Corporate TAX Services
Corporate TAX Services
The Ministry of Finance of the UAE has announced the implementation of a Federal Corporate Tax regime for business profits starting on or after June 1, 2023.
Corporate Tax in the UAE is a direct tax imposed on the net income or profit of corporations and other businesses.
Moving forward, businesses operating in the UAE will need to assess the impact of the upcoming regulations on their operations and ensure compliance. The UAE Tax Authorities have already stated that failure to comply will result in high penalty rates.
Taxable income up to AED 375,000 is subject to a 0% Corporate Income Tax rate, while taxable income above AED 375,000 is subject to a 9% Corporate Income Tax rate. Registration for Corporate Tax in the UAE is mandatory for all businesses.
All Corporate Tax filings in the UAE must be completed to avoid any penalties.
Corporate Tax Consultants in the UAE should handle all accounting related to Corporate Tax.
Implementation
- Amend contracts and other legal agreements.
- Review and implement necessary transfer pricing policies.
- Implement changes to legal and organizational structure.
- Obtain clarifications and tax rulings.
- Apply for corporate tax groups and exemptions.
- Amend tax function and tax governance framework.
- Implement system changes and updates.
Post - implementation
- Assist in corporate tax registrations.
- Submit applications for tax groups and exemptions.
- Prepare and submit corporate tax returns.
- Prepare and submit transfer pricing documentation.
- Provide tax accounting and provisioning support.