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Understanding Adjustments Under the Transitional Rules for UAE Corporate Taxation

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Introduction: On 26th May 2023, the Ministry of Finance introduced Decision No. 120 of 2023, which outlines the adjustments under the transitional rules for the implementation of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (referred to as the ‘CT Law’). Effective immediately after its publication, this decision provides guidance […]

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UAE Ministry of Finance Publishes Ministerial Decision on Transfer Pricing Documentation Requirements

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Introduction On May 11, 2023, the United Arab Emirates (UAE) Ministry of Finance (MoF) released Ministerial Decision No. 97 of 2023, outlining the requirements for maintaining Transfer Pricing (TP) documentation under the UAE Corporate Tax (CT) regime. The decision aims to provide clarity and guidelines to taxable persons regarding the preparation and maintenance of Local

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Documents Required for Corporate Tax Registration in UAE

Documents Required for Corporate Tax Registration in UAE

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Corporate tax (CT) is a direct tax imposed on the net income or profit of corporations and other entities engaged in business activities. In the UAE, the Federal Decree-Law No. 47 of 2022 on taxation of corporations and businesses, also known as the Corporate Tax Law, mandates that businesses will be subject to corporate tax

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Company Liquidation procedure in UAE Simplified! – Learn about the complete Liquidation procedure with Elevate

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If you’re a business owner in the United Arab Emirates (UAE) considering liquidating your company, it’s important to understand the process and requirements involved. Liquidation can be a complex and time-consuming task, but it’s often necessary when a business is no longer viable or profitable. With the help of experienced professionals, you can navigate the

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Understanding Ministerial Decision No. 82 of 2023: Who Needs to Prepare Audited Financial Statements for UAE Corporate Tax Law?

Leave a Comment / UAE CORPORATE TAX (UAE CT) /

The United Arab Emirates (UAE) has a well-established taxation system that aims to create a stable and sustainable economy while ensuring social development. As part of this system, the Minister of State for Financial Affairs has issued Ministerial Decision No. 82 of 2023, which outlines the categories of taxable persons required to prepare and maintain

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Staying Compliant: Essential Tips for Surviving a Tax Audit by the FTA in the UAE

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Stay ahead of the game with our tax audit tips for businesses in the UAE! Don’t wait for the Federal Tax Authority (FTA) to come knocking – ensure your financial information, accounting records, and VAT returns are accurate and up-to-date. The Federal Tax Authority (FTA) in the UAE conducts tax audits by thoroughly examining a

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All you need to know about the Corporate Tax Implications on UAE Free Zones

Leave a Comment / UAE CORPORATE TAX (UAE CT) /

In terms of Corporate tax for UAE free zone companies have a distinct tax implication compared to juridical persons or individuals in the UAE. It is important to understand the differences between these categories of taxpayers and how Free Zone Persons can take advantage of the corporate tax system. Below is a comprehensive guide on

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Stay Up-to-Date with the Latest VAT Guide on Input Tax Apportionment

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The UAE Federal Tax Authority (FTA) issued a new VAT Guide in March 2023, which provides updated guidance on Input Tax Apportionment methods. The guide replaces the previous version and includes changes in line with the UAE Federal Decree-Law No. 8 of 2017 on VAT and its amendments. The updated guide aims to help taxable

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Ministry of Finance issues decision on small business relief for corporate tax purposes

Leave a Comment / Tax Residency Certificate, UAE CORPORATE TAX (UAE CT) /

Great news for small businesses in Abu Dhabi! On April 6, 2023, the Ministry of Finance in Abu Dhabi, UAE issued Ministerial Decision No. 73 of 2023 to provide Small Business Relief under Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses, also known as the Corporate Tax Law. This decision

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Unlocking the Benefits of Tax Residency Certificate in the UAE: A Comprehensive Guide to Obtaining It

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Are you a taxpayer in the UAE tired of constantly being asked to provide a Tax Residency Certificate? Do you feel unsure about what this document even means? No need to worry, as Elevate is here to provide you with all the essential information about this obscure document in the simplest way possible. Looking to

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