What occurs with excess Interest expenses I’ve accrued in previous Tax Periods if I choose Small Business Relief?
Excess Interest expenses recorded in a prior Tax Period before electing Small Business Relief can be carried forward, allowing them to be utilized in subsequent periods where Small Business Relief does not apply. It’s essential to note that any Tax Period during which a Taxable Person claims Small Business Relief, and therefore cannot utilize the excess Interest expenses, will still be considered within the ’10-year’ carry forward period.
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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.
Can you Split up your Business to claim Small Business Relief in the UAE?
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?
Who is a Taxable Person under UAE Corporate Tax Laws?
Are you a Taxable Person liable for Corporate Tax under the UAE Corporate Tax Law? Can an Exempt Person be considered as a Taxable Person?
