Recent updates to corporate tax penalties in the UAE

Mostafa

Mostafa is a qualified Corporate Tax Consultant with over 5 years of experience gained in diverse intricate tax matters, he has high expertise in conducting tax negotiations and investigations with the Federal Tax Authority and other external Tax Bodies. He has vast experience in reviewing and drafting tax documents. Mostafa has also advised on a plethora of tax matters, he draws much attention to tax filing procedures and to offering professional investigations to underlining tax complexities.

Recent updates to corporate tax penalties in the UAE

Corporate taxes play a vital role in boosting a country’s economy by providing revenue for investing in initiatives that develop infrastructure. The federal budget for UAE for the years 2022 to 2026 is set at AED 290 billion. Corporate taxes are an important source of revenue generation for funding such a hefty budget. The UAE’s … Read more

Advantages of Corporate Income Tax Outsourcing in the UAE

Commencing from June 1st, 2023, UAE corporate tax will be effective. The corporate tax rate is 9% for accrued taxable income above 375,000 AED and 0% for taxable income below 375,000 AED. To effectively implement corporate tax standards and to stay compliant, taxable persons should outsource corporate tax functions to Tax Consultants UAE. Benefits of … Read more

Navigating VAT Recovery for Charities: A Step-by-Step Approach

It remains vital for charities operating in the UAE to competently manage the process of VAT recovery in a manner that would allow them to direct as much funds as possible towards their charitable objectives. VAT recovery for charities therefore has specific rules with respect to the distinction between what is and is not taxable. … Read more

Excise Tax Controversies in UAE: Industry Perspectives and Regulatory Challenges

Excise tax is a component of indirect tax system that has been adopted in the United Arab Emirates (UAE) with the main aim of controlling the consumption of some goods that are deemed to have negative impacts on the society. However, excise tax has faced various challenges and controversies when it comes to its implementation … Read more

Comprehensive Guide to UAE Corporate Tax Exemptions

The UAE has recently released a new legislation of the corporate tax and it will come into force from June 2023. While under the UAE corporate tax law, corporations earning over AED 375,000 of taxable profits will be required to pay a tax of 9%, several entities are tax-exempt. This Tax Consultant Dubai aims to … Read more

VAT Implications for the Construction Industry in the UAE

The introduction of Value Added Tax (VAT) in the UAE on January 1, 2018, was a significant step towards boosting UAE’s economy. The construction industry is a crucial sector of the UAE economy which is also subject to VAT regulations. VAT Policies for the Construction Industry The construction industry in the UAE must pay the … Read more