UAE Corporate Tax Law
Accounting Standards and Methods for Purposes of Corporate Tax in UAE
Ministerial Decision No. 82 of 2023 1 was recently issued following some amendments to the UAE Corporate Tax Law. The newly annexed law determines the categories of taxable persons who are required to maintain and prepare audited accounts statements in line with international standards towards a minimum corporate tax rate. Essentially, businesses must establish whether they are taxable, exempt or a qualifying free zone person.
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Maintenance of Audited Accounts Statements by Taxable Persons
Federal Tax Authority Decision No. 5 of 2023 stipulates the conditions for changing the tax period for corporate tax purposes.
The decision puts a specific criterion for taxable persons to qualify for change of their tax period, effective from 1st June 2023.
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Determining Tax Residency for Purposes of Corporate Tax in UAE
Ministerial Decision No. 27 of 2023 on Implementation of Certain Provisions of Cabinet Decision No. 85 of 2022 on Determination of Tax Residency stipulates the requirements for taxable persons to be regarded as tax residents in the UAE. Therefore, for taxable persons to effectively assess and determine their tax residency, it is advisable to seek the services of Tax Consultants UAE.
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Conditions for Change in Tax Period for Corporate Tax Purposes in UAE
Ministerial Decision No. 116 of 2023 for the purposes the Taxation of Corporations and Businesses stipulates the conditions to qualify for Participation Exemption. As per the Decision, ownership interest include and is not limited to, holding any one or a combination of Ordinary Shares, Preferred Shares, Redeemable Shares, Membership and Partner Interests, Other types of securities, capital contributions and rights that entitle the owner to receive profits and liquidation proceeds.
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Participation Exemption for Purposes of Corporate Tax in UAE
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
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Small Business Relief for Purposes of Corporate Tax in UAE
Ministerial Decision No. 73 of 2023 provides relief to small Businesses, aimed at easing their corporate tax burden and reducing compliance costs. The Decision stipulates a revenue threshold that qualifies for the tax relief. Thus, it is advisable for small businesses to seek the expert services of Tax Consultants UAE to establish their taxability and to avail tax relief in compliance with the UAE corporate tax law.
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Participation Exemption for Purposes of Corporate Tax in UAE
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
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