The UAE has been a very low tax jurisdiction for about a decade. Citizens pay no taxes on their income, and most companies never pay any corporate tax. The UAE has officially enacted a federal decree imposing a corporate tax of 9% on taxable corporate profits exceeding AED 375,000. The law, set to commence on […]
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Corporate tax professionals are important in helping the UAE tax system work. To ensure they are qualified and experienced, a series of procedures (including registration requirements) are in place. As a result, corporate tax rates in the UAE remain among the lowest in the world, reducing the compliance burden for businesses. Implementing the corporate tax
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Corporation Tax was implemented in the UAE on January 1, 2018. Since then, businesses have been subject to several requirements under the Corporation Tax Law. Each business enrolled for Corporation Tax must file tax returns with the Federal Tax Authority (FTA). However, corporate tax UAE businesses continue to make tax-related mistakes and need help. Let’s
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As a business begins to focus on financial reporting, it’s essential to consider and evaluate corporate income tax. Following the UAE Federal Decree No. 47 of 2022 on Companies and Corporate Taxation (“Corporate Tax Law”), companies will be subject to UAE corporate tax at the start of their initial financial year, initiating on or after
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A credit exists for foreign tax obligations on a UAE Taxable individual’s income. The foreign tax credited is limited to the amount of Corporation Tax that must be paid on the relevant income. Any unutilized foreign tax relief cannot be carried forward or backdated and will expire and be lost. Small Business Relief The Corporate
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This indicates the beginning of a new era of business taxation for resident companies and non-residents with a permanent establishment in the UAE, as they face the corporate tax UAE law, which will be implemented on June 1, 2023—aims, among other things, at international standards for tax transparency and avoidance of harmful tax practices. It
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The History of Corporate Tax in UAE For many years, the United Arab Emirates operated as a very low tax jurisdiction. Citizens do not pay tax on their income, and most companies have never had to pay any corporate tax in the UAE. Instead, most of the state’s revenues came from nationalized and private fossil
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How Understanding the Basics of Corporate Tax in UAE Saved My Life The Gulf region has for the longest time been a hub of tax free money spinning business. The popular image of super rich Arab sheikh’s paying no Corporate Taxes whatsoever and paying for the world of luxury by doing nothing and just letting
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Accounting and Bookkeeping help you budget, prepare for tax returns, keep your business organized, and more. However, it would be best to avoid it to keep your finances in check and ensure HMRC does not come and cause you even more problems. Here are a few reasons why accounting and Bookkeeping are important for your
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Accounting and tax interview questions while hiring a good accountant is one of the most essential tasks you need to do as a business owner. The right accountant will help your business grow; the wrong accountant could harm your health. Here are some tips that can help you ask the right interview questions to your
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