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Foreign Tax Credit under UAE Corporate Tax - All You Need To Know

Audit Procedure Under Corporate Tax Law in UAE

Audit Procedure Under UAE Corporate Tax Law

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

Are extractive and non-extractive businesses exempt from corporate tax in UAE?

Extractive and non-extractive businesses exempt from corporate tax

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

Guidelines for Transfer Pricing Under Corporate Tax in UAE

Transfer Pricing Under Corporate Tax

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. Thus, it is advisable for Taxable Persons to seek the services of Tax Consultants … Read more

Qualifying Investment Fund under the UAE Corporate Tax

UAE Corporate Tax

The UAE’s Corporate Tax Law sets out the criteria to establish if an investment fund qualifies for exemption from Corporate Tax. An investment fund, in this context, refers to a structured entity primarily engaged in pooling investor funds and investing them based on a defined policy. This category encompasses various entities such as real estate … Read more

How is tax residency determined for corporate tax purposes in the UAE?

tax residency

Ministerial Decision No. 27 of 2023, implementing certain provisions of Cabinet Decision No. 85 of 2022, outlines the criteria for individuals and businesses to be considered tax residents in the UAE. To properly assess their tax residency in compliance with the statutory regulations, taxable persons are encouraged to seek the expertise of Tax Consultants in … Read more