Corporate Tax in UAE Has Begun! Here is what you need to do

9% of Corporate Tax?in UAE implemented from?June 1, 2023?for businesses with profits exceeding?AED 375,000?and?0% Corporate tax?in UAE for?free zone?businesses.

The?corporate tax regime?demands every taxable person, which includes a Free Zone Person, requires to register for Corporate Tax and get a Registration Number. The Federal Tax Authority also requested that even the Exempted Persons should register for Corporate Tax.?

Guide: Corporate Tax Registration

Steps: Register Corporate Tax in Emaratax

Needs: Documents Required to Corporate Tax Registration

Taxable Persons?must file Corporate Tax returns for a Tax Period within 9 months from the end of a specific period. This deadline is normally applied in the payment of all the Corporate Taxes due in terms of the Tax Period the return is filed.?

Guide: Corporate Tax Return Filing

Corporate Tax will affect the businesses in the free zones of the UAE. However, the?free zone businesses?adhering to the regulatory requirements and not conducting business in the Mainland UAE would enjoy the corporate tax benefits.?

A?Qualifying Free Zone Person?must pay Corporate Tax at the following rates:

1. 0% (zero percent) on Qualifying Income.?
2. 9% (nine percent) on Taxable Income that is not Qualifying Income

Guide: Qualifying Free Zone Person in UAE

According to the Ministerial Decision No.82 of 2023, Applicable Taxable Persons should Prepare and Maintain Audited Financial Statements for corporate tax if it meets certain requirements below:

1. A Taxable Person earning Revenue exceeding?AED 50,000,000?(fifty million UAE dirhams) during the relevant Tax Period.
2. A Qualifying Free Zone Person.

Know more: Preparation of Financial Audit Statement for Corporate Tax

Prepare and submit with our help: Corporate Tax Audit Services in UAE

As per?Ministerial Decision No. 97 of 2023, the UAE government announces the conditions for taxable persons to maintain Transfer Pricing Documentation (Master File and Local File) for UAE Corporate Tax.

Guidelines: Transfer Pricing Documentation for Corporate Tax

Every business in UAE must also adhere to the new corporate tax system. Since needs and requirements vary from business to business, one must rely on the best?corporate tax consultants in UAE?who have expertise in giving solutions in all aspects.

Our corporate tax consultants ensure compliance with UAE tax laws, handling reporting to the Federal Tax Authority (FTA) accurately and on time. As your trusted tax advisor, we offer proactive guidance and recommendations to mitigate risks and optimize your tax position.

At?BMS Auditing, our streamlined process begins with in-depth consultations to understand your unique tax requirements and goals. Through corporate tax consultancy in Dubai, we provide strategic tax planning and optimization, ensuring you take full advantage of available deductions, credits, and incentives.