An excise tax is a tax imposed on specific goods that are deemed harmful to public health or the environment. In the United Arab Emirates (UAE), an excise tax(levy) was introduced in 2017 to promote a healthier lifestyle and diversify government revenue. It is important for businesses to comply with the tax regulation and file … Read more
The UAE Ministry of Finance (MoF) announced on 31 January 2022 that a new federal corporation tax (CT) system will be adopted in the United Arab Emirates, effective financial years beginning on or after 1 June 2023. Except for Bahrain, the United Arab Emirates has the lowest corporate income tax rate in the GCC, at … Read more
It is imperative for taxable persons to seek the services of top tax consultants in the UAE to seamlessly deregister for corporate tax as per the regulations and standards set by the UAE corporate tax regime. Noncompliance with the corporate tax statute accrues hefty fines upon taxable persons. The Process of Corporate Tax Deregistration in … Read more
One of the taxes imposed on businesses in the UAE is the excise tax(indirect levy) which is applied to specific goods such as tobacco, sugary drinks, and energy drinks. Indirect levy is levied at a standard rate of 50% on tobacco products and 100% on energy drinks and soft drinks containing sugar. However, businesses that … Read more
VAT and Excise Tax have practically become a norm for some businesses in the UAE. The latter — Excise Tax — often raises eyebrows more because it applies only to specified products (tobacco, energy, or carbonated drinks) that the government deems unhealthy for the public or the environment. It’s simply a means of discouraging … Read more
The UAE corporate tax will be applied to the taxable income of taxable persons which includes corporate entities, and individuals engaging in economic activities such as business, commerce, or any other. UAE groups can apply for group relief for losses, intra-group transactions, and reorganizations. Thus, it is advisable for taxable persons to seek the services … Read more
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