Corporate Tax

In most jurisdictions of the world, there are tax incentives; however, there is usually not enough guidance available. But in the UAE, the case is different, as evident in the recent tax clarifications for free zone entities. Specifically, the Ministerial Decisions no. 229 and 230 provide clear guidance on qualifying…

In the context of taxation, proper books are the backbone of overall tax compliance. Why is it so? The taxable income figure needed to calculate the tax liability is derived from accounting income. So, in simple terms, we start from accounting income, adjust it with tax deductions, and arrive at…

As the year-end approaches, entities must prepare for a smooth closing of books. Closing the books is generally associated with accounting; however, it is also linked to tax preparation and filing. In the UAE, most businesses close their books on 31st December. Therefore, it is important to recall corporate tax responsibilities.…

Value-added tax, commonly referred to as VAT, is now an integral part of the UAE’s tax ecosystem. The UAE introduced and implemented VAT on 1 January 2018. Therefore, firms must plan and strategize to deal with their impacts, both legal and operational. Appreciatively, there are sufficient regulations and guides available…

As the corporate tax landscape in the UAE is evolving, there are continuous updates and improvements to the tax law. Therefore, if you are a business or individual related to the UAE economy, it is essential to stay informed about the updates. Interestingly, the updates are not always about new…

Compliance is generally an ongoing matter; however, there are certain times when it is necessary to have special attention. For instance, the time of year-end closing is important in this regard. This is the time when books or accounts are reconciled and move towards the direction of finalization. The end…

Most businesses in the UAE are required to have an annual audit, while some entities do so on a voluntary basis. As a yearly activity, the preparation is not yearly; entities must be ready beforehand to avoid hassle and panic at the eleventh hour. In 2025, there are advanced systems…

Most recently, the UAE’s Ministry of Finance introduced new tax clarifications for free zones. Specifically, this pertains mainly to corporate tax. As a result of decisions, it is evident that the UAE government is committed to making the UAE a competitive and trustworthy business destination. The new updates are provided…

With the introduction of corporate tax in the UAE region, a common question arises: “How to file the tax return?” The UAE government has taken measures to make the process as simple as possible. However, every taxable person must understand the process to avoid any negative outcomes, such as penalties.…

One of the concerns for any business is taxation and compliance. Firms usually consider two factors in this regard. Firstly, the relevant tax rates in a jurisdiction, and secondly, the overall taxation system or framework. However, many other factors contribute towards a business’s decision to operate in or from a…