31

May

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Essential Guide for Corporate Tax in Dubai for Foreign Investors 

The United Arab Emirates is famous for its tax-friendly climate that draws investors from across the world. However, this is likely to change as the UAE implements an entirely new federal tax system for corporations in 2023. If you are a foreign investor looking to expand or start a firm within Dubai it is essential to be aware of how the new tax rules might affect companies.  Overview of Corporate Tax in Dubai  The Corporate Tax Dubai regime started on June 1, 2023. The tax system that is being implemented for corporations is applicable to local and foreign-owned businesses and…

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30

May

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Dubai Corporate Tax 2024: New Regulations and Their Implications 

On March 7, Law No. (1) from 2024 ("Law") regarding the taxes for foreign bank that operate in Dubai was promulgated from the Ruler of Dubai His Her Majesty Sheikh Mohammed bin Rashid Al Maktoum. This law is in effect as of the date of announcement in Dubai's official gazette,, which is on March 8 and will apply to tax periods starting after March 8, 2024. This law repeals Regulation No. (2) in 1996, or any other law that could overturn it. (2) of 1996, or any other law that could contradict it. Law sets out the fundamentals that govern…

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29

May

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Corporate Tax Dubai: Difference between Income Tax and Corporate Tax in UAE 

Taxation is an integral part of any financial system. Knowing the various types of taxes is crucial for both people and companies alike. For instance, in the United Arab Emirates (UAE) two of the most common forms of taxes include corporate and income tax. The UAE government has recently introduced new rules and regulations regarding the Corporate Business Tax for the UAE. The new rules and regulations on business taxation within the United Arab Emirates have created enough questions among those who reside in and around UAE.  Income taxes are imposed on the earnings of individuals borne by self-employed or…

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28

May

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How can Businesses Prepare for Corporate Tax Audits in Dubai? 

After the introduction of corporate taxation in the UAE on June 1, 2023, business owners should ensure they are ready for audits from authorities such as the Federal Tax Authority (FTA). Under Ministerial Decree No 82 from 2023 specific firms must file audited financial statements in accordance with new tax legislation for corporations.  Companies looking to avoid fines and ensure an efficient audit process should take proactive measures in their preparation efforts for tax audit. Here are a few key steps that will help prepare yourself for an audit in Dubai. You should consider corporate tax advice and for this…

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27

May

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How does Corporate Tax Differ in Dubai from Other Regions 

United Arab Emirates (UAE) recently unveiled their federal corporate tax Dubai regime which started on June 2023 and represents a dramatic change for companies that operate in Dubai and across the UAE. Although corporate taxes are common practice across countries, UAE's system differs significantly in several keyways from others.  Tax Rates  One of the more striking differences in the UAE is its standard corporate tax rate of 9% - much less than other countries such as Saudi Arabia which imposes 20 percent. By comparison, Qatar, Kuwait and Oman all levy 10-15 percent rates that aim to preserve Dubai as an…

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24

May

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Navigating Tax Laws: Exploring Corporate Tax Free Zones 

From June 2023, Free Zone Businesses and Qualifying Free Zone Persons may be subject to either 0% or 9% corporate taxes depending on their qualifying income. On the mainland however, businesses which exceed AED 375,000 were previously subject to an average standard tax rate of 9% based on taxable income exceeding AED 375,000. UAE will soon implement this new tax policy brought forward by Federal Tax Authority (FTA) and Ministry of Finance- Corporate Tax in UAE which will become operational from June 2023.  In the UAE, the legal corporate tax rate stands at 9%. In this session, we provide an…

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23

May

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How To Obtain a Tax Residency Certificate UAE? 

In the UAE, a Tax Residency Certificate is one of the official documents issued by the Ministry of Finance. UAE has signed tax treaties with 55 countries to avoid double taxation. A certificate of tax residency that certifies that an individual or company is resident in a specific country. Foreign investors and companies from other taxable jurisdictions will be able to avoid double taxation. It is issued to companies that have already registered in the UAE or to individuals who have received a residency visa. This article will discuss the tax residency certificate in UAE and how corporate tax consultants…

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22

May

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The Global Minimum Tax: Leveling the Playing Field 

Global Minimum Tax and Corporate Tax UAE  A global minimum tax, more commonly referred to as the OECD 2-Pillar solution, is an emerging tax structure designed to ensure multinationals pay their fair share of taxes regardless of where they operate from. In this article we explore its implications in the UAE as well as their approach in applying this tax structure.  Purpose of Global Minimum Tax UAE  Global minimum taxes will be established by setting an amount equal to 15% for big corporations. If their profits are taxed at less than 15% elsewhere in the world, however, then more taxes…

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21

May

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Navigating Corporate Tax Changes: What Every Business Owner Needs to Know 

In recent years Dubai, UAE has seen great changes taken towards modernizing its tax structure to meet international standards while remaining an attractive business environment. One area of concern for those operating within the UAE is Corporate Tax; therefore, keeping informed on new reforms is essential to ensure security and planning for those doing business within this nation. We will discuss recent corporate tax changes within UAE in this blog as well as things every business owner should know.  Understanding the Corporate Tax Landscape in UAE  At one time, the UAE was well known for its tax-free environment with no…

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20

May

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The Future of Corporate Tax Services: Trends and Innovations 

Corporate Tax services for businesses are going through transformation caused by technological advancements as well as regulatory changes and ever-changing demands of clients. As companies navigate a more complicated tax landscape, they're seeking out innovative ways to streamline and streamline their tax planning strategies. This blog will focus on the new trends and innovations that will shape the future of tax-related services for corporate tax.  Regulatory Compliance and Tax Policy Changes: The constantly changing regulatory landscape and the frequent adjustments in tax policies create significant obstacles for companies trying to remain in compliance and reduce tax liability. Tax firms need…

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