Compliance UAE Archives - Page 2 of 3 - Creative Tax & Accounting

25 Jul 23

When Shall You Deregister for VAT in the UAE?

The UAE introduced VAT on January 1, 2018, with the standard rate set at 5%. A business must register for VAT if its taxable supplies and imports exceed AED 375,000 in a year. However, a business can also register for VAT on a voluntary basis. In this case, the taxable…

13 Jul 23

Tax Losses in Corporate Tax: Key Factors in the UAE

The UAE is implementing the corporate tax on June 1, 2023. In order to remain attractive for businesses, the UAE has set the standard rate of corporate tax at 9%. However, this 9% rate only applies to businesses that have taxable profits of over AED 375,000. Businesses with taxable profits…

22 Jun 23

Understanding Corporate Tax in the UAE: Your FAQs

Understanding Corporate Tax in the UAE: Your FAQs Answered 1. What is corporate tax, in simple words? In simple words, “corporate tax” refers to a type of tax that applies to the profits of companies or corporations. It is a tax that a business pays on its income after deducting…

12 Jun 23

Incomes Exempt from Corporate Tax in the UAE: A Guide

According to recent developments in the UAE, businesses are going to be taxable for corporate tax (CT) starting June 1, 2023. The guidelines are set out in Federal Decree-Law No. 47 of 2022. The general CT rate will be 9%; however, this rate will apply only to the taxable income…

26 May 23

Group and Restructuring Reliefs in the UAE Corporate Tax

From June 1, 2023, the UAE is going to introduce corporate tax. Under the current guidelines, businesses that earn taxable profits of over AED 375,000 will pay 9% corporate tax. However, businesses with annual taxable income of less than AED 375,000 will have 0% corporate tax. In order to become…

19 May 23

Corporate Tax for the Oil and Gas Industry in the UAE

The UAE has always been famous for its business-friendly policies. These policies attracted a heavy amount of foreign investment from large multinational corporations and investors. However, in order to diversify income sources other than tourism and oil, the UAE is implementing a new corporate tax (CT) from June 1, 2023.…

05 May 23

Impact of Corporate Tax on SMEs in the UAE

A corporate tax is a tax that is applicable to the taxable profits of a company. Taxable profit is the profit after all allowable expenses as per the tax laws of a country. In the UAE, the concept of corporate tax is under debate after the introduction of a new…

28 Apr 23

Risk-Based AML/CFT Approach in the UAE: Key Elements

Risk-based vs. rule-based approach A risk-based decision-making approach is proactive and does not rely on a checkbox. A rule-based approach, on the other hand, is based on using a set of predefined rules to determine the best course of action. A rule-based approach is not adaptable to changing circumstances, whereas…

19 Apr 23

Penalties for Violations of Tax Laws in the UAE

Taxes are one of the prime sources of revenue for most economies. Tax compliance is important for the smooth functioning of the overall economy of a country. Governments need to collect taxes timely and completely in order to provide essential services to the citizens. However, the collection of taxes is…

11 Apr 23

VAT Health Check in the UAE: Key Information

What is a VAT Health Check? A “VAT health check” is an audit of a company’s VAT compliance and reporting procedures and processes. The VAT health check (VHC) aims to find areas where the business could do better and ensure it follows all the right VAT rules, regulations, and procedures.…

Compliance UAE