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Tax

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Clarity has been provided by the UAE Ministry of Finance on income generated by a UAE Free Zone Person that could be eligible for a 0% tax rate In brief Since the release of the UAE corporate tax law on 9 December 2022, UAE Free Zone Persons have been eagerly awaiting the release of the definition of ‘Qualifying Income’. The release of this information now enables UAE Free Zone Persons to determine if they are…

In brief The need for the Tax Authorities to have better control and oversight on e-commerce transactions and the respective tax revenues has prompted the UAE Ministry of State for Financial Affairs to issue a Ministerial Decision No. 26 of 2023 on the Criteria and Conditions for Electronic Commerce for Purposes of Keeping Records of Supplies Made (“Ministerial Decision”) in February 2023. This new reporting requirement is applicable for taxpayers whose e-commerce taxable supplies exceed…

In brief In February 2023, the Kingdom of Saudi Arabia (“KSA”) Tax Authority released a Tax Circular outlining the mechanism, controls and procedures for the tax refund to persons who are not residents of the GCC Member States and carry out an economic activity with VAT (or a similar tax system) registration in another country (“non-resident taxpayers”) in accordance with Article (67) of the GCC VAT Framework. Recommended actions In response to the opening of…

In brief Key highlights The issuance of Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (“Corporate Tax law”) on 9th December 2022, provides businesses operating in the UAE with a framework for understanding how the corporate tax regime will impact their business model. The Corporate Tax law is broadly in line with the public consultation document that was issued in April 2022, however, one of the notable changes is the release of…

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…