The Value-Added Tax (VAT) was introduced in the UAE at a rate of...
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Best Corporate Tax Consultancy in Dubai
Alliance Prime is a leading provider of corporate tax consultancy services, accounting, taxation, and advisory services in the UAE. Our expert team will guide you through the complex laws and regulations of UAE, including Corporate Tax, VAT, Excise Tax, Accounting and Bookkeeping, ESR, Financial Advisory, ERP, etc. If you’re looking for reliable and professional auditing, accounting, taxation, and advisory services in the UAE, look no further than Alliance Prime.
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What is Corporate Tax in UAE
The UAE Ministry of Finance introduced a Corporate Tax on business profits, effective June 1, 2023. This tax reform aims to promote small and medium enterprises by implementing an introductory statutory tax rate of 9% on corporate profits exceeding AED 375,000 ($102,000). In contrast, profits below that threshold will be exempt from taxation. Compliance with corporate tax regulations is mandatory for all applicable companies in the UAE, including filing annual tax returns and maintaining proper accounting records following the relevant laws and regulations.
The corporate Tax in UAE was introduced to assist the UAE in achieving its strategic goals and hasten its growth and transition. With the UAE’s vast network of double tax treaties, the assurance of a competitive corporate tax structure that complies with international norms would solidify the UAE’s position as a top business and investment location. Given the UAE’s status as a worldwide financial and economic center, the UAE Corporate Tax Code draws on best practices worldwide and contains well-recognized and respected concepts. As a result, the UAE Corporate Tax Law is ensured to be clear in its ramifications and easy to understand.
CT Registration
Fulfill your legal obligations by registering your business with the UAE tax authorities and establishing your corporate tax status.
CT Health Check
Evaluate and improve your corporate tax practices to ensure compliance and maximize financial efficiency in the UAE.
Structure Planning
Strategically plan and optimize your corporate tax structure in the UAE to minimize liabilities and enhance tax savings.
Corporate Tax Returns
Timely and accurate filing of corporate tax returns to meet UAE tax regulations and maintain proper financial records for your business.
Corporate Tax
Implementation in the UAE
The ever-evolving legal and compliance landscape in the UAE has brought forth the new UAE Corporate Tax (Dubai/UAE CT) and its administrative corporate tax compliance framework, triggering extensive discussions. Both regional and global economies keenly observe this rollout, taking the UAE corporate tax rate into account for their calculations. Although still among the lowest, the introduction of this new tax regime represents a significant leap from the previous system, impacting various facets of businesses, from pricing and marketing to accounting procedures, documentation, and IT infrastructure.
In this context, businesses operating in the UAE, be it Offshore or Onshore, must carefully analyze the implications of the Company Tax on their transactions, including cross-border activities and entity structures, ensuring full compliance with the new Corporate Tax requirements. This is where effective corporate tax consultancy comes into play, providing crucial support for businesses to navigate the intricacies of the new tax landscape and plan strategically for optimal outcomes from the outset.
Our Corporate Tax Experts are dedicated to keeping your business compliant with the new UAE CT Law.
Our Corporate Tax Experts are dedicated to keeping your business compliant with the new UAE CT Law.
Corporate Tax
Exemptions in the UAE
The MOF has also announced a few exemptions for certain entities. If your business or institutional venture falls under one of those exemptions, you won’t have to file a tax report and pay the taxes. The exempt entities are:
- Any governmental or public entities that include both federal and regional offices, departments, divisions, and all other public institutions.
- Businesses that deal with the extraction or mining of natural resources in the UAE. As those businesses are already subject to Emirate-level taxation, they won’t have to file the corporate tax report separately.
- Any organisations that work for charitable and social causes. However, such businesses must register as social or charity organisations with the MOF. Those eligible must first apply to relevant authorities to obtain a formal clearance before applying for MOF registration.
- Any public or regulated private entities that deal with social benefit funds like pension or retirement planning.
- Real estate and other regulated investment funds. Similar to charitable organisations, such funds must apply to MOF and the Federal Tax Authority (FTA) to obtain a formal exemption approval.
- Any UAE companies fully owned by the UAE government and listed with a ministry-level decision to receive the tax exemption.
Best Corporate Tax Consultancy in UAE
Impact Assessment / Initial Screening
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Application for Exemption Status
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Transaction
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Computation of
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Grouping & Loss Utilization
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Free Zone Business Requirements
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Permanent Establishment Risk
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Annual Tax
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Transfer
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Our company offers accounting and taxation services throughout the UAE to businesses in all sectors, encompassing industries such as tobacco and electronic cigarettes, logistics, trading, construction, real estate, and more.
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Frequently Asked Questions Regarding Corporate Tax
There is no fee payable to FTA for obtaining CT registration. A professional fee is dependent upon the legal form/structure of any business seeking CT registration. FTA grants registration within 3- 5 working days of the filing of all prescribed documents. The time taken may be more if FTA raises any query or asks for any additional document/clarification.
The papers and documents required to register for CT are dependent on the legal form of any business. Usually, a copy of the license, MOA of a business, and contact details are required for getting CT registration.
Private businesses or public joint stock companies can now apply for registration. Free zone businesses or individuals or branches of foreign entities cannot apply for registration for the time being. The effective date for the registration of CT is the one that is mentioned in the application form unless FTA considers any other date.
Yes unless there is a specific exemption from the levy of corporate tax.
Yes. Both VAT and CT are different types of taxes that are regulated by separate decree laws in the UAE. VAT is a transactional levy which is charged on each sale and supply transaction of the business. CT is a federal tax levy on the aggregate profits of the corporation/business
All corporations and businesses are subject to payment of corporate tax unless they are specifically exempted under CT Law.
CT law has a specific article that defines a list of exempt persons. To illustrate, government entities, government-controlled entities, charitable businesses, and investment fund management businesses are exempted from the levy of CT subject to the meeting of prescribed conditions.
The applicable rates for entities established in Free Zone in the UAE could be 0% or 9%. The rate is dependent on whether the income of the free zone falls within the definition of qualifying income or not and whether the free zone business is meeting eligibility conditions given in the CT Law.