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Corporate Tax Law Latest Update 2023

Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the Purposes of Federal Decree Law No. 47 of 2022 on the Taxation of Corporations and Businesses

Ministerial Decision No. 114 of 2023 on the Accounting Standards and Methods for the purposes of corporate tax stipulates that a Taxable Person shall apply the International Financial Reporting Standards (“IFRS”), if the Taxable Person derive Revenue that does not exceed AED 50,000,000 (fifty million United Arab Emirates dirhams) for small and medium-sized entities

Whereas, Financial Statements refers to an entire set of statements as specified under the Accounting Standards applied by the Taxable Person, which include and is not limited to statement of income, statement of other comprehensive income, balance sheet, statement of changes in equity and cash flow statement.

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Individual Corporate Tax in UAE

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Hiring an individual and corporate tax accountant in UAE is the best way to go if you are dealing with corporate tax in UAE and tax registration for a person in UAE. However, If you’re confused with your taxes, or you’ve already been juggling a lot of things on top of your tax responsibilities, then it is an excellent idea to ask the professionals in Farahat & Co to guide you.

In an attempt to save money or understand your finances finally. You may also think that it is a good idea for you to do your taxes.

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In the UAE, we are the go-to specialists of countless entrepreneurs and corporations. We also help them deal with all matters associated with tax in the UAE. Yes, this also includes the individual VAT registration process in the UAE. Here is a list of activities and industries that we’ve helped including essential information you have to know regarding UAE tax:

  • Oil and gas – companies that operate in the industry of oil and gas are subject to tax rates that have been negotiated with the authorities. Also, Agreements can reach up to fifty-five percent tax.
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We are specialists that businesses and individuals run to for taxation matters. However, here’s how we can help you:

  • FTA Investigations and inquiries – Being investigated or inquired by the Federal Tax Authority in UAE can be very worrying and stressful. Also, with our team of tax specialists’ wealth of experience with regards to dealing with FTA investigations. We will also be able to provide you with the help and support that you need.
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