UAE Corporate Tax: A Quick Guide to Registration, Reliefs, and More
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As businesses in the United Arab Emirates (UAE) adapt to the new corporate tax (CT) regime, it's crucial to stay informed about the latest developments and updates. The recent introduction of the UAE's comprehensive CT system has brought about several significant changes that companies need to understand and comply with.
One of the key updates is the FTA Decision 3/2024, which outlines the deadlines for businesses to register for corporate tax. Depending on the entity type and residency status, companies must submit their tax registration applications within the prescribed timelines to avoid administrative penalties.
In addition to the registration requirements, the CT Law also provides relief provisions, such as Qualifying Group Relief and Business Restructuring Relief. The FTA has released new guides that delve into the eligibility criteria and tax consequences of these relief measures, offering valuable insights for businesses considering group transactions or operational restructuring.
The taxation of investment funds and managers is another area of focus, with the FTA providing clarity on the conditions for the Qualifying Investment Fund exemption and the related tax implications.
As the UAE moves forward with the implementation of the global minimum tax rate under Pillar 2 of the OECD/G20 Two-Pillar Solution, businesses must familiarize themselves with the Global Anti-Base Erosion Rules and their potential impact on tax obligations.
Read more to ensure your business is well-prepared to comply with the new tax regime.