TAX

August 10, 2023

by Rethink Publications in TAX

Tax Update: Administrative Penalties for Violations related to Corporate Tax in the UAE from August 2023

With the introduction of the UAE Corporate Taxation regime, the government authorities have been very active in the last weeks by publishing numerous Cabinet, Ministerial, and Federal Tax Authority Decisions. The Ministry of Finance recently published a Cabinet Decision to the Decree Law No. 47 of 2022 on Taxation of Corporations and Businesses Law (“CT […]

July 25, 2023

by Rethink Publications in TAX

Tax Update: Four-Step Walkthrough To Identify Your Potential CT Implications For Your Free Zone Entity

On June 1, the Ministry of Finance (MoF) provided clarity to the tax implications on the Qualifying Income of a Free Zone Entity (FZE) through Cabinet Decision No. 55 and Ministerial Decision No. 139. In summary, a Qualifying Free Zone Entity can apply a 0% CT rate to a Qualifying Income, limited to transactions listed […]

June 6, 2023

by re think in TAX

Preparing UAE Businesses for Corporate Tax: Insights from Rethink’s Senior Director – Finance and Tax

Rethink’s Senior Director – Finance and Tax, Neil Guthrie, appeared on the Dubai Eye 103.8 Business Breakfast and on Dubai 1 TV on Tuesday, 30th May to talk about how prepared UAE businesses are for the introduction of Corporate Tax and offering a few pointers on what they should be doing to ensure they are […]

February 16, 2023

by re think in TAX

Ministry of Finance confirms the threshold of AED 375,000

Businesses are subject to UAE Corporate Tax beginning from the financial year starting on or after 01st June 2023. As per Article 3 of UAE Corporate Tax Law, the Corporate Tax would be imposed at 9% on an income exceeding a threshold to be specified by the Cabinet. Cabinet Decision 116 of 2022, recently made […]

January 30, 2023

by re think in TAX

UAE VAT Update – Special Input Tax Apportionment

The Federal Tax Authority (FTA) has released the latest version of the Guide on Special Methods of Input Tax Apportionment. What is Input Tax Apportionment? Input tax could be recovered by businesses where the costs incurred are used to make taxable supplies. Where VAT has been incurred for non-business reasons or has been incurred to […]

December 29, 2022

by re think in TAX

What does the new VAT update on Directors’ remuneration mean to you?

The Federal Tax Authority (FTA) recently published a Public Clarification VATP031 on the treatment of the services of a member of a Board of Directors (hereafter referred to as “Director”) introduced in the Executive Regulations to the VAT Law amended in November 2022. Effective from 01 January 2023, the provision of the Directors’ services is […]

December 12, 2022

by re think in TAX

UAE Corporate Tax Update – Corporate Tax Law published by the FTA

On 31 January 2022, the UAE Ministry of Finance (MOF) announced the introduction of Federal Corporate Tax (CT) on business profits effective for financial years starting on or after 01 June 2023, with a standard statutory tax rate of 9% and a 0% tax rate for taxable profits up to AED 375,000. Following the announcement, […]

December 5, 2022

by re think in TAX

UAE VAT Update — Clarification on Natural person Performing the Function of Director on a Board of Directors

The Federal Tax Authority (FTA) recently published a Public Clarification VATP031 on the treatment of the services of a member of a Board of Directors (hereafter referred to as “Director”). Effective from 1st January 2023, the provision of the Director’s services is no longer considered a “supply of services for VAT purposes” if the following […]

November 3, 2022

by re think in TAX

UAE VAT Updates – Amendments to the VAT Law effective from 1 January 2023

The UAE Cabinet (Cabinet) issued Federal Decree-Law No. 18 of 2022 on 26 September 2022, which amends some of the provisions of Federal Law No. 8 of 2017 on Value Added Tax (VAT Law). The amendments are effective from 1 January 2023. KEY UPDATES It is noteworthy that the VAT Law is amended to revise […]

September 29, 2022

by re think in TAX

TAX

Tax Update: Administrative Penalties for Violations related to Corporate Tax in the UAE from August 2023

Tax Update: Four-Step Walkthrough To Identify Your Potential CT Implications For Your Free Zone Entity

Preparing UAE Businesses for Corporate Tax: Insights from Rethink’s Senior Director – Finance and Tax

Ministry of Finance confirms the threshold of AED 375,000

UAE VAT Update – Special Input Tax Apportionment

What does the new VAT update on Directors’ remuneration mean to you?

UAE Corporate Tax Update – Corporate Tax Law published by the FTA

UAE VAT Update — Clarification on Natural person Performing the Function of Director on a Board of Directors

UAE VAT Updates – Amendments to the VAT Law effective from 1 January 2023

UAE Corporate Tax – Impact on transactions with connected persons

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