ITC Accounting and Tax Consultancy

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 (“UAE”) announced the introduction of Corporate Tax via a press release and frequently asked questions (“FAQs”) published on the Ministry of Finance (“MoF”) website.  This was followed by the release of a Public Consultation Document (“PCD”) by the MoF on April 28, 2022. The PCD highlighted the basic framework of Corporate Tax in the UAE and invited comments from various stakeholders.

Thereafter, The Federal Decree-Law No. (47) of 2022 on the Taxation of Corporations and Businesses (hereinafter referred to as the “Corporate Tax Law”) was issued by the United Arab Emirates (“UAE”), on 09 December 2022.

The Corporate Tax Law provides the legislative basis for the introduction and implementation of a Federal Corporate Tax (“Corporate Tax”) in the UAE and is effective for financial years starting on or after 1 June 2023.

The introduction of Corporate Tax is intended to help the UAE achieve its strategic objectives and accelerate its development and transformation. Given the position of the UAE as an international business hub and global financial center, the UAE Corporate Tax regime builds from best practices globally and incorporates principles that are internationally known and accepted. This ensures that the UAE Corporate Tax regime will be readily understood and is clear in its implications.

Documents Required For Corporate Tax Registrations:

  • Copy of Trade License (must not be expired).
  • Passport copy of the owner/partners who own the license (must not be expired).
  • Emirates ID of the owner/partners who own the license (must not be expired).
  • Memorandum of Association (MOA) – Or – Power of Attorney (POA)
  • Concerned person’s contact details (Mobile Number and E-mail).
  • Contact details of the company (complete address and P.O. Box).
  • Annual Financial Audit Report.

 

This article was published on  8 May 2023

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