Starting from June 1, 2023, the UAE will implement a corporate tax of 9% on profits for businesses earning over 375,000 AED (approximately USD $100,000). If a business generates less than this amount, they will continue to have a 0% tax rate.
Additionally, large multinational companies with profits exceeding EUR 750 million will be required to pay a 15% tax, aligning with the Global Minimum Corporate Tax Rate agreement.
Companies need to be prepared for the new corporate tax, and most will have to allocate funds for tax payments starting from the tax year beginning June 1, 2023. For businesses with a tax year starting in January, the tax will apply to revenues generated from January 1, 2024, onwards.
Corporate tax is a direct tax levied on the net profits of a corporation. It is calculated as a percentage of the company's earnings after deducting allowable expenses.
We provide comprehensive corporate tax services including tax advice, registration with the Federal Tax Authority (FTA), preparation of tax returns, guidance on income exemptions, transfer pricing documentation, and support for tax-related violations and penalties.
Our expert advisors help you navigate complex tax issues, identify applicable exemptions, and develop strategies to optimize your tax position and minimize liabilities.
We assist with the complete registration process for corporate tax with the FTA, including managing deadlines and ensuring compliance with all regulatory requirements.
Corporate tax returns are the documents filed with tax authorities detailing your company’s income, expenses, and taxes owed. We ensure accurate preparation and timely submission of these returns to maintain compliance.
Contact us through our website or call us directly to schedule a consultation. Our team will guide you through the process and tailor our services to meet your specific needs.
