAE is an in-depth review of a business’ financial information, accounting records and VAT return filings maintained by the taxpayer, ensuring that the taxpayer has correctly assessed and reported their tax liability, complying with relevant laws […]
