India signed the Double Tax Treaty with more than 90 countries, including UAE, USA, UK, Qatar, Italy, Romania, Spain, Sudan, and Canada, and limited agreements with 8 countries such as Afghanistan, Pakistan, Lebanon, and Iran. The UAE-India Double Tax Treaty ratified in 1993, emanated from a burgeoning economic relationship worth over 20 billion dollars between … Read more
Free zone under UAE corporate tax law Important Questions/Answers (FAQ) Who is considered eligible as a Free Zone entity? Every person engaged in business activities within a Free Zone is automatically categorized as a Free Zone entity. The satisfaction of the following conditions is required to be met The entity must possess and uphold a … Read more
Double Tax Treaty (DTT) is a formal contract between two or more states to mitigate the taxation burden. Their fundamental purpose is to combat the potential issue of international double taxation on income and assets. The central aim of the Double Tax Treaty (DTT) is to allocate tax jurisdiction equitably between the involved countries, thereby … Read more
The latest Ministerial Decision 74 of 2023 issued by MOF has laid down the fundamentals of Audit Procedure under Corporate Tax, UAE for the administration of tax audits ensuring compliance, fairness, and the proper functioning of taxation mechanisms. This article delves into the facets and intricacies of tax audit initiation, procedural considerations, and the outcome … Read more
Extractive and non-extractive businesses are different types of industries based on their operations and resource utilization. Extractive businesses involve the extraction of natural resources from the earth or sea, such as minerals, oil, gas, timber, metals, and raw materials. Non-extractive businesses, on the other hand, engage in sectors like manufacturing, services, technology, finance, retail, tourism, … Read more
For corporate tax purposes in UAE, Taxable Persons are required to submit a declaration along with their tax returns. This declaration should contain information about the transactions and agreements the taxpayer is engaged in with individuals, legal entities, and associated persons. Transfer pricing in the UAE is a critical aspect of corporate tax compliance, requiring … Read more