About Taxation in UAE and how can we help you?
A message to all registered and non-registered businesses and persons
With effect from 1st June2023, UAE’s Corporate Tax (CT) Law no. 47(2022) is in place. Under this law every taxable company and person is obligated to register for The Corporate Tax (CT).
In order to comply with above thecompanies and taxable persons shall do the followings (but not limited to);
Ensure to getregistered for Corporate Tax. Please contact us to get support in this respect. Irrespective of any threshold, every taxation
company and person shall register for CT.Ensure that books aremaintained complying International Financials reporting standards (IAS/IFRS). Maintaining books as per InternationalAccounting Standard is mandatory for every taxable person.
Two sets of books maybe required (if needed). The first book for External audit compliance as usual and the second for Corporate Tax (CT) compliance. Itwill be something new for most of the business in UAE.
Claiming SME (Small andmedium business’) exemption for first 3 years. Conducting an assessment if your business can avail first 3 years exemption from corporate
tax (CT)It is suggested toinitiate internal training for compliance of the law.
Ensure having continuousmonitoring, adherence of the law to be the beneficiary of new taxation system.
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