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UAE Issues Ministerial Decision on Exempt Persons for Corporate Tax purposes
Dubai May 10, 2023:
The UAE Ministry of Finance has issued Ministerial Decision No. 105 of 2023 on Determination of Conditions under which a Person may Continue or Cease to be Deemed an Exempt Person, which helps to clarify the application of the Corporate Tax Law, ensuring a transparent and efficient tax system that promotes business growth in the UAE.
The Decision clarifies rules to ensure that businesses remain eligible for a Corporate Tax exemption if they fail to meet the relevant exemption conditions under certain circumstances.
These include a business undergoing liquidation or termination provided that a notification has been submitted to the Federal Tax Authority (FTA) within twenty business days from the date of the beginning of the liquidation or termination procedure.