#Dubai corporate tax

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The Corporate tax in UAE was introduced on 1st June 2023 by the UAE authorities. The law specifies that every business entity or individual operating in the UAE that is eligible for taxes would be subjected to a 9% corporate tax. The rule was implemented to strengthen the country's status as a leading global hub for investment and accelerate the strategic goal towards development and transformation. Furthermore, it would help the country meet international standards for tax transparency and combat harmful tax practices. If you have any further queries regarding Corporate Tax in the UAE, reach out to the tax consultants at Shuraa Tax.

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Federal Corporate Tax in UAE – Published Official CT Legislation

In the wake of the public announcement regarding the benefits of Corporate Tax in UAE (CT) and the frequently asked questions (FAQs) on January 31, 2022, as well as the publication of the Public Consultation Document in April 2022, the Federal Decree-Law no. 47 of 2022 regarding the Taxation of Corporations and Businesses Corporate Tax Law has been released on December 9, 2022.

The UAE Corporate Tax Law is Federal Decree-Law No. 47 of 2022, issued on October 3, 2022, and becomes effective 15 days following its announcement in the Official Gazette. The Corporate Tax law applies to the profits of businesses for fiscal years that begin on or after June 1, 2023.

This article gives brief highlights of the new rules, which were it was announced by The Ministry of Finance (“MoF”) and the Federal Tax Authority (“FTA”). It is important to note that the new rules align with the Public Consultation Document.

More details are awaiting Cabinet and Tax Authority Decisions, and further guidelines are expected to be issued to finalize all Corporate Tax Legislation in areas such as the Free Zone and Director compensation guidelines. Following the publication of Corporate Tax Legislation, the MoF has confirmed that its introduction is scheduled for June 2023.

Scope of Corporate Tax in UAE

Corporate Tax in UAE applies to the adjusted net profit of the worldwide accounting of the company.

The Corporate Tax in UAE Regime has two rates of different types:

A tax-free rate applies to tax-deductible earnings up to a     certain amount that is to be set in a Cabinet Decision (the FAQs relate to the threshold of AED 375,000)

The tax standard for the statutory rate is 9 percent.

Confirming the minimal tax burden of just 9% aims to ensure that the UAE has a competitive tax rate worldwide.

The Corporate Tax Law is silent in Article 3 on aspects governing the global minimum of 15% tax rate. That applies to MNEs that fall within the definition of Pillar Two, which is part of BEPS Pillar 2. OECD BEPS project and applies to multinational corporations (MNCs) that have consolidated worldwide revenues exceeding EUR 750 million (c. the equivalent of AED 3.15 billion) at any time in two of the last four years. The FAQs address the possibility of adopting within the UAE of BEPS Pillar 2.

Individuals:

Individuals are affected by corporate taxation if they engage in business activities that are in line with an overall VAT concept for business activities. A Cabinet decision is anticipated regarding how to apply Corporate Tax in UAE to natural people. That means that Corporate Tax does not apply to a person’s salary and other earnings earned through employment. However, those earning income through part of a business venture would be covered by Corporate Tax in UAE.

Free Zones

A specific and defined regime (subject to a further Cabinet decision) is provided for all businesses in UAE-free zones. These zones:

Maintain sufficient substance and

Earn qualifying income.

What is a sufficient income will be defined by a Cabinet decision. According to the Public Consultation Document, this could refer to the requirement not to do Business with the mainland UAE. It is stated that Free Zone companies can choose to be taxed as a corporation at a rate of 9 percent.

A wide range of UAE rules for sourcing is in force and essential for businesses in the Free zone who want to satisfy the requirements of substance.

Withholding Tax

There will be no withholding tax on specific categories of UAE State Sourced income produced by a non-resident. In turn, foreign investors who don’t carry any businesses in the UAE, in general, will not be taxed within the UAE.

Foreign Entities

Foreign entities can be residents of the UAE if they are operated and controlled in the UAE. Foreign entities who aren’t considered to be residents in the UAE, however, may have a permanent establishment in the UAE. The Definitions of Permanent Establishment have been clarified as fixed PE and the term “agency PE. Further details on PEs will be subject to a Ministerial decision.

Exempt Entities

The UAE Corporate Tax Law retains the exemption for Investment Managers exempted from Public Consultation Documents. Rules apply to Partnerships, and Family Foundations can also use to increase tax transparency.

Government entities and government-controlled entities, as well as qualifying public benefit entities and investment funds, will be exempt from the UAE Corporate Tax Law. Extractive companies (upstream oil and gas companies) are exempt if they earn revenue from their extractive businesses.

Banking operations are affected by Corporate Tax in UAE (unless an institution falls located in a Free Zone and is eligible for the zero-interest rate).

Implementation Date

Article 69 of the UAE Corporate Tax Law provides that the Law will apply to Tax Periods that begin on or after June 1, 2023.

Businesses with a financial year that begins on January 1 are subject to CIT starting on January 1, 2024.

Financial records & Requirement to Maintain Audited Statements

Taxpayers must create and keep financial statements backed by all records and documents to support Corporate tax returns. The forms must be kept for a minimum of seven years.

This obligation will apply to every UAE entity (unless included in the Corporate Tax Group).

Every entity must create its financial statements. However, only some entities may be audited for financial information. A subsequent Cabinet Decision(s) will define the types of tax-paying individuals that must keep certified or audited accounting statements.

Small Business Tax Relief

Reliefs for small-scale businesses with revenues or gross income below the threshold of a specific amount are made. Qualifying businesses will be considered to have no tax-deductible income and must comply with a simplified set of requirements.

The threshold is determined by the revenue, not the earnings or taxable income. That is likely to be confirmed by an upcoming Cabinet Decision.

Deductible / Non-Deductible Expenses

The expenses incurred solely and exclusively for business reasons (and which are not to be capitalized) can be deducted.

Deductions are not allowed when expenses are incurred to earn tax-free income. In the case of any expenditure with a mixed purpose, removal is not permitted. Interest expense is deductible subject to a limit of 30% of EBITDA.

Financial assistance rules are in effect and prevent companies from getting funding to pay dividends or distribute profits.

Entertainment costs are set at 50 percent.

Donations not tax-deductible include those made to a non-Qualifying Public Benefit Entity and bribes, fines, and dividends.

Notably, the amounts withdrawn from the Business by any natural person who is a tax-deductible individual are not deductible.

Exempt Income & Relief

The following income categories will be exempted from Corporate Tax in UAE (Article 22 of the UAE Corporate Tax Law):

Capital Gains and Dividends, and other distributions of     profits from a Resident

Capital Gains such as dividends, capital gains, and other     distributions from Qualifying shareholding in a legal entity of a foreign     country that is subject to a hold duration of 12 months, the minimum     contribution of 5 percent, and at the minimum, subject to 9 percent CIT     for the source country. From which they originate.

The income from a foreign PE is subject to certain conditions     and the option to apply an exemption (rather than credit)

Earnings of an individual who is not a resident of the     country come from operating ships or aircraft involved in international     transport.

These transactions can be subjected to a specific reduction, i.e., effectively an exemption from taxation:

Restructurings and intragroup transactions that qualify as     qualifying Entities will be eligible when they hold 75 percent common     ownership.

Restructuring relief for businesses under specific conditions.

Transfer Pricing

Related party’s transactions should be carried out under the arm’s-length principle as outlined in Section 34 under the UAE Corporate Tax Law. In addition, it states that the five conventional OECD Transfer Pricing strategies are suitable to help support the arm’s length character of arrangements with related parties and allows the use of alternative methods when needed.

Article 34 provides that when a tax authority adjusts to a foreign country that affects the tax structure of a UAE entity, the application must be submitted to the FTA to request a similar adjustment that allows the UAE firm to be exempt against double taxation. Any adjustments that result from domestic transactions do not require an application.

The requirements for documentation on transfer pricing are covered in Article 55. UAE businesses will have to follow the rules for transfer pricing and the documentation requirements set by OECD Transfer Price Guidelines, which lead to three-tier reports, i.e., master file, local file, and country-by-country reporting. A reference to a controlled transaction disclosure form is provided (details of which are still to be determined).

It should be noted that no thresholds for the materiality of the product are provided. Separate legislation will be released later. Advance pricing plans will become made available via the normal clarification process currently in place.

UAE has introduced provisions requiring the payment and benefits given to persons connected to be tax-deductible in their market value. The same rules are followed in Article 34 of the UAE CIT Law.

Administration & Enforcement

The MoF is the sole authority for purposes of multilateral     bilateral or multilateral agreements as well as for the exchange of     information between countries.

The FTA is accountable for the corporate tax system’s     administration, collection, and application. Fines and penalties are governed     under a law known as the Tax Procedures Law.

Companies will require a VAT Registration UAE from     the FTA.

Companies that are required to comply with UAE Corporate Tax     are required to submit the Corporate Tax return online for every financial     year within nine months from the date of the end of that Financial Period.     (A financial period generally refers to any financial period that is 12     months long)

Free Zone companies that are subject to CIT at 0 percent CIT     must also submit a CT Return.

Foreign Tax Credits

Tax credits for foreign taxation are allowed for Corporate Tax in UAE due as per the Public Consultation Document. Businesses can claim less corporate tax owing and the sum of tax withholding effectively removed. There is no way to carry forward. There will be no credit for taxes paid to the individual Emirate.

Tax Grouping

Fiscal unity or Tax Group: UAE companies can form a “fiscal unity” or Tax Group to serve UAE purposes. The main requirement for a Tax Group is to comply with the (in)direct sharing requirement, which is 95 percent. Free zone entities subject to zero percent cannot join the Tax Group. Additionally, the parent (which may be intermediate) must be a UAE company.

Losses

By article 37 of the UAE Corporate Tax Law, losses can be carried forward for up 75 percent of taxable income. Losses can be transferred between members of the same group of corporations if those entities have 75 percent direct or indirectly owned. Losses cannot be transferred from exempt individuals or entities that are free zone. Loss offsets are also subject to the cap of 75 for businesses that roll forward losses.

Tax-deductible losses may be lost in the event of an ownership change (50 percent or more) if the new owner runs the same or similar Business. The criteria to be considered for this have been established.

Anti-Abuse

UAE will adopt an Anti-Abuse General Rule, also known as “GAAR.” The GAAR applies to cases where one of the primary reasons for a transaction is to gain an income tax benefit for the corporation that is incompatible with the purpose or intent of the UAE Corporate Tax Law.

The FTA will deal with and alter or counteract the transaction. The GAAR only applies to agreements or transactions entered after the UAE Corporate Tax Law is published in the UAE Official Gazette on October 10, 2022, in issue #737.

Summary

With the publication of the UAE Corporate Tax Law and confirmation of a 9% tax rate and a 9% rate, UAE has established a globally competitive rate for Corporate Tax in UAE and confirmed its intention to implement Corporate Tax in June 2023.

It is expected that additional information to be released over the coming months to be fleshed out and provide more excellent knowledge of its implementation. Nevertheless, several key elements are already confirmed, including introducing compulsory transfer pricing rules.

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Corporate Finance in UAE: An Essential Guide to Trust Receipts

As Dubai is emerging as a trading hub in the world for new business setup,so corporate finance services in Dubai are facilitating numerous methods of finances including Trust receipts. Trust receipt is a financial instrument of trade and corporate financing services in UAE to manage working capital and smooth flow of goods and services too.

How trust receipts work in UAE?

Trust receipt is a financial document that becomes necessary when a trader is in need of funding requirements from the banks. In such a circumstance the buyer imports the goods from the supplier and bank issues a Letter of Credit to the supplier for ensuring the payment upon the receipt of the required documents. After this bank settles the payment with the supplier. This is when the Trust Receipt agreement is generated and buyer takes the possession of the goods. After the selling of goods, the buyer repays the bank with in the specified period and hence the bank relinquishes its claim.

Consult with the First Check Consultants, for corporate finance services in UAE regarding specific aspects of trust receipts, top banks offering trust receipts in UAE and the step-by-step guidance for the application.

Requirements for Generating Trust Receipt in UAE

For generating the trust receipt in UAE, the traders must follow the specific requirements as:

Trading License

The applicant of trust receipt must have the trading license issued by Dubai Department of Economy and Tourism and along with that he must also have to open a corporate account with a UAE based bank offering trading services. Do not consider it a hassle process, for this always consult the corporate governance consultants in UAE. Their guidance will definitely help you for acquiring trust receipts in UAE.

KYC Documentation

For KYC Documentation the requirements will be,

Passport

Emirates ID of business owners

Trading license

Memorandum of Association

Business address proof

Banking relationship

Banks plays a vital role in the whole process of providing credit facility.After assessing the financial health of the applicant , bank agrees on the terms of issuing the trust receipts. It also involves trust receipts outlining terms, repayment period and interest rate too. For the extension of short-term financing the borrower must also have the good relationship with the bank as the maturity date of short- term finances always exist between 30 to 180 days and in case till the maturity date if no payment has been received by the bank, then bank may also dispose of the merchandise.

Import Documentation

The letter of credit always ensures that the bank guarantees for the payment to the supplier. The documentation required for the import is commercial invoice, packing list, airway bill, certificate of origin and custom clearance documents also.

Financial Guarantees

Trust receipts couldn't be generated without the possible financial guarantees. The bank may ask for any security depending on the agreement such as fixed deposits or personal or the corporate guarantees. Sometime financed goods themselves served as a collateral and hence reduces the need of any other additional security. Trust receipts is a short-term financing and the importer have to repay the bank with in the agreed credit period as decided with in the mutual agreement.

Wrap-up

Having any query regarding the Corporate Financing in UAE, feel free to consult The First Check Consultants as we are one of the best businesses set up consultants in UAEprovidescorporate finance advisory services in UAE and guide the people in maintaining liquidity and support trading activities effectively.

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Corporate Tax in Dubai: A Comprehensive Guide

Introduction to Corporate Tax in Dubai

Dubai, part of the United Arab Emirates (UAE), is recognized globally as a business hub with its tax-friendly policies and investor-friendly environment. However, recent developments in tax legislation, particularly the introduction of corporate tax in Dubai, UAE, are reshaping the financial landscape for businesses operating in the emirate. Corporate tax is a direct tax levied on the profits of corporations and entities, and understanding its implications is vital for businesses to remain compliant and competitive.

Overview of the UAE Corporate Tax System

The UAE announced the implementation of corporate tax starting June 1, 2023. Unlike many other countries with high tax rates, the UAE’s corporate tax regime is designed to remain competitive. Key highlights of the corporate tax system include:

Standard Tax Rate: A flat corporate tax rate of 9% applies to taxable income exceeding AED 375,000.

Zero Tax on Lower Profits: Income up to AED 375,000 is exempt, encouraging the growth of small and medium-sized enterprises (SMEs).

Free Zone Exemptions: Businesses operating in free zones that meet specific regulatory requirements can still benefit from tax exemptions on qualifying income.

No Tax on Personal Income: The corporate tax does not extend to personal income earned from employment, real estate, or investments, unless such income arises from business activities.

Who is Subject to Corporate Tax in Dubai?

Corporate tax applies to:

Companies Incorporated in the UAE: Including mainland and free zone entities (with certain exemptions).

Foreign Companies Operating in the UAE: If they derive income from a permanent establishment in Dubai.

Individuals Conducting Business: Freelancers or individuals earning income from business activities requiring a commercial license.

Entities exempt from corporate tax include government bodies, charitable organizations, and public benefit entities under specific conditions.

Benefits of the Corporate Tax System

While the introduction of corporate tax marks a shift in the UAE's traditionally tax-free environment, it offers several advantages:

Global Alignment: The tax system aligns the UAE with global tax practices, enhancing its reputation as a transparent and well-regulated jurisdiction.

Encouragement of Compliance: Businesses are incentivized to maintain accurate records, fostering a culture of transparency.

Revenue for Development: The corporate tax contributes to government revenues, funding infrastructure and public services while reducing reliance on oil-based income.

How to Calculate Corporate Tax

Businesses in Dubai must calculate their taxable income to determine their corporate tax liability. This involves:

Assessing Total Revenue: Include income from business activities within and outside the UAE.

Deducting Allowable Expenses: Operational costs, employee salaries, and other qualifying deductions are subtracted from revenue.

Determining Taxable Income: The remaining amount after deductions is subject to the corporate tax rate.

Businesses should also be aware of transfer pricing regulations, ensuring transactions between related entities comply with the arm’s length principle.

Compliance Requirements

Companies must adhere to the following compliance measures to avoid penalties:

Tax Registration: Businesses liable for corporate tax must register with the Federal Tax Authority (FTA) and obtain a Tax Registration Number (TRN).

Filing Tax Returns: Annual tax returns must be submitted electronically to the FTA.

Record Maintenance: Companies are required to maintain detailed financial records for a minimum of seven years.

Payment Deadlines: Taxes must be paid by the due date to avoid fines.

Corporate Tax Planning

Effective tax planning can help businesses minimize their tax liabilities while staying compliant. Here are some strategies:

Leverage Exemptions: Take advantage of free zone exemptions where applicable.

Utilize Deductions: Maximize deductions for operational expenses.

Consult Experts: Engage tax consultants or advisors to navigate complex regulations and ensure compliance.

Challenges and Considerations

The introduction of corporate tax brings challenges, particularly for businesses new to taxation. Key considerations include:

Understanding Regulations: Companies must familiarize themselves with the corporate tax framework and its implications.

Adapting Financial Practices: Businesses may need to update accounting systems and practices to meet reporting requirements.

Managing Costs: Compliance and tax payments add to operational costs, which businesses must account for in their financial planning.

Conclusion

The implementation of corporate tax in Dubai signifies a significant shift in the emirate’s financial landscape, aligning it with global economic standards while maintaining its appeal as a business hub. Businesses operating in Dubai must proactively adapt to these changes by understanding the regulations, ensuring compliance, and planning their finances effectively.

If your business needs assistance with navigating the complexities of corporate tax, contact us today for expert guidance. Let us help you stay compliant and competitive in Dubai's dynamic market.

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A Guide to Compliance in the UAE

Navigating regulatory frameworks is a cornerstone of success in international business, ensuring ethical practices and efficient operations. The Economic Substance Regulations (ESR) in the UAE stand out as a pivotal compliance framework, designed to align the United Arab Emirates with global standards. By targeting harmful tax practices and promoting business transparency, ESR plays a crucial role in fostering ethical and sustainable growth for companies operating in the region.

To Know in detail , Check : https://vassintl.com/a-guide-to-compliance-in-the-uae/

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UAE Tax Update: Grace Period Announced for Record Corrections

Tax compliance is an essential aspect of operating a successful business in the UAE. With recent updates from the Federal Tax Authority (FTA), companies now have a golden opportunity to align their tax records without the fear of penalties. 

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Corporate Tax Return Filing Services in Dubai, UAE - Intellectca

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Why Are Corporate Tax Advisory Services in Dubai Essential for Your Business?

In today’s fast-evolving financial landscape, businesses in Dubai face several challenges in managing their taxes effectively. With changing tax regulations and the recent implementation of corporate taxes, many businesses find it overwhelming to navigate tax-related complexities. This is where corporate tax advisory services in Dubai play a crucial role. But why are these services so essential for businesses, and how can they help you stay compliant while optimizing your tax strategies? Let’s explore.

What Are Corporate Tax Advisory Services?

Corporate tax advisory services are professional services offered by experts in taxation to help businesses manage and optimize their tax affairs. These services include tax planning, compliance management, risk assessment, and strategic advice. In Dubai, with the introduction of corporate taxes, these advisory services have become invaluable for businesses of all sizes.

A corporate tax advisory service can be beneficial for companies in different industries, including real estate, hospitality, finance, and retail. Tax advisors stay up-to-date with the latest regulations and offer insights that allow companies to reduce tax burdens while staying compliant with UAE laws.

Why Does Your Business Need Corporate Tax Advisory Services in Dubai?

The implementation of corporate taxes in Dubai has brought about a shift in how businesses approach their financial management. Here’s why corporate tax advisory services in Dubai are essential for your business:

Navigating New Corporate Tax Laws and Regulations With the recent introduction of corporate taxes in Dubai, businesses must adapt to new regulations and laws. The tax landscape is evolving, and it’s essential to stay compliant to avoid any legal issues or penalties. Tax advisory services help you understand these new regulations and ensure that your business meets all legal requirements.

Reducing Tax Liabilities and Increasing Savings One of the main goals of corporate tax advisory services is to help businesses reduce their tax liabilities. Through effective tax planning, advisors can identify areas where your business can save money, ensuring that you pay only what is necessary and legally required. This strategic approach helps you maximize savings while staying within the law.

Minimizing the Risk of Non-Compliance Non-compliance with tax regulations can lead to significant penalties and legal issues. Tax advisors in Dubai offer professional guidance to ensure that your business adheres to all tax-related rules, deadlines, and requirements. This reduces the risk of errors in tax filing, helping your company avoid fines and maintain a good reputation.

Enhancing Business Strategy with Informed Tax Planning Corporate tax advisory services go beyond compliance; they also provide strategic insights that align with your business goals. With effective tax planning, your company can optimize its structure, enhance cash flow, and reinvest in growth initiatives. A tax advisor helps you make informed decisions that contribute to your long-term success.

How Do Corporate Tax Advisors Help with Tax Planning?

Tax planning is a critical component of corporate tax advisory services. By working with a tax advisor, businesses can develop a customized tax plan that suits their needs and industry requirements. Here’s how tax advisors can assist in effective tax planning:

Identifying Tax Deduction Opportunities: Tax advisors analyze your expenses and identify deductions that can legally lower your taxable income.

Structuring Business Transactions: Advisors suggest the best ways to structure transactions, such as mergers, acquisitions, or investments, to optimize tax outcomes.

Planning for Future Tax Liabilities: Tax advisors help businesses forecast future tax obligations, allowing for better budgeting and financial planning.

Can Corporate Tax Advisory Services Benefit Small Businesses?

Yes, corporate tax advisory services in Dubai are not only for large corporations but also beneficial for small and medium-sized enterprises (SMEs). Small businesses often operate on limited budgets, making tax optimization crucial for financial health. A tax advisor helps small businesses navigate complex tax laws, identify cost-saving opportunities, and ensure compliance, providing them with a competitive edge.

How to Choose the Right Corporate Tax Advisory Service Provider?

Selecting the right corporate tax advisory service is crucial for maximizing the benefits for your business. Here are a few factors to consider:

Expertise and Experience in the UAE Tax System Ensure that the advisory firm you choose has a team of experienced professionals well-versed in UAE’s tax regulations. Their experience will be valuable in providing accurate and effective tax solutions.

Industry-Specific Knowledge Tax advisory needs can vary depending on your industry. For example, a retail business might have different tax requirements compared to a manufacturing firm. Choose a firm that has experience working with businesses similar to yours.

Transparent Fees and Comprehensive Services Transparency in pricing and service scope is essential. Choose a tax advisory firm that provides clear information about their fees and the services they offer, ensuring there are no hidden costs.

Client-Centric Approach Your chosen tax advisory service provider should prioritize your business needs and provide personalized solutions. Look for a provider that takes the time to understand your business and tailor their services to align with your goals.

What Should You Expect from Corporate Tax Advisory Services?

When you engage a corporate tax advisory service in Dubai, you should expect a professional approach to managing your tax responsibilities. Services generally include:

Comprehensive Tax Compliance Management: Advisors ensure that your business complies with all corporate tax requirements.

Strategic Tax Planning and Optimization: They analyze your financials to develop a tax plan that minimizes liabilities.

Ongoing Support and Advisory: Continuous updates on regulatory changes and guidance to address emerging tax issues.

Risk Assessment and Management: Identification of potential tax risks and strategies to mitigate them.

Conclusion

In conclusion, corporate tax advisory services in Dubai are a valuable investment for businesses looking to stay compliant, optimize taxes, and enhance their financial planning. With the help of tax professionals, you can navigate the complex tax landscape with ease, minimize risks, and focus on growing your business. Whether you run a small enterprise or a large corporation, these services offer strategic benefits that can contribute to your long-term success.

By partnering with a trusted tax advisory firm, you’re taking a proactive step to secure your company’s financial future.