Corporate Tax – Requirements for Transfer Pricing Documentation
Corporate Tax – Requirements for Transfer Pricing Documentation The Ministry of Finance has issued the Ministerial Decision No (97) of 2023 on the Requirements for Maintaining Transfer Pricing Documentation which aims to promote transparency and fairness in the UAE’s tax system. Federal Decree Law No (47) of 2023 on the Taxation of Corporations and Businesses […]
Federal Tax Authority opens Corporate Tax registration for Public Joint Stock Companies and Private Companies.
Federal Tax Authority opens Corporate Tax registration for Public Joint Stock Companies and Private Companies. The Federal Tax Authority (FTA) has launched registration for Corporate Tax through the EmaraTax digital tax services platform for Public Joint Stock Companies and Private Companies starting tomorrow, Monday, 15 May 2023, in line with Federal Decree-Law No. 47 of […]
In The UAE’s New Corporate Tax Law Regime – Who needs to be registered for Corporate Tax?
In The UAE’s New Corporate Tax Law RegimeWho needs to be registered for Corporate Tax? The United Arab Emirates (“UAE”) adopted Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (hence referred to as the “Corporate Tax Law”) on December 9, 2022. According to the legislation, non-residents will only be taxed […]
Corporate Tax in the UAE Update – April 2023
Corporate Tax in the UAE Update – April 2023 Who can claim Small Business Relief and what factors needs to be considered before opting the relief? As per Ministerial Decision No. 73 of 2023, the Taxable Person with a business revenue of up to AED 3,000,000 (three million dirhams) in the relevant Tax Period and […]
Mastering Bookkeeping: Best Practices for Small Business Owners in the UAE
Mastering Bookkeeping: Best Practices for Small Business Owners in the UAE To ensure the success of your company as a small business owner in the UAE, you must keep accurate financial records. Tracking business expenses, profits, and taxes requires the process of bookkeeping, which is the act of recording financial transactions. The ideal bookkeeping […]
Documents Required For Corporate Tax Registrations
Documents Required For Corporate Tax Registrations What is Corporate Tax? Corporate Tax is a form of direct tax levied on the net income of corporations and other businesses. It is sometimes also referred to as “Corporate Income Tax” or “Business Profits Tax” in other jurisdictions. Introduction On January 31, 2022, the United Arab Emirates […]
Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs.
Federal Tax Authority launches Muwafaq Package initiative to facilitate doing business among SMEs. The Federal Tax Authority (FTA) in the United Arab Emirates (UAE) has launched the Muwafaq Package, announced on 16th March 2023, the program designed to provide customized services, incentives, and privileges to SMEs, in order to encourage doing business and compliance with […]
Risk Exposure if your company receives an FTA Audit notification in the UAE
Risk Exposure if your company receives an FTA Audit notification in the UAE Risk exposure refers to the potential financial or non-financial impact that a particular risk could have on an individual, organization, or project. It is the measure of how much loss or harm an entity may suffer due to a specific risk event. […]
FTA Tax Audit & Know-how of A Tax Audit Procedure
FTA Tax Audit & Know-how of A Tax Audit Procedure Value added tax (VAT) is not a new phenomenon for companies in the UAE. However, the likelihood of a federal tax authority (FTA) tax audit is high. The provisions of the federal law on taxation have mandated the FTA with the legal right to perform […]
Renewal of the Designated Zone’s Registration
Renewal of the Designated Zone’s Registration Designated Zone Registration is a process whereby a business within a designated free zone (DFZ) applies for and obtains registration to operate within that zone. This process is necessary as it serves as evidence of the business’ legal status and compliance with the regulations of the DFZ. Warehouse keepers […]
