In the ever-evolving realm of global entrepreneurship, where businesses constantly seek innovative strategies to enhance their financial viability, the concept of Offshore Business refers to Any business activity conducted outside of an entity’s main location. Far beyond the common perception that the term “offshore” may evoke, associated with secrecy and tax evasion, a closer examination reveals … Read more
A business’s loss during a particular tax year is referred to as a tax loss under the corporate tax laws. It happens when revenue (taxable income) is less than expenses or deductions (permitted by tax law), leaving a net loss. Future taxable income is used to offset the resulting tax loss. These are known as … Read more
The UAE Ministry of Finance issued a comprehensive guide that breaks down the process for acquiring a Tax Residency Certificate (TRC) under Double Taxation Agreements (DTAs). The Tax Residency Certificate (TRC) is an official document issued by the Federal Tax Authority (FTA) to verify the tax residency status of an individual or business in the … Read more
Aligning with global norms, the UAE’s corporate tax law integrates an extensive Transfer Pricing framework, reflecting the UAE transfer pricing guidelines. Key aspects of these rules are outlined in specific provisions, with Article 34 emphasizing the Arm’s Length Principle, ensuring that transactions between related parties mirror those between independent entities. Applicability of the Arm’s Length … Read more
Businesses are required to provide information about their sales and purchases to the Federal Tax Authority as part of the VAT return filing process. It involves figuring out the VAT requirements which takes into account the discrepancy between the VAT collected on sales and the VAT paid on purchases over a given time frame. The tax authorities … Read more
Businesses must deregister from the VAT system, in instances where they cease conducting business activities related to VAT supplies. In the UAE, the Federal Tax Authority (FTA) administers this process. Thus, to effectively cancel Value Added Tax Registration in compliance with statutory regulations, businesses should seek the expert services of top Tax Consultants in Dubai. … Read more