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How to “maintain adequate substance” in a free zone to enjoy a 0% Corporate Tax rate?

The requirement to ensure adequate substance for taxation purposes appeared in article 18(1)(a) of the Corporate Tax Law. It stipulates that taxpayers in the UAE’s free zones which “maintain adequate substance” in the UAE may apply a 0...

The FTA clarified the meaning of ‘resell’ for VAT. This may affect 0% Distributor’s 0% CT Rate.

The UAE MoF in Article 2(1)(k) of the Decision No. 139 qualified for 0% Corporate Tax rate ‘Distribution of goods or materials in or from a Designated Zone to a customer that resells such goods or materials, or parts thereof or processes...

Case Study: interest-bearing deposits and a 0% Corporate Tax rate

A holding company is registered in the UAE free zone. It earns dividends and capital gains. Every once in a while, the Company deposits money in interest bearing accounts in UAE and foreign banks. The holding of shares qualifies for a 0%...

The cash method of accounting in UAE corporate taxation

Article (20)(5)(a) of the Corporate Tax Law authorizes the MoF to ‘prescribe … the circumstances and conditions under which a Person may prepare financial statements using the cash basis of accounting’. On May 9, 2023 the...

Adjustments of accounting profit in the UAE

The UAE Corporate Tax Law does not provide for separate tax accounting. The initial basis for calculating the corporate tax base is the financial statements, i.e. accounting data. This data is subject to adjustment in cases where the accounting...

The law on the “linear amnesty” has come into force

The law on the “linear amnesty” has come into force. The Law was adopted in pursuance of the Russian President's instruction No. Pr-1842 dated 12 November 2020 to develop mechanisms for the registration of rights to infrastructure lines...

A new remedy in tax disputes in the UAE: a review of an assessment

The institute of a tax assessment review has been launched by Art. 28(1) of the new Law on Tax Procedures, i.e. it is applicable from March 1, 2023. It has added an optional tier, a new opportunity to have a tax assessment dismissed or decreased....

Small Business Relief for Corporate Tax in the UAE

The FTA has just released a Corporate Tax Guide on Small Business Relief for taxpayers with Revenue of less than or equal to AED 3,000,000 (approx. USD 800,000).

Corporate tax in the UAE: how much will Free Zone Residents pay?

Corporate tax has been put into application in the United Arab Emirates starting from 1 June this year. The first tax period for Emirati companies will be the first calendar year or a 12-month period after 1 June for which financial statements...