Here we will discuss the concept of tax groups in the UAE CT (corporate tax) regime as explained in the consultation document, released by the MOF. The concept of tax group is essential for companies with multiple licenses in the UAE. Many companies…
We have discussed the basis of the taxable income calculation earlier, now we can get into what income can be exempt from this calculation on the basis of the consultation document released by the MOF. It is important to understand the exempt income for corporate…
Here we will discuss how you can calculate your tax liability or the amount of tax payable to the authorities. The UAE UAE CT (corporate tax) regime as explained in the consultation document, released by the MOF has made attempt to make the…
Here we will discuss the aspects of the CT (corporate tax) consultation document, released by the MOF that discusses, non-deductible expenses, offsetting losses, and the interest capping rules. The objective of these restrictions in reducing the tax liability is to make sure…
The corporate taxation public consultation document has been released by the Ministry of Finance. This document will have details that will show us what direction the Corporate Tax regulations are headed. This can be used to prepare ourselves for the…
From the consultation document released by the MOF, we have been given a basic understanding of the calculation of the taxable income. We need to keep in mind that this is yet to be finalized however from this we can use the current…
We have discussed earlier the different options to have a licensed company, mainland, freezone, offshore. Now what is this designated Zone? How does it differ from the others? Here we will also get into the list of designated zones. Being a company…
The corporate tax public consultation document provides details on the basis of the taxation. 9% corporation taxation is something we expect to come into effect mid of 2023. We will discuss resident and non-resident persons, we will also understand concepts relating to the permanent…
Corporate tax impact on Freezone companies will need a lot of discussions. There are many Free zone entities in the UAE as stand-alone companies and as part of group companies. It is very relevant to how their transactions impact their tax liability….
The Public consultation document discusses who are the proposed taxable persons for the new 9% Corporate Taxation in the UAE. Understand who is a taxable person and who is exempt from taxation is essential to understand if you need to meet the…
UAE has just announced that a corporate tax of 9% will be implemented from 1st June 2023. Implementation of corporate taxation in the UAE is something we had mentioned in the past as well. Now we have some more information…
Reverse Charge Mechanism (or RCM) is a treatment of VAT that comes into play in the case of an import of service or goods. This may be a bit confusing for businesses especially start ups who face challenges when filing their VAT returns….
In an effort to bring international best practices to the UAE economy, the central bank has announced amendments to the new transaction law. We have already touched upon this in our previous blog. This updated law will come into effect on January…
The Chinese President Xi Jinping’s recent visit to UAE is set to make gradual, yet large economic change in UAE. Both countries spoke about boosting different industries and have made 13 strategic agreements. These agreements include construction of embassies and…
UAE’s most recent investment law has become the talk of the town as it opens up business regulations further and allows 100 percent ownership to foreign investors in certain onshore business sectors. This law is currently awaiting the FNC’s approval…
UAE has taken numerous steps recently for ease of business, by reducing visa requirements for businesses hiring expatriate employees. This not only cuts down on any additional expenses to hire an employee for a business but also increases bureaucratic efficiency.
For the purpose of filing for VAT, sales will have to be classified on the basis of each emirate.
All the construction related input VAT can be reclaimed if : The individual is a UAE national.
What is a warranty? A guarantee issued by the retailer or manufacturer to the consumer, promising a repair if necessary within a specified period time. This blog is briefly about how warranties are effected by VAT implementation.
When second-hand goods are purchased from a non VAT registered user by a VAT registered user, purely for the purpose of resale, the VAT registered user can include the VAT on the profit margin.
When goods are exported out of UAE they are Zero-rated. However, the following services related to international transport are also zero-rated.
Businesses that satisfy certain requirements provided by the legislation (such as being under the same ownership and located within the same GCC country) will be able to register
The provisions of the newly issued federal law on taxation has authorized the Federal Tax Authority (FTA) with the legal right to perform a tax audit on any business to determine their compliance with the provisions of the relevant laws. It…
* The taxable person or the legal representative has to register on the Federal Tax Authority online portal. * The online process will be simple and take about 15 minutes. * The FTA portal will open soon on voluntary basis, and Q4…
Below are few things to remember while filing tax returns: VAT will be due in the end of each month or quarter. Within 28 days of the due date, the VAT return must be filed, if it is a weekend…