What does “acting as if they were independent of each other” mean? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Two companies are considered “acting independently” when: They’re doing a deal that’s a normal part of their regular business. They don’t mainly do business just with each other; they deal … Read more
Are there any excluded transactions from the local file? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A company must include all its deals with other companies it’s connected to in the local file, except for these situations: If they’re dealing with a regular person, and both parties act as … Read more
Will a Taxable Person be required to submit their master file and local file to the Federal Tax Authority along with their Tax Return? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course A company only needs to give its master file and local file to the government tax agency when … Read more
Are there any exemptions from transfer documentation requirements? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course People or businesses that don’t have to worry about transfer pricing documents are: Exempt Persons: They don’t need these documents as long as they keep their exempt status. Small Businesses getting relief: If your … Read more
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