Corporate Tax & Expenses: An Overview The UAE corporate tax law dismisses or prohibits certain expenses to be deducted. This is done so that a form of relief is given
Ministerial Decision No. 82 of 2023 requires taxable persons to prepare and maintain audited financial statements that comply with the International Financial Reporting Standards (IFRS) for tax purposes. To ensure
The Global Minimum Tax and UAE Corporate Tax The global minimum tax, also known as the OECD 2 Pillar solution, is a new tax framework aimed at ensuring that multinational
This article outlines the rules and conditions for deductible expenditure in computing taxable income for corporate tax purposes. Whereas, the deduction is allowed for expenditure that is incurred wholly and
“This guide reflects the UAE VAT amendments effective from 15 November 2024 and remains fully applicable in 2026.” The Federal Tax Authority (FTA) issued Public Clarification No. 40 to provide
Essentially, taxable persons are required to comply with the Arm’s Length Principle in business transactions for corporate tax purposes. As per the latest Explanatory Guide, the taxable income of taxable
The tax residency certificate (TRC) is a valid document that confirms a person’s tax residency status for a given country as issued by its relevant tax authority. The FTA sitting
For corporate tax purposes, Exempted Persons are required to comply with the Federal Tax Authority Decision No. 11 of 2023, which requires exempt persons to submit a declaration to confirm
A declaration under corporate tax is a statement that a taxable person must submit to the FTA to report their income and expenses for a financial year and calculate their corporate
Corporate Tax Audits UAE is a mandatory process to check if companies comply with tax regulations and report their tax liabilities correctly. An auditor reviews a company’s financial statements, tax
As per the UAE corporate tax partnership are broadly categorized into two forms, this includes foreign and regional partnerships. Further, regional partnerships are expanded into incorporated and unincorporated coalitions. Therefore,
The “Corporate Tax Law,” Federal Decree-Law No. (47) of 2022, was implemented in the UAE on December 9, 2022, and effected on June 1st, 2023. This initiative aims to bolster
