Introduction Recently, the Ministry of Finance in the UAE introduced a new decision that requires certain Taxable Persons to maintain Audited Financial Statements. This article provides a deep analysis of these new regulations and their implications for businesses operating in the UAE. Categories of Persons required to prepare and maintain Audited Financial Statements The categories … Read more
Introduction Tax deregistration is the process by which a Taxable Person is deregistered from its registration with the Federal Tax Authority for corporate tax purposes. Further, this is typically done when a business ceases its operations. Then, the Taxable Person is no longer required to be registered for tax purposes. In the UAE, tax deregistration … Read more
Introduction to UAE Transfer Pricing Documentation UAE MOF has come up with requirements regarding the maintenance of transfer pricing documentation requirements. What is Transfer Pricing under UAE Corporate Tax Law? The practice of determining prices for goods, services, or intellectual property that is transferred between two or more related parties, such as a parent company … Read more
Introduction The United Arab Emirates (UAE) has been a popular destination for foreign investors and businesses for many years due to its strategic location, business-friendly policies, and tax-free environment. The UAE Corporate Tax Law has been introduced as a regime to ensure the sustainability of its economy. Registration for UAE Corporate Tax As per the … Read more
Introduction Under Article 58 of the UAE Corporate Tax Law, a Taxable Person can make an application to the FTA for the alteration in the Tax Period by choosing a different start and end date or using a different Tax Period. UAE FTA has brought forth certain conditions for the same as per UAE Corporate … Read more
The update regarding UAE Corporate Tax’s Transitional Rules lists the various adjustments that need to be made to the Taxable Income of a Taxable Person with regard to losses or gains incurred on various assets and liabilities. One must be aware of these adjustments while preparing the financial statements for the relevant Tax Period as … Read more
Introduction to Participation Exemption The UAE has introduced a new corporate tax regime that applies to corporations and businesses operating in the country. This article will explain the main aspects of the Participation Exemption and its implications for taxpayers. We will discuss the ownership interests, aggregation of ownership interests, transfer of ownership interests, treatment of … Read more
Introduction A Non-Resident is one who has a Permanent Establishment in the UAE or derives UAE-sourced income or has a nexus in the UAE as per the Cabinet under the UAE Corporate Tax Law. In furtherance of that, the Cabinet has issued a decision regarding what will constitute as nexus with the UAE under the … Read more
Background and Synopsis The UAE Corporate Tax Law is a significant development in the taxation system. It was implemented to establish a comprehensive framework for corporate taxation, ensuring fairness, transparency, and compliance in the business sector. The law aims to promote economic stability and align the UAE with international taxation standards. Under the UAE Corporate … Read more
Introduction Private Pension and Social Security Funds play a crucial role in ensuring financial security for individuals and their families. The Ministerial Decision outlines the requirements and conditions for these funds to enjoy certain exemptions from Corporate Tax. By understanding the provisions and implications of this decision, individuals and organizations can make informed decisions regarding … Read more