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    Ancis

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    Mohammed Iman
    The document provides information about the new corporate tax law in the UAE that will take effect in 2023. It outlines that businesses with annual profits over AED 375,000 will be taxed at a rate of 9%, while those under will be taxed at 0%. It also notes the requirements for businesses to register for corporate tax, maintain proper accounting records, and file tax submissions. The document further explains how to calculate taxable profits and provides details on tax exemptions. It distinguishes corporate tax from VAT and offers the services of Ancis UAE to help businesses manage their corporate tax obligations.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Ancis

    Uploaded by

    Mohammed Iman
    11 views8 pages
    The document provides information about the new corporate tax law in the UAE that will take effect in 2023. It outlines that businesses with annual profits over AED 375,000 will be taxed at a rate of 9%, while those under will be taxed at 0%. It also notes the requirements for businesses to register for corporate tax, maintain proper accounting records, and file tax submissions. The document further explains how to calculate taxable profits and provides details on tax exemptions. It distinguishes corporate tax from VAT and offers the services of Ancis UAE to help businesses manage their corporate tax obligations.

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    Corporate tax uae

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    ancis

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    The document provides information about the new corporate tax law in the UAE that will take effect in 2023. It outlines that businesses with annual profits over AED 375,000 will be taxed at a rate of 9%, while those under will be taxed at 0%. It also notes the requirements for businesses to register for corporate tax, maintain proper accounting records, and file tax submissions. The document further explains how to calculate taxable profits and provides details on tax exemptions. It distinguishes corporate tax from VAT and offers the services of Ancis UAE to help businesses manage their corporate tax obligations.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    11 views8 pages

    Ancis

    Uploaded by

    Mohammed Iman
    The document provides information about the new corporate tax law in the UAE that will take effect in 2023. It outlines that businesses with annual profits over AED 375,000 will be taxed at a rate of 9%, while those under will be taxed at 0%. It also notes the requirements for businesses to register for corporate tax, maintain proper accounting records, and file tax submissions. The document further explains how to calculate taxable profits and provides details on tax exemptions. It distinguishes corporate tax from VAT and offers the services of Ancis UAE to help businesses manage their corporate tax obligations.

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    Al Nukhba Commercial Information Services

    UAE Corporate Tax 2023

    MUST FOR EVERY BUSINESS IN UAE

    35th Floor, Al Saqr Business Tower,


    Sheikh Zayed Road, Dubai UAE

    2023
    www.ancisuae.com
    www.ancisuae.com

    the Tax
    About UA E
    in

    As standard rate of 9% (nine percent) will apply to taxable


    income exceeding a threshold of AED 375,000, and a rate of
    0% (0 percent) will apply to taxable income not exceeding that
    threshold, The UAE does not levy income tax on individuals.
    However, it levies corporate tax on oil companies and foreign
    banks. Excise tax is levied on specific goods which are typically
    harmful to human health or the environment. Value Added Tax
    is levied on a majority of goods and services.
    All business in UAE must do

    Register for corporate tax from June 2023


    Corporate Tax is a form of direct tax levied on the net
    income of corporations and other businesses.
    Every business will need to register for corporate tax,
    including free zone companies and freelancers.
    Corporate tax is separate from VAT.
    Even if you already have a VAT number, you will still
    need to register for corporate tax

    Keep proper accounting records.


    The UAE corporate tax law requires specific
    accounting records to be kept.
    Our Team will help with your accounting and
    bookkeeping requirement and ensure your reporting is
    complaint with the law. Bookkeeping comes with its
    own set of rules which you may not be familiar with, so
    it’s important to ask for support.
    File a corporate tax submission with the FTA
    Even if you qualify for an exemption or tax relief, you
    still need to declare this by filing a tax submission with
    FTA.
    This step needs to be done after the ends of your first
    taxable period.
    Corporate Tax in UAE

    TIER 1 - (0% Tax Rate)

    Businesses with annual profit of up to AED 375,000 are


    subject to 0% Tax rate.

    Profit up to AED 375,000 = 0% Tax Rate

    TIER 2 - (9% TAX RATE)


    Businesses with annual profit more than AED 375,000 are
    subject to 9% Tax rate.

    Profit over AED 375,000 = 9% Tax Rate

    TIER 3 - Different Tax Rate


    Large multinational companied may be subject to a
    higher tax rate

    Profit over AED 3.5 Billion = Higher Tax Rate


    How do you calculate your taxable profit.

    Your taxable profit is normally your revenue less your


    business related expence

    Salaries paid to owners

    The law states that payment to a related party must


    meet the principle. For business owners paying
    themselves a salary, this means setting a salary at a
    fair to market rate.

    Interest

    Businesses can deduct their financing and interest


    costs.

    Foreign Branches

    If a company has a branch in another country they


    can claim a foreign tax credit for the amount of tax
    paid in the country in relation to that branch.
    Alternatively a company may apply for an exemption
    of the profit made by their branches outside the UAE.
    Exempt industries
    If a business or any legal entity fits any of the criteria below,
    then they can qualify for the tax exemption.

    UAE Government owned


    companies.
    Government or Pubilc
    entities
    Business of Natural Resources
    Public or regulated private
    entities
    Real estate or regulated
    investmant fund
    Charitable Organisations
    Difference between corporate
    tax and VAT

    Corporate Tax: Companies will have to pay corporate tax


    on their annual net profit.

    VAT : From the customer when selling a product or


    services and then remit to the government.

    Important : Business that have already registered


    for VAT will still need to register for corporate tax.
    Manage your corporate tax with
    Ancis UAE

    Ancis UAE have a team and also have a tie up with


    experienced and qualified tax and Accountant advisor
    who can guide you for the UAE's new Corporate Tax Law.

    Whether you are required to pay tax or qualify for


    exemption, we will help you stabilize, efficient and
    scalable accounting system

    CONTACT US :
    +971

    www.ancisuae.com

    info@ancisuae.com

    35th Floor, Al Saqr Business Tower, SZR,


    Dubai, UAE

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