Author

Ben Phillips

Browsing

In brief The UAE Ministry of Finance (“MoF”) announced on 28 April 2022 a public consultation on the proposed federal corporate tax (“CT”) framework. The consultation will run until 19 May 2022 and businesses are encouraged to make their submissions online. The submission link can be found here: https://www.mof.gov.ae/en/resourcesAndBudget/Pages/Corporate-Tax-Submission-Public-Consultation.aspx It should be noted that the content of the public consultation document is not intended to reflect the final view of the UAE government. Therefore, the…

Habib Al Mulla & Partners, a member firm of Baker & McKenzie International successfully represented a global e-commerce company in a series of appeals filed against administrative penalties imposed by the Federal Tax Authority (“FTA”) in connection with delayed payment of VAT due. The UAE Federal Supreme Court recently dismissed an appeal filed by the FTA to impose administrative fines and penalties against the company, and ordered that the FTA to repay the full amount…

In brief The UAE Ministry of Finance (“MoF”) yesterday announced the introduction of a corporate tax (“CT”) regime that will apply to businesses. It will become effective for financial years starting on or after 1 June 2023. The headlines are that the tax rate will be 0% for taxable income up to AED 375k and 9% on taxable income above AED 375k. Large businesses (expected to be those with revenue above EUR 750m) may be…