UNITED ARAB EMIRATES
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The Ministry of Finance (MoF) has announced two new Decisions on Free Zone relief:Cabinet Decision No. 100 of 2023 on Determining Qualifying Income for the Qualifying Free Zone Person for the Purposes of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and BusinessesMinisterial...
The Federal Tax Authority has issued its eagerly awaited Transfer Pricing Guide (the TP Guide), which will act as a guiding force for applying the Transfer Pricing Rules in the UAE. It outlines how the TP rules will be applied and the documentation to maintain. The Guide references the 2022...
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...