Can you use pre-Grouping Tax Losses along with carry forward Tax Losses in a Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Yes, you can use pre-Grouping Tax Losses, but they need to be used first to offset Taxable Income of the Tax Group before any other … Read more
Are there any limits on how much you can use pre-Grouping Tax Losses to reduce Taxable Income in a Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Yes, there are limits. You can use pre-Grouping Tax Losses to offset Taxable Income, but only up to the lower of … Read more
What are ‘pre-Grouping Tax Losses’? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Pre-Grouping Tax Losses are losses a company had before joining or forming a Tax Group. These losses can only be used to offset the taxable income of the specific member to which they belong in the Tax … Read more
Do I need to elect for the Business Restructuring Relief if I conduct a business restructuring transaction (e.g. merger) within a Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course No, you don’t need to make any special election for Business Restructuring Relief when you restructure within a Tax … Read more
Can you restructure businesses within a Tax Group without tax consequences? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Yes, you can do business mergers and some other restructuring without causing a taxable gain or loss. If there are two companies in a Tax Group, and one of them gives … Read more
How does preparing financial statements work when a member leaves or the Tax Group dissolves? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 When a subsidiary leaves a Tax Group or the group dissolves, the subsidiary needs to prepare its own financial statements based on the same accounting rules … Read more
Do Tax Groups need to tell the tax authority if a member leaves or if the group dissolves? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Yes, if a member leaves the Tax Group or the group no longer meets the conditions, they need to notify the tax authority within … Read more
Can a newly formed company join a Tax Group from its date of incorporation? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Yes, newly formed UAE companies can join a Tax Group right from the date they were incorporated. Also, a new parent company replacing an existing one can … Read more
Can you apply to form or join a Tax Group after the tax period has ended? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course No, you need to apply to form or join a Tax Group before the end of the specified tax period. Contact us for UAE Corporate Tax … Read more
Can entities that are tax residents in multiple countries join a Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A Tax Group can only be formed with companies that are tax residents in the UAE. If a member of a Tax Group becomes a tax resident in another … Read more