UAE Corporate Income Tax
Corporate tax (CT) is a form of direct tax levied on the net income or profit, also generally called company tax, of corporations and other entities from their business.
Applicable on:
UAE CT will be applicable across all Emirates and will apply to all business (mainland and Freezones) and commercial activities alike, except for the extraction of natural resources, which will continue to be subject to Emirate level taxation.
Effective Date:
CT will be effective for financial years starting on or after 1 June 2023.
Rates:
✓ 0% up to AED 375,000 or approximately 102,000 US dollars
✓ 9% above AED 375,000
✓ Multinational organizations generating huge revenues above 1.2 billion AED will get a different corporate tax treatment to be announced in due course.
How CT impact on your business?
Tax | Legal | Finance | Systems & Processes
How Corporate Group Can Help You?
We do CT impact analysis in phases as below:
Phase 01: Initial CT Impact Analysis : We do initial assessment of the anticipated impact of CT on your business
Phase 02: In-depth Analysis: We do in-depth analysis of the CT implication, identify restructuring and optimization opportunities which adds value and enhance compliance with the applicable laws and regulations.
Phase 03: Post- Implementation: Implement necessary changes to operating systems and documents, finances, legal structure and documents, policies and procedures, , operating model, capital structure, tax function, etc
Phase 04: Implementation: A. Assist with CT registrations and application for tax groups B. Preparation and submission of CT returns C. Documentations
Its great to be prepared in advance!
Recent Blogs
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We’re a team of FTA-approved tax agents, chartered certified accountants, and Public accountants having years of local and international tax, tax accounting, and tax audit exposure, working with SMEs, large and multinational organizations as well as family offices, and entrepreneurs. We ensure more assurance and empower change by delivering the modern and most needed tax services in the evolving business landscape. (Read More)
Accounting is the language of business once said by warren buffet and it’s absolutely right. Every business requires accurate and complete accounting records for all expenses, purchases, sales, and other relevant activities to understand its financial performance and position in a better way. Our accounting experts not only give assurance on your financials but also suggest to you the best way to do business, compliance, and future growth. (Read More)
Corporate Group international tax service teams help you fully comply with these requirements and analyze and remediate the impact that these reporting obligations have on our global tax footprint. Our global treasury group consists of a network of tax professionals in key markets globally who focus on treasury and investment issues from financing and capital restructuring to risk management, whether that be with respect to interest rates, commodities or foreign currency. (Read More)
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