This article explains the specific tax considerations for natural persons, sole proprietorships, partnerships, and corporate entities, illuminating the diverse facets that define the tax landscape. Thus, to effectively determine taxability and ensure compliance with the corporate tax law, it is advisable to seek the expert services of top benefits Tax Consultants in UAE. Taxability of … Continue Reading
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 … Continue Reading
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 … Continue Reading
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 … Continue Reading
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 … Continue Reading
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 … Continue Reading