#CorporateTaxation

[mfiling]

Trust in our solutions at MFiling.com to make tax season a breeze. Contact us today!

[sophiasoni]

[alishajoy059]

Navigate India's income tax rates for FY 2022-23: Individuals below 60 taxed up to 30%, seniors and very seniors enjoy exemptions. Corps at 25-30%. Deductions help lower taxable income. Stay informed for effective financial planning.

[mna-business-solutions]

Corporate Tax Registration Services in UAE - MNA Business Solutions

Important Update on Corporate Tax in UAE-

FTA has made an important update regarding the specified deadlines for CORPORATE TAX REGISTRATION. Delay will attract penalty of AED 10,000/-.

No need to worry, WE ARE HERE to guide you through the hassle-free process of Corporate Tax Registration –

• Corporate Tax Registration.

• Avoid penalties.

• Get expert guidance

Do not delay, contact us today for a consultation and ensure a smooth transition into the new tax regime.

MNA Business Solutions

(Accelra Accounting Services)

Mobile – +971505398688, Email – info@mnauae.com

[enterprisewired]

EU Tribunal Adviser Calls for Review of Apple’s 13-Billion-Euro Tax Case

In a potential stumbling block for Apple, an adviser to Europe’s top court has recommended a reevaluation of the EU tribunal’s ruling in favor of the tech giant over a staggering 13-billion-euro ($14 billion) tax order. Giovanni Pitruzzella, the adviser, contends that the General Court committed legal errors in its decision and is calling for the Euro tax case to be revisited, raising questions about the fairness of multinational tax arrangements.

The Allegations

The tax dispute revolves around allegations that Apple enjoyed the benefits of two Irish tax rulings for over two decades, artificially reducing its tax burden to an astonishingly low 0.005% in 2014. Margrethe Vestager, the European Commission’s antitrust chief, has been at the forefront of cracking down on such deals between multinationals and EU countries, arguing that they constitute unfair state aid.

While the General Court had upheld Apple’s challenge in 2020, Pitruzzella disagreed, stating that the court committed legal errors and failed to properly assess certain methodological errors pointed out by the Commission. He recommended setting aside the General Court ruling and referring the Euro tax case back for a new assessment.

Ireland’s Position

Ireland, a pivotal player in the proceedings, maintains its stance that it did not provide any state aid to Apple. Michael McGrath, speaking on behalf of Ireland, emphasized that Pitruzzella’s opinion is non-binding and does not form part of the final judgment, underlining the complexity and ongoing nature of the legal saga.

Apple, which had appealed against the tax order along with Dublin, had already paid the full amount, which was being held in an escrow account. Despite the ongoing legal battle, Apple remains firm in its stance that it received no selective advantage or state aid.

Apple may have to pay a $14 billion tax bill to Ireland | Euro tax case

EU Court of Justice

The ruling from the EU Court of Justice (CJEU) is expected in the coming months, and typically, the court follows around four in five such recommendations.

This development adds another layer to Vestager’s mixed record in defending tax cases in court. While she secured a significant victory in September against a Belgian tax scheme, challenges by companies like Stellantis, Amazon, and Starbucks were backed by the judges.

Vestager continues her tax crackdown, investigating cases involving IKEA, Nike, and Huhtamaki. The outcome of the Apple Euro tax case, labeled as C-465/20 P Commission v Ireland and Others, will undoubtedly have broader implications for multinational tax arrangements within the EU.

Curious to learn more? Explore our articles on Enterprise Wired

[digitaxsales]

The Importance of Accurate Payroll

[ivygorgon]

An open letter to the U.S. Congress

Pass President Biden’s budget!

890 so far! Help us get to 1,000 signers!

At a time when working families are having trouble affording everything from healthcare to education to housing to food, we need a budget that lowers costs for millions of households―paid for by making the wealthy and big corporations pay their fair share.

President Biden’s FY2025 budget would expand the Child Tax Credit, expand Affordable Care Act subsidies to help millions of people afford healthcare in states that haven’t expanded Medicaid, invest in free pre-K for 2 million kids, implement a national paid family and medical leave program, provide free community college, expand Social Security’s modest benefits, and more.

It would also reduce the national debt by nearly $3 trillion.

He does this by raising the corporate tax rate, implementing a 25% tax on the wealth gains of billionaires and ultra-millionaires, ending tax breaks for excessive CEO pay, closing loopholes that encourage corporations to ship jobs and profits offshore, and much more.

I urge Congress to pass President Biden’s FY2025 budget to invest in working people and our future. By wide margins, the American people think that the wealthy and large profitable corporations should pay more of their fair share in taxes. So endorsing the president’s budget is not only good policy, it’s good politics. Thanks!

▶ Created on March 15 by Jess Craven

📱 Text SIGN PULPMC to 50409

🤯 Liked it? Text FOLLOW JESSCRAVEN101 to 50409

[transcendaccounting]

Unveiling the Secrets of Corporate Tax Efficiency with Transcend Accounting

At our firm, we specialize in aiding investors to expand their businesses across diverse nations, with a particular focus on the UAE. Our comprehensive services encompass everything from facilitating business establishment in the region—including Company Formation, Visa Procedures, and Bank Account Opening—to Managing HR, Payroll, VAT, Corporate Tax and accounting needs. We provide stress-free and worry-free business services that cater to all the requirements of our investors, ensuring seamless operations and optimal growth.

Strategic Planning: The Backbone of Tax Efficiency

At the core of enhancing corporate tax efficiency lies strategic planning. Our accounting team specializes in crafting bespoke tax strategies that precisely align with the unique needs and objectives of businesses. Through meticulous analysis of financial data and forecasting future trends, we assist businesses in optimizing their corporate tax structure to minimize liabilities and maximize savings.

Leveraging Local Tax Incentives

One of the key advantages of utilizing our accounting's corporate tax services in Dubai is tapping into the array of local tax incentives and exemptions. From free zone benefits to specific industry incentives, we have a deep understanding of the local tax landscape and can guide businesses in leveraging these opportunities to their advantage. By strategically positioning businesses within the appropriate tax jurisdictions, we can unlock significant cost savings.

Technology-Assisted Simplified Tax Procedures In the age of digitization, increasing tax efficiency requires the use of technology. we use state-of-the-art instruments and software to automate tedious work, reduce errors, and expedite corporate tax procedures. By using technology, businesses can save time and money on tax compliance, allowing them to focus on their core operations and key strategic initiatives.

Global Expansion:

Expanding your business globally opens up a world of opportunities, but it also introduces complexities in terms of taxation and compliance. corporation tax services are vital in helping companies who are expanding into foreign markets by offering them the necessary support. These services ensure compliance with tax rules and regulations in numerous jurisdictions and have the experience to navigate the complexities of cross-border taxation.

Peace of Mind:

Businesses can have priceless peace of mind knowing that their tax matters are being managed by appropriately qualified professionals when they use corporate tax services.

Taxation is a complex and ever-changing field, and attempting to manage it internally can be daunting and time-consuming for businesses.

We offer a pathway to financial optimization for businesses operating in the dynamic landscape of Dubai. By employing strategic planning, leveraging local tax incentives, and embracing technology, we empower businesses to maximize tax efficiency and save money. Achieving long-term financial success can be significantly increased by partnering with Transcend Accounting.

So, why not take the leap and explore the advantages of Transcend Accounting's corporate tax services in Dubai today?

[nordholm]

Unlocking Corporate Tax Efficiency: Nordholm’s Expertise in the UAE

The task of understanding and complying with corporate tax obligations can be overwhelming for businesses, given the intricate nature of the regulatory frameworks that are subject to continuous evolution. At Nordholm, our team of seasoned Professionals Specializes in Corporate Tax Compliance, offering unparalleled expertise to ensure your company thrives within the UAE's tax scheme.

The UAE Corporate Tax scheme, meticulously designed by leveraging successful global policies, aims to streamline tax compliance for organizations. While the majority of UAE-based companies are required to Pay Corporate Tax on their international financial profits, we adept professionals maneuver through these requirements seamlessly, ensuring utmost compliance.

Our experienced team ensures precise and efficient completion, utilizing their extensive knowledge to facilitate your company's tax management processes seamlessly. We prioritize understanding your business intricately – its products, services, and transactions. Our tax calculations are meticulously crafted based on this knowledge, ensuring they align impeccably with legal requirements. Leveraging our profound industry insights, we guarantee accurate tax assessments, allowing your business to fulfil its obligations appropriately.

As an accounting firm in the Pacific Northwest, we are proud to be known for our rapid expansion and outstanding performance. Our adept team specializes in overcoming common corporate hurdles such as tax issues, resource constraints, compliance challenges, and outdated accounting systems. Our Corporate Tax services offer a strategic advantage, ensuring meticulous and timely accounting practices.

We offer an array of specialized Corporate Tax services tailored to your business needs:

Corporate Tax Registration and de-registration

Corporate Tax Audit and Consultancy

Corporate Tax Implementation

Corporate Tax Return Filing

Corporate Tax Training and more

Partnering with Nordholm means Navigating Corporate Tax Compliance effortlessly, enabling your business to flourish while staying ahead of the ever-evolving tax landscape.

Whether you’re a budding enterprise or an established corporation, our expertise ensures your business is well-equipped to manage its tax responsibilities effectively within the UAE's regulatory framework.

[finlotax]

Impact the Tax Cuts and Jobs Act (TCJA) has on Individuals and Businesses

The Tax Cuts and Jobs Act (TCJA), which took effect on 1 January 2018, involved a major overhaul of the existing taxation code. It aimed to reduce tax rates for individuals, corporations, and households, apart from simplifying tax records maintenance and paperwork. Both personal and corporate income tax rates and bases underwent drastic changes, the ramifications of which will be felt in 2025 when certain exemptions under the act expire. To better understand the impact the Tax Cuts and Jobs Act (TCJA) is likely to have on your personal and business taxes, let's delve into a few of the Act’s major provisions.

Some of the most talked facts about provisions of this Act include;

Reducing the maximum corporate income tax and creating a single flat rate for corporate taxes

Temporary drop in individual income tax rates

Deduction for pass-through income

Restructuring of international tax rules

Removing the mandate on adequate health insurance

Abolishing of corporate alternative minimum tax

Increase in the standard deduction

Estate tax exemption

Individual alternative minimum tax exemption

Notably, many of the benefits to individuals under this Act will expire in 2025

Let’s examine how the provisions of TCJA impact individuals and businesses.

Impact of TCAJ on individuals

The TCAJ applies to individuals based on how much they earn and which tax bracket they fall under. The consensus is that TCAJ favors those with higher incomes, while those with the lowest incomes would have to pay more taxes once the provisions about individual taxes expired in 2025.

1. Fall in personal tax rates

One of the major provisions of the TCAJ was a reduction in the personal tax rates. While keeping the seven tax brackets of the previous act intact, tax brackets that were previously 39.6%, 33%, 28%, 25%, and 15%, were reduced to 37%, 32%, 24%, 22%, and 12%. The TCAJ did not make changes to the lowest bracket rate of 10%. It also retained the 35% bracket without rate changes. These are temporary tax cuts and will expire in 2025.

2. Higher standard deduction permitted

The TCAJ increased the standard deduction permitted to single filers and married couples. In 2024, single filers could deduct $14,600, while married couples who file joint returns could deduct $29,200. For tax filings in 2025, single filers will be permitted a deduction of $15,000 and married couples filing joint returns will be permitted a deduction of $30,000.

3. Mandatory health coverage removed

The mandatory health coverage requirement under the Affordable Care Act has been removed. This means that individuals who do not have health insurance coverage will not be penalized under the TCJA.

4. Creation of individual retirement accounts

The TCJA aimed to improve the retirement prospects of all Americans with the Setting Every Community Up for Retirement Enhancement (SECURE) Act which permits the creation of individual retirement accounts for senior citizens over 73 years old.

5. Increase in child tax credit

Under the TCJA, the child tax credit was increased and a non-refundable credit was created for non-child dependents. The changes will expire in 2025.

6. Exemption for estate tax

The Act has provided a temporary estate tax exemption which will end in 2025. Single filers can claim a maximum exemption of $13.6 million in 2024 and $13.99 million in 2025.

7. Student debt allowance

The TCJA permits the funding of K to 12 private school tuition by 529 plans up to an amount of $10,000 per annum per child.

8. Temporary suspension of personal exemption

The personal exemption amounting to $4,150 permitted under the previous tax regime has been suspended by the TCJA until 2025.

9. Increase in Alternative Minimum Tax

The TCJA has temporarily raised the exemption and exemption phase-out threshold under the Alternative Minimum Tax (AMT) applicable to individuals earning income above a certain level. The AMT stipulated that a tax filer was required to pay the government a minimum percentage of taxes, without taking into consideration any applicable tax deductions or credits. The AMT also allowed a certain amount to be treated as an exemption.

10. Limit on mortgage interest

The mortgage interest deduction permitted to married couples filing jointly has been temporarily limited to $7,50,000 worth of debt under TCJA until the end of 2025.

Impact of TCAJ on Businesses

1. Corporate tax rates cut down

TCAJ cut down corporate taxes from 35% to 21% in a bid to stimulate economic growth in the private sector. This is a permanent cut unlike the one for individuals. Corporate AMT was also repealed.

2. Increased deduction for short-term capital investments

Short-term capital investments no longer need to be depreciated over time but can be considered as immediate expenses under Sec 179 of the TCJA.

3. Deduction for pass-through businesses

Pass-through businesses such as sole proprietorships, S-corporations, and partnerships can now avail of a 20% deduction on pass-through income, subject to certain capping.

4. Cap on the deduction applicable to interest income

The TCJA caps the net interest deduction at 30% of earnings before considering interest and taxes.

5. Alteration to accounting mode

Under the old tax laws, businesses with $5 million or less in average annual gross receipts during the previous three years could adopt the cash mode of accounting. Under the TCJA, this law has been extended to cover businesses with 3-year average annual gross receipts up to $25 million.

6. Alteration to the law on net operating loss

Net operating loss carrybacks are no longer permitted under the TCJA, while carryforwards are capped at 90% of taxable income.

7. Abolition of Sec 199 deduction

The Sec 199 deduction for businesses engaged in production work and other domestic manufacturing activities, has been scrapped under the TCJA.

8. The territorial tax is introduced

The TCJA ushered in the territorial tax system which levied taxes on business income earned domestically. The Base Erosion Anti-abuse Tax (BEAT) was promulgated to counteract base erosion and profit shifting. Companies whose yearly gross receipts cross $500 million fall under the purview of BEAT.

9. Altered mode of handling intangible property

The TCJA changed how a company’s overseas intangible property, such as patents, copyrights, and trademarks, was treated for taxation purposes and brought in the Global Intangible Low-taxed Income (GILTI) rules.

The TCJA resulted in a major overhaul of the existing federal tax codes. However, many of the changes brought in are likely to expire at the end of 2025. Whether the provisions of the TCJA will be extended, altered, or permitted to lapse depends on what lawmakers decide after 2025. Hence, you can expect significant changes in the US tax code beginning in 2026.

Finlotax: A professional tax consultancy firm in CA

We are Finlotax, your dependable taxation firm in CA. We can assist you in effectively dealing with all your TCJA compliance issues. If you need help with your firm’s taxation or bookkeeping, take advantage of our competitively priced CFO, bookkeeping, tax prep, tax planning, payroll, and compliance solutions. For further details, you can contact us at 4088229406.

[bluespringsincometaxpreparation]

No matter who wins the presidential election next week, let's lay out the impact of each client's tax plans on your wallet. With a Trump administration... 🍁 Extended TCJA provisions = lowered income tax brackets, maintaining the higher standard deduction, reduced taxes for business owners (think QBI) and corporations 🍁 Taxes on Social Security benefits would end entirely. 🍁 Overtime hours worked would not be taxed. 🍁 A 10-20% tariff would be imposed on most imported goods -- a 60% tariff on goods specifically from China. With a Harris-led administration... 🍁 Increased child tax credit (from $2,000 to $3,600 for younger children; up to $6000 for a baby’s first year) 🍁 First-time homebuyer down payment assistance (aka $25,000 tax credit) 🍁 The deduction for small business startup costs would jump from $5,000 to $50,000 🍁 Medicare taxes bumped up to 5% for those who make more than $400,000 annually 🍁 Raised corporate income tax rate (from 21 to 28%) 🍁 Raised capital gains tax (from 20 to 28%) for those who make 1 million or more annually. We're here in your corner to help guide you through, no matter the outcome.

[sophiasoni]

Corporate Tax Preparation Course: A Guide For Canadian Businesses

[levamos]

Avoid AED 10,000 penalty! Register your business for corporate Tax now

Contact Us Today!

Visit us: https://lvsdxb.com/

 Call us: Call us: (+971) 58 556 7272 |  (+971) +971501427727

 Mail us: info@lvsdxb.com

[intellectdubai]

UAE Corporate Tax Registration 2024: Complete Guide for Businesses

In January 2022, the UAE Ministry of Finance made a major announcement that has since shaped the future of business operations in the country—the introduction of corporate tax. This decision marks the UAE's shift toward adopting international standards of taxation while supporting its ambition to become a global business hub.

Starting from either June 1, 2023, or January 1, 2024, depending on your business’s financial year, businesses operating across the seven emirates will be required to pay corporate tax. This guide breaks down everything you need to know about UAE corporate tax registration 2024, making it easier for businesses of all sizes to navigate these new regulations.

Why Corporate Tax in UAE?

The introduction of corporate tax is part of the UAE's broader effort to enhance its global standing, ensure a fair tax environment, and meet international tax standards. For years, the UAE has been a low-tax or tax-free jurisdiction, attracting businesses from around the world. While the new corporate tax may seem like a significant change, it’s designed with several goals in mind:

Encouraging Business Growth: By maintaining a favorable tax regime (with a 0% tax rate on lower income), the government ensures that small and medium businesses can continue to grow without heavy tax burdens.

Sustaining Development: Corporate tax revenues will support national development plans, fostering infrastructure, healthcare, education, and other public services.

Adhering to Global Tax Standards: With more countries aligning their tax systems under global standards, the UAE’s corporate tax reinforces the country's commitment to international tax regulations, helping it avoid being categorized as a tax haven.

Corporate Tax Rates in the UAE

The corporate tax structure is relatively simple and designed to be competitive with other countries. As per the Ministry of Finance, corporate tax rates are as follows:

0% Tax Rate: If your company’s taxable income is up to 375,000 AED, no corporate tax is due. This threshold ensures that small businesses, startups, and new ventures are not financially strained.

9% Tax Rate: If your business generates taxable income above 375,000 AED, you will be taxed at a 9% rate on the amount exceeding this threshold. This rate is significantly lower than corporate tax rates in many other countries, making the UAE an attractive destination for businesses.

Notably, certain entities such as government entities, natural resource businesses, and free zone companies (that comply with all regulations) are exempt from corporate tax.

Corporate Tax Registration Deadlines 2024

The corporate tax registration deadlines in the UAE vary depending on when you received your business license. Rather than setting one uniform deadline, the government has created a staggered system to spread the registration workload over time. Here’s a breakdown of the deadlines based on when your business license was issued:

If your license was issued between January 1 - February 28/29, the deadline for corporate tax registration is May 31, 2024.

If your license was issued between March 1 - April 30, the deadline is June 30, 2024.

If your license was issued between May 1 - May 31, the deadline is July 31, 2024.

If your license was issued between June 1 - June 30, the deadline is August 31, 2024.

If your license was issued between July 1 - July 31, the deadline is September 30, 2024.

If your license was issued between August 1 - September 30, the deadline is October 31, 2024.

If your license was issued between October 1 - November 30, the deadline is November 30, 2024.

If your license was issued between December 1 - December 31, the deadline is December 31, 2024.

All businesses are required to meet their respective deadlines, and failure to register on time may result in penalties. It’s crucial to note that businesses that miss their registration deadline will still be obligated to pay corporate tax, but they may face additional fines or delays in compliance.

Steps to Register for Corporate Tax in Dubai, UAE

The UAE government has simplified the corporate tax registration process to ensure it is accessible for all businesses, whether you are a small startup or a large multinational. Registration is conducted through the EmaraTax portal, a central online platform for tax-related matters in the UAE. Here is a step-by-step guide to registering for corporate tax:

Login to the EmaraTax Portal: If you already have an account, simply log in with your credentials. If not, you can either create a new account by clicking on the “signup” button or log in using the UAE Pass.

Taxable Person List: Once logged in, you will see a list of all taxable persons associated with your profile. If there are no taxable persons linked to your account, you will need to add your business as a taxable entity.

Start the Registration Process: Click on the “Register” button under the Corporate Tax tile in the dashboard.

Fill in Entity Details: Select your business’s entity type from a dropdown menu (e.g., LLC, sole proprietorship, etc.), and the form will automatically adjust based on your selection.

Add Business Activity: In this section, you’ll need to provide details on your company’s activities, as listed on your trade license.

Add Owners & Branches: You will be required to enter details about all owners (including passport and Emirates ID copies) and branches (if applicable). Ensure that you fill in the required fields for each entity.

Contact Details: Provide your business's registered address, including a P.O. Box number.

Add Authorized Signatories: If your company has authorized signatories, you will need to input their details. You can add multiple signatories if needed.

Review & Submit: Carefully review all the information you have entered. After confirming that everything is accurate, click “Submit” to complete the registration process.

Once your registration is submitted, the application will be processed, and your business will officially be registered for corporate tax.

Documents Required for Corporate Tax Registration

To complete the corporate tax registration, you will need to have the following documents on hand:

A copy of your Trade License.

Passport and Emirates ID copies for all owners, partners, and shareholders.

Memorandum of Association(MOA) or Power of Attorney(POA).

Contact details of the business and the relevant individuals (including phone numbers and email addresses).

A copy of your Annual Financial Audit Report, showing the company’s financial performance over the previous year.

Having these documents prepared in advance will streamline the registration process and avoid any delays.

Why Businesses Need to Comply

Adhering to corporate tax regulations is not just about avoiding penalties; it’s about staying competitive in a rapidly evolving global market. The UAE government has introduced the corporate tax in a way that aims to benefit businesses and support long-term growth. Companies that comply early on will be better positioned to adapt to the regulatory environment and establish themselves as responsible, forward-thinking enterprises.

Moreover, as global tax standards continue to evolve, countries like the UAE are making efforts to remain aligned with the broader international tax landscape. This enhances the credibility of UAE-based businesses in international markets, helping them forge stronger partnerships and attract foreign investment.

Corporate Tax Registration Services in the UAE

Navigating the complexities of corporate tax registration can be challenging, especially for businesses that are unfamiliar with tax regulations. That’s where expert services like those offered by Intellect Chartered Accountants come in. With over 21 years of experience in the field, Intellect Chartered Accountants is a leading provider of corporate tax registration services in Dubai, UAE.

Whether you need help with registering for corporate tax, understanding VAT, or ensuring that your business remains compliant with UAE laws, Intellect Chartered Accountants offers tailored solutions to meet your financial needs. Our team of tax experts is here to guide you through every step of the process.For more information on how we can assist with your corporate tax registration, contact Intellect Chartered Accountants today.

[wesetupbusiness]

Unlock financial potential with expert corporate services

Accounting & Bookkeeping

Financial Statements

Tax Preparation

Budgeting and Forecasting

Contact us: +971 58 863 6832 | info@wesetupbusiness

Visit our website: https://wesetupbusiness.com/services

[thetaxplanett]

Understanding Federal Taxes: A Comprehensive Guide on Tax Planet

Federal taxes are a crucial component of the U.S. taxation system, directly impacting both individuals and businesses. At Tax Planet, we believe in demystifying the complexities of federal taxes, providing you with clear, actionable insights to navigate your tax obligations effectively.

In this comprehensive guide, we’ll explore the various aspects of federal taxes, including income tax, corporate tax, payroll tax, and how they contribute to the nation's economy. Whether you're a taxpayer looking to understand your liabilities or a business aiming to optimize your tax strategy, Tax Planet offers the resources you need to stay informed and compliant.