UAE Corporate Tax FAQs: What are the deductible expenses, who can claim the deduction, how to claim the deduction, which expenses are non-deductible, what is a QPBE? Which expenses can be deducted for deriving the Taxable Income for the purpose of UAE Corporate Tax? Generally, all business-related expenses can be deducted during the relevant tax...
The Federal Tax Authority (FTA) have announced deadlines for completing the Corporate Tax Registration for Taxable persons in UAE. The Decision comes into effect from March 1, 2024. Background The FTA has issued new a decision that specifies the timeframes for applying for the Corporate Tax (CT) Registration. The CT regime, which came into effect...
Members in a Tax group do not have to file separate Tax returns; the Parent entity can file a single tax retun on behalf of them all. The income and losses derived from individual entities are set off against each other. The UAE Corporate Tax Law considers two or more Juridical taxable persons as a...
The UAE is introducing its Corporate Tax this year, and it’s crucial for partnership firms and family trusts to understand how it impacts them. Here’s a simplified breakdown. What is a Partnership Firm A partnership is a legal arrangement where two or more persons agree to manage, operate and share the profits of a business....
The Sultanate of Oman is gearing towards a Foreign Investor-friendly regulatory regime. With the latest regulatory reforms, foreign investment do not need a residency card to establish a business in Oman. This groundbreaking development is part of Oman’s strategic vision to diversify its economy and attract global investors. Thinking about expanding your business to Oman?...
The Supreme Audit Institution in the UAE is being replaced by the UAE Accountability Authority. The new Authority will be instrumental in UAE’s effort to curb Bureaucratic corruption and offer improved protection and safeguards to whistleblowers. Background WAM (Emirates News Agency), the official news agency of the United Arab Emirates (UAE) has reported on...
Learn how to make a Tax Assessment Review Request and Tax Assessment Reconsideration Request in the UAE. Background of Federal Tax Authority As communicated in the Federal Decree-Law No. 28 of 2022 and Cabinet Decision No. (74) of 2023 On the executive Regulation of Federal Decree-Law No. (28) of 2022 on Tax Procedures, the...
Wooing corporates: KSA’s tax strategy to lure companies into shifting regional HQ to Saudi The Background Competition is intensifying between Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE), two of the biggest economies of the GCC, to become economic superpowers. KSA, the world’s largest oil exporter, has been actively pursuing bold...
In a significant development for businesses operating in the UAE, the landscape of UAE corporate tax is undergoing a transformative shift. The latest developments, encapsulated in Cabinet Decision No. 100 of 2023 and Ministerial Decision No. (265) of 2023 have replaced the erstwhile Cabinet Decision No. 55 of 2023 bringing about critical adjustments to the...
