Excise Tax Scope, Calculation and Obligations
Excise Tax Scope, Calculation and Obligations Implementation and Extent of Taxation This Decree-Law’s provisions are applicable to Excise Goods as outlined by a Cabinet Decision proposed by the Minister. Taxation shall be levied on the following activities concerning Excise Goods: The production of Excise Goods within the State when such production is part of a […]
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 […]
Refund of VAT Paid on Services Provided in Exhibitions and Conferences
Refund of VAT Paid on Services Provided in Exhibitions and Conferences Cabinet Decision No. (26) of 2018 In a move to facilitate the smooth provision of Exhibition and Conference Services, the tax authority has laid out a clear framework for the refund of tax to suppliers. This article sheds light on the essential conditions and […]
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 […]
Criteria for Determining Pieces and Parts of Electronic Devices
Criteria for Determining Pieces and Parts of Electronic Devices Introduction In a rapidly evolving technological landscape, the determination of components and accessories related to electronic devices is crucial for regulatory clarity and consumer understanding. Ministerial Decision No. 262 of 2023 establishes comprehensive criteria for identifying these integral components, shedding light on what constitutes essential elements […]
Registration for Excise Tax
Registration for Excise Tax Understanding the amendment on Executive Regulation of Federal Decree-Law No. 7 of 2017 on Excise Tax: Cabinet Decision No. 108 of 2023 In a move to refine the implementation of the Federal Decree-Law No. 7 of 2017 on Excise Tax, the United Arab Emirates (UAE) has introduced a significant Cabinet Decision. […]
VAT Refunds for Mosque Construction Expenses
Refund of VAT Paid on Services Provided in Exhibitions and Conferences Introduction Constructing a mosque involves various expenses, and individuals or construction companies undertaking such projects may be eligible for a refund of the Value Added Tax (VAT) incurred during the construction process. This guide outlines the process, eligibility criteria, and necessary documentation for obtaining […]