Who should maintain a master file and a local file? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A company must keep two sets of documents, one master file and another one local life, if either of these two things is true: The company makes AED 200 million or more … Read more
What are the objectives of preparing a master file and local file? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course These documents make sure that companies think carefully about how they set prices for deals with other companies they’re connected to. They help prove that the prices they use are … Read more
What is a local file? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A local file is like a report that gives extra details about deals a company makes with other companies it’s connected to. It explains how they decide on fair prices for these deals. The government tax agency … Read more
What is a master file? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A master file is like a big summary report about a company that does business in many different places. It tells you things like what kind of business the company does in each location and how it … Read more
Who is included within the fourth degree of kinship? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course The degree of kinship tells us how closely related two people are in a family. It’s based on how many generations are between them. For example: If you’re looking at the first degree … Read more
Would transactions in a Tax Group need to comply with transfer pricing rules? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Usually, when companies are in a Tax Group, they don’t have to worry about transfer pricing rules for transactions between them. That’s because, in the group’s financial reports, these … Read more
Do Taxable Persons need to consider whether intra-group loan arrangements are at arm’s length? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Businesses will be required to maintain information regarding their transactions with Related Parties and Connected Persons, and certain businesses will be required to submit this information along with … Read more
What documentation should be maintained in respect of transfer pricing? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Companies need to keep records of their deals with family members and close associates. Some companies also have to send these records when they file their tax returns. However, if a business … Read more
Who are Connected Persons? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Connected Persons are different from Related Parties. A Person will be considered “connected” to a business that is within the scope of UAE Corporate Tax if they are: The owner of the business; A director or officer … Read more
Who are Related Parties? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Generally, Related Parties of a natural person refer to the natural person’s relatives as well as companies in which the natural person, alone or together with their Related Parties, has a controlling ownership interest (typically 50% or … Read more