UNITED ARAB EMIRATES
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Accounting Standards - Ministerial Decision 114 of 2023This Decision confirms the accounting standards and methods to be followed by the taxable person. It elaborates on the adoption of cash basis accounting and the applicable accounting standards.Preparation of financial statements using cash...
A Cabinet Decision No (49) of 2023 has been issued which provides that individual taxpayers (resident or non-resident) shall be liable to pay corporate tax only if their turnover from business exceeds AED 1,000,000. The following income generating activities will be out of corporate tax scope...
The UAE Ministry of Finance has published an Explanatory Guide to Corporate Tax in the UAE. The guide, which runs to 107 pages, provides a detailed explanation of each provision of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses.The guide can be accessed here.If...
The Ministry of Finance has Published a Ministerial Decision (No (97) of 2023), relating to the requirements for maintaining transfer pricing documentation.The general requirements for transfer pricing under UAE corporate tax have previously been set out in the Tax Decree-Law and official...
The Ministry of Finance has issued a Ministerial Decision (No (105) of 2023), which provides rules to allow a business to remain eligible for corporate tax exemption if: * it is undergoing liquidation or termination, or * it is experiencing a temporary event or situation that means it is...
The Ministry of Finance (‘MoF’) has issued Ministerial Decision No. 43 of 2023 on Exception from Corporate Tax registration for the Purpose of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘Corporate Tax Law’). Article 51 of the Corporate Tax Law deals with the...
The Ministry of Finance (‘MoF’) has issued Ministerial Decision No. 68 of 2023 on Treatment of all Businesses and Business Activities Conducted by a Government Entity as a Single Taxable Person. This Decision is issued in accordance with Clause 6 of Article 5 of the Federal Decree-Law No. 47 of...
The Ministry of Finance (‘MoF’) has issued Ministerial Decision No. 73 of 2023 on Small Business Relief in accordance with Article 21 of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (‘Corporate Tax Law’). The relief is available only to UAE Resident...