Determination of a Non-Resident Person’s Nexus in UAE
Determining a non-resident person’s nexus for tax or legal purposes is a crucial concept in the United Arab Emirates particularly considering the introduction of new tax regimes like corporate taxes VAT, and other regulations. Here is a summary of the general process used in the United Arab Emirates to determine a non-resident person’s nexus. A […]
Deregistration of a Natural Person
The UAE Corporate Tax Law shall establish comprehensive rules for the deregistration of natural persons ceasing business activities. These rules aim to ensure that individuals properly manage their tax status when they cease business activities or in the event of death. Termination of Business Activity: Deregistration The requirement that natural persons deregister from the tax […]
An Overview of the UAE Place of Effective Management (PoEM)
Key management and business decisions essential to a company’s operations are made at the Place of Effective Management (PoEM) as defined by the corporate tax regime of the United Arab Emirates. It is essential to determine whether a business is regarded as a resident for UAE tax purposes or if it may be liable for […]
An overview of how the UAE corporate tax law calculates taxable income and corporate tax payable.
According to UAE Corporate Tax Law, accounting income must be calculated to determine taxable income. The financial statements will serve as the basis for the net profit or loss for the applicable tax period. To calculate the Taxable Income for corporate tax purposes the Accounting Income must be adjusted. Important Procedures for Calculating Taxable Income. […]
Registration for tax under the UAE Corporate Tax Regime
It is the duty of the natural or juridical person to ascertain their tax obligations under the self-assessment system that governs the UAE Corporate Tax regime. A person who is subject to corporate taxation must register and carry out all associated duties such as filing returns and making any required payments. Taxable person -The following […]
Is the POS System Compliant with UAE VAT Tax Regulations?
A Point of Sale (POS) system compliant with UAE VAT Tax regulations is an essential tool for businesses operating in the United Arab Emirates. Since the introduction of Value Added Tax (VAT) at a rate of 5% in 2018, businesses in the UAE are required to accurately collect and report VAT on eligible transactions. A VAT-compliant POS […]
Building the VAT Tax House in the GCC region – A Complete Overview
The VAT Tax House in the Gulf Cooperation Council (GCC) region symbolizes a significant fiscal transformation that has swept across the Arabian Peninsula. The Value Added Tax marked a pivotal shift in the region’s economic landscape. As a collaborative effort among GCC member states, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, this […]
VAT in UAE: Explaining the Zero-rated and Exempt Supplies
The Value Added Tax (VAT) in the United Arab Emirates (UAE) is a consumption tax imposed on the value added to goods and services at each stage of production or distribution. Introduced on January 1, 2018, VAT in UAE is a relatively recent fiscal policy administered by the Federal Tax Authority (FTA) and is levied […]
10 Things You Must Know About VAT Tax in UAE
In the past few years, the United Arab Emirates has witnessed a transformative shift in Taxation laws and policies, and the introduction of VAT Tax is one of them. With the implementation of 5% VAT in the UAE region, registered businesses and traders in all taxable services and goods are liable to pay Value Added […]
The UAE Implements VAT Taxation in 2023 Global Stage
The United Arab Emirates (in short UAE) has implemented a 5% Value Added Tax in certain goods and taxable services, marking a significant shift in its fiscal policies. One would say that the introduction of VAT Taxation was a strategic move by the UAE government to diversify its sources of revenue beyond oil and reduce […]
