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
Do the ownership requirements for a Tax Group have to be met throughout the tax period? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course Yes, the ownership requirements (having at least 95% ownership) must be met continuously during each tax period. If a member of the Tax Group doesn’t meet … Read more
Do Tax Groups need to prepare consolidated financial statements? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Yes, to figure out the taxable income of the Tax Group, the parent company usually has to combine the financial accounts of all its subsidiaries for the relevant tax period. They need … Read more
Who’s in charge of filing tax returns and paying tax when a Tax Group is formed? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 When a Tax Group is formed, it’s treated like one entity for tax purposes. The parent company is responsible for handling things like filing tax … Read more
Does the 0% Corporate Tax rate apply to the entire Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 Yes, the AED 375,000 threshold for the 0% Corporate Tax rate applies to the entire Tax Group, no matter how many companies are in the group. Contact us for … Read more
Can foreign entities be part of a Tax Group? Contact us for UAE Corporate Tax Advise Check our UAE Corporate Tax Course https://www.youtube.com/watch?v=UuYSOpakKR8 No, unless the foreign entity is effectively managed and controlled in the UAE and considered a UAE tax resident. For example, a Tax Group can include a UAE parent company and a … Read more