Do Tax Groups need to prepare consolidated financial statements?
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 to remove any transactions between the parent company and its subsidiaries or between the subsidiaries themselves. But sometimes, they can’t remove these transactions, especially if one of the group members had losses before joining the group.
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Related Content for UAE Corporate Tax
Are Free Zone companies in UAE liable to Corporate Tax ?
Free Zone has distinct taxation system based on Qualifying Income and Excluded Income. It is therefore essential to know the kind of income taxable under UAE Corporate Tax Law for Free Zone companies.
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If your business exceeds the Revenue Threshold limit for Small Business Relief, can you split up your business to claim Small Business Relief as per UAE Corporate Tax Law or will it constitute a Tax Crime punishable under the UAE Tax Procedures Law?
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