14/12/2022
Check out the Major Development
When will this start affecting businesses in the UAE?
-Corporate tax in the UAE will be charged on business profits on financial years starting on or after June 1, 2023.
What will be The Tax Rates?
-9% Corporate tax rate for taxable income exceeding AED 375000
Here are some highlights- Read these points carefully
• Personal income from employment, real estate, and other investments remain exceptions to the corporate tax.
• Corporate tax will apply on the adjusted accounting net profit of the business
• Free zone businesses that meet all the necessary requirements can continue to benefit from corporate tax incentives
• Additionally, the extraction of natural resources will remain subject to Emirate-level corporate taxation.
• No withholding taxes apply on domestic and cross border payments.
• No corporate tax will apply on capital gains and dividends received by a UAE business from its qualifying shareholdings
• Foreign tax will be allowed to be credited against payable
• Generous loss transfer and utilization rules will be available to business
Note:- No corporate tax will apply on personal income from employment, real estate and other investments, or any other income earned by individuals that do not arise from business or other forms of commercial activity, licensed or otherwise.
UAE Corporate Tax
Check out the Major Development
When will this start affecting businesses in the UAE?
-Corporate tax in the UAE will be charged on business profits on financial years starting on or after June 1, 2023.
What will be The Tax Rates?
-9% Corporate tax rate for taxable income exceeding AED 375000
Here are some highlights- Read these points carefully
• Personal income from employment, real estate, and other investments remain exceptions to the corporate tax.
• Corporate tax will apply on the adjusted accounting net profit of the business
• Free zone businesses that meet all the necessary requirements can continue to benefit from corporate tax incentives
• Additionally, the extraction of natural resources will remain subject to Emirate-level corporate taxation.
• No withholding taxes apply on domestic and cross border payments.
• No corporate tax will apply on capital gains and dividends received by a UAE business from its qualifying shareholdings
• Foreign tax will be allowed to be credited against payable
• Generous loss transfer and utilization rules will be available to business
Note:- No corporate tax will apply on personal income from employment, real estate and other investments, or any other income earned by individuals that do not arise from business or other forms of commercial activity, licensed or otherwise.
For further assistance you may call us on +971 52 348 4262,+971 50 202 8198,+971 50 304 5253 or visit website https://www.acuvat.com/. You can mail us on [email protected] or visit Acuvat Auditing, 1607, Metropolis Tower, Business Bay, P.O BOX 385183, Dubai, U.A.E
