Guildhall provides a comprehensive insight to the changing UAE tax scene in advance of major reforms in 2024.
A Comprehensive Guide by Guildhall
Corporate tax rates, obligations, exclusions, and the important procedures every corporation must take to assure compliance are all covered in this comprehensive manual.
Your Roadmap to Compliance
- Register for corporate tax from June 2023 onwards.
- Maintain accurate accounting records to meet legal requirements.
- Submit a corporate tax return to the Federal Tax Authority (FTA) after your first taxable period.
Corporate tax rates in the UAE
The UAE Ministry of Finance introduces a tiered taxation policy:
- Tier 1: Enjoy a 0 percent tax rate for profits up to AED 375,000.
- Tier 2: Face a 9 percent tax rate for profits exceeding AED 375,000.
- Tier 3: Large multinational companies with global revenue over AED 3.5 billion will have a different tax rate.
Exceptions and benefits
Explore exceptions and benefits for businesses in free zones, including criteria for Qualifying Free Zone Person status and the Small Business Relief rule supporting start-ups and SMEs.
Calculating Your Taxable Profit
Learn how to calculate your taxable profit, considering various business-related expenses such as salaries, interest, entertainment, foreign branches, and exempt income sources.
Distinguishing Tax Types
Clarify the distinction between corporate tax and VAT, emphasizing the importance of compliance for businesses already registered for VAT.
UAE’s Newest Update on Corporate Tax
Keep yourself updated on the administrative fines for breaking the corporation tax law that will take effect on August 1, 2023. The professionals at Guildhall provide support and guidance on compliance to guarantee a smooth transition.
Guildhall’s Executive Search and Recruitment Services
As the business landscape evolves, Guildhall offers executive search and recruitment services to help organizations secure top talent. Our expert services connect businesses with skilled professionals in the ever-changing UAE market, ensuring you have the right team to navigate the shifting tax landscape.