UNITED ARAB EMIRATES
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The Ministry of Finance has announced the issuance of Cabinet Resolution 91 of 2023 regarding the Application of the Reverse charge mechanism on Electronic Devices among Registered businesses in UAE under UAE VAT.The supply of Electronic Devices to a registered business for the purpose of resale...
The Ministry of Finance has released two new decisions: Cabinet Decision No. 55 of 2023 on Determining Qualifying Income and Ministerial Decision No. 139 of 2023 on Qualifying Activities and Excluded Activities.As per Article 3 of the Corporate Tax Law, Corporate Tax will be imposed on a...
A Cabinet Decision No (49) of 2023 has been issued which provides that individual taxpayers (resident or non-resident) shall be liable to pay corporate tax only if their turnover from business exceeds AED 1,000,000. The following income generating activities will be out of corporate tax scope...
The UAE Ministry of Finance has published an Explanatory Guide to Corporate Tax in the UAE. The guide, which runs to 107 pages, provides a detailed explanation of each provision of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.The guide can be accessed here.If...
The Ministry of Finance has Published a Ministerial Decision (No (97) of 2023), relating to the requirements for maintaining transfer pricing documentation.The general requirements for transfer pricing under UAE corporate tax have previously been set out in the Tax Decree-Law and official...
The Ministry of Finance has issued a Ministerial Decision (No (105) of 2023), which provides rules to allow a business to remain eligible for corporate tax exemption if: * it is undergoing liquidation or termination, or * it is experiencing a temporary event or situation that means it is...
The Ministry of Finance (‘MoF’) has issued Ministerial Decision No. 43 of 2023 on Exception from Corporate Tax registration for the Purpose of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘Corporate Tax Law’). Article 51 of the Corporate Tax Law deals with the...
The Ministry of Finance (‘MoF’) has issued Ministerial Decision No. 68 of 2023 on Treatment of all Businesses and Business Activities Conducted by a Government Entity as a Single Taxable Person. This Decision is issued in accordance with Clause 6 of Article 5 of the Federal Decree-Law No. 47 of...