Tax consultants are professionals who specialize in tax law and financial related dealings. Hence seeking advice from an experienced tax consultant is imperative to avoid errors and penalties. To smoothly navigate through the Corporate Tax system prevailing in the UAE, it is necessary to partner with Tax experts to receive timely updates and advice on tax laws introduced by FTA.
The UAE Ministry of Finance has issued a landmark decision on Small Business Relief allowing small businesses with revenues of AED 3,000,000 ($ 816,880) or less to claim tax relief in a tax period when their revenue does not exceed a certain threshold. This tax relief scheme aims to support startups and other small businesses by reducing their corporate tax burden and compliance costs.
The launch of the EmaraTax platform represents a significant milestone in the landscape of tax compliance in the UAE. The new digital platform facilitates hassle-free access to a wide range of tax services in the UAE including tax registration, return filing, refunds, payment and more. Its added secured UAE PASS login feature aligns with the UAE’s national digital agenda to leverage emerging technologies and build a robust digital infrastructure for its people.
January 1, 2023 marks the completion of five years of Value Added Tax (VAT) in the UAE (first introduced in UAE on January 1, 2018). Over the years a lot of amendments were made to the VAT law with new additions of decrees and articles. Staying on top of the new changes is essential to being a tax-compliant resident as well as avoiding fines and getting into trouble with the law of the land. In this article, we run you through a list of UAE VAT law changes you must be aware of this year.
We wish to inform you that the United Arab Emirates (UAE) Federal Tax Authority (FTA) has published notable amendments to the Federal VAT Decree-Law No. 8 of 2017 (UAE VAT Law). This is the first update to the UAE VAT Law ever since its introduction in 2017. The amendments will go into effect from January 1, 2023. In this piece, we have outlined an overview of the key changes to the UAE VAT Law.
Many governments have lost revenues in millions each year due to illicit trade of tobacco, cigarettes and alcohol. To prevent lost tax revenue, it’s essential to plug loopholes in the supply chain as the chances of tax evasion are ample once products cross international borders for sale. In order to combat such illegal trade, DTS was introduced to tighten control over the suppliers’ commitment to pay excise tax and monitor movement of goods.
FTA introduced Cabinet Decree No 105 outlining the procedures for administrative penalty installments and waivers. This new cabinet decision went into effect on 1st March 2022. The scheme allows taxpayers to settle administrative penalties through installments under defined conditions and eligibility criteria. Here are the highlights of the decision
The UAE Corporate Tax Regime, effective from June 2023, permits companies to form tax groups. The Public Consultation Document for the Corporate Tax Law released by UAE Ministry of Finance (MoF) prescribes rules for forming a tax group by a group of companies. The prime objective behind introducing separate rules for group of companies is to reduce the overall tax compliance cost.
The UAE has taken significant steps to enhance tax transparency and facilitate the exchange of tax information by bringing its domestic tax rules in line with international standards. One such major move is the introduction of Corporate Tax (CT) which will be levied on business profits on or after June 1, 2023. Here are some interesting aspects you should know about the UAE CT regime, that will assure you that corporate tax is the way forward and be thankful you do business in the UAE.
The Ministry of Finance (MoF) announced that federal Corporate Tax (CT) will be levied on business profits at the rate of 9%, effective from 1 June 2023. The aim of introducing CT in the UAE is to cement its position as a leading global business hub and be in line with international standards for tax transparency.
In this article, we brief you on the key features of the UAE CT Regime and its applicability to natural and legal entities in the UAE.