On March 7th, Law No. (1) of 2024 was accented by the ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum which focuses on the taxation system for foreign banks in Dubai, was issued, marking an important legal milestone. The latest law was declared to be effective after publication in the state gazette. … Continue Reading
The UAE has recently enacted a federal corporate tax regime starting from June of the year 2023, which marked a shift in the taxation system of the country. Even though the basic UAE corporate tax rate stands at 9% the actual law has anticipated some advantages that might be given to the taxable business in … Continue Reading
The Federal Tax Authority (FTA) issued Public Clarification No. 40, introducing significant amendments to the Executive Regulation of the Value Added Tax (VAT) as set forth under Federal Decree-Law No. (8) of 2017. These amendments encompass key updates concerning the documentary requirements for export transactions, the treatment of financial services, zero-rating provisions, and input tax … Continue Reading
This article provides an overview of the treatment of VAT transactions in the UAE. Business transactions subject to VAT are classified into two primary categories: Sales Transactions: Quotations Sales Orders Delivery Notes Invoices Scheduled Invoices Debit Notes Purchasing Transactions: Expenditure Items Scheduled Expenditure Items Purchase Requisitions Accounts Payable Scheduled Accounts Payable Vendor Credit Memos Self-Invoicing … Continue Reading
The newly introduced articles under Federal Decree-Law No. 16 of 2024 and Federal Decree-Law No. 17 of 2024 have streamlined specific types of tax invoices by implementing requirements for their issuance. These provisions encompass various forms of invoices, including simplified invoices, summary invoices, periodic invoices, and other similar invoice types. What is the new due date … Continue Reading
The Federal Tax Authority (FTA) issued the Tax Procedures Guide TPGTR1 on Tax Residency Certificates (TRC) and tax residency in the UAE. This Guide is designed to assist individuals and businesses to effectively determine taxability and provides a comprehensive explanation of tax residency rules in the UAE. Key Aspects of Tax Residency in the UAE … Continue Reading
This article provides an overview of the treatment of VAT transactions in the UAE. Business transactions subject to VAT are classified into two primary categories: VAT Treatment in Sales Transactions UAE Quotations Sales Orders Delivery Notes Invoices Scheduled Invoices Debit Notes VAT Treatment in Purchasing Transactions UAE Expenditure Items Scheduled Expenditure Items Purchase Requisitions Accounts … Continue Reading
Cabinet Decision No. 100/2024, issued by the Federal Tax Authority, introduced amendments to the Value Added Tax (VAT) Executive Regulations under Federal Decree-Law No. 8/2017. This article explains VAT exemptions in line with the latest VAT law amendments. Expansion of Financial Services Exemption The scope of financial services covered under Article 42 of the VAT … Continue Reading
Under Article 40 of the UAE Corporate Tax Law, specific criteria and conditions must be met for the formation of a tax group. These provisions emphasize control, coherence, and consolidation among group members, with capital ownership serving as the structural foundation of the tax group. Key Ownership Characteristics of a Tax Group: A UAE tax … Continue Reading
Leading corporate tax consultants in Dubai–UAE, play an essential role in ensuring compliance with the UAE’s corporate tax regulations. Businesses in UAE are required to ensure compliance with the corporate tax law and avoid potential penalties or fines. This article details the top corporate tax consultants in Dubai, UAE, detailing their range of services, key … Continue Reading
A tax group allows multiple companies to combine their business operations under one bracket for taxation, simplifying their tax liability. This article explains the process of Tax Group’s formation, dissolution, and effects on Subsidiaries entering or exiting the group. Joining a Tax Group Subsidiaries may join a tax group where: Application procedure: The parent and … Continue Reading
Putting A Reconsideration Request for Tax Assessment In The UAE Do you think you have been wrongly convicted by the authorities? Here is the solution. The Federal Tax Authority allows businesses and companies in the UAE to exercise their right to get a justification or ask for the legitimacy of the tax assessment review. As … Continue Reading
Recently, the United Arab Emirates (UAE) announced that it will introduce a federal corporate tax on business profit from the beginning of June 1, 2023. All UAE businesses except those engaged in the extraction of natural resources will be subject to this new tax regime. For taxable income up to AED 375,000, the tax applied … Continue Reading
Residential properties in the United Arab Emirates (UAE) have also been subject to Value Added Tax (VAT). Yet there are exceptions and deductions for homeowners and property investors. The aim of this article is to provide its readers a complete notion of the tax exemptions applied to the residential properties in the UAE. Tax exemptions … Continue Reading
Public benefit entities are a type of non-profit organization (NPO) that are founded by private or governmental bodies and are exempted from corporate tax application. These organizations are formed for the purpose of charitable, scientific, cultural, religious, healthcare or other public benefit activities without aiming to make any profit from those activities. The primary purpose … Continue Reading
The Federal Tax Authority announced a grace period for registered entities on 6th November 2024. This facility is provided for those who have not updated the details of their tax registration, w.e.f. March 2025. The grace period includes all FTA-registered businesses which, if they have not updated registration or tax information by January 1, 2024, … Continue Reading
When it comes to operating a business in the United Arab Emirates, you have probably heard about the introduction of corporate tax in the UAE. Thus, although the UAE still has low rates of corporate taxation compared to other countries, there are ways to minimize the taxation burden and increase profits. This article will shed … Continue Reading
The concept of capital and revenue expenditure is important to consider when budgeting expense for your business. This distinction is important when determining how an expense is tax treated, and this can greatly influence a company’s profit margin. In this article we shall be looking at the distinction between capital and revenue expenditure and the … Continue Reading
The UAE Corporate Tax Law provides several tax incentives for businesses in Dubai. In this article, we will discuss the tax incentives for foreign businesses in Dubai and the benefits for foreign investors under the UAE Corporate Tax (CT) law. Benefits for Foreign Investors under the UAE CT Law Foreign businesses in Dubai enjoy a … Continue Reading
It’s the foremost responsibility of every citizen to pay taxes as per the country’s tax regulations and understand the different types of taxes applicable to him/her. There are primarily two types of taxes i.e., direct and indirect taxes. Direct taxes are applicable on citizens and businesses and are directly collected by the government whereas indirect … Continue Reading
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