UAE CIT and Immovable Property

Whether you’re a UAE-based or an international business dealing with real estate in the UAE (either in the mainland or FZs) or abroad, this infographic will guide you through the intricate rules surrounding immovable property income under UAE CIT.

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UAE’s New Tax Procedures Executive Regulations

The UAE has recently issued Cabinet Decision No. 74 of 2023, impacting its Tax Procedures. This Decision replaces the previous Executive Regulation on Tax Procedures and aligns it with the most recent version of the Tax Procedures Law, which was effective since 1 March 2023 but did not have Executive Regulations yet. The New Executive Regulation shall be effective from 1 August 2023.

The FTA has additionally issued guidance by way of a Public Clarification on Tax Procedures (TAXP006). The Public Clarification aims to highlight the differences between the previous and new Executive Regulations and provides additional clarification on the new provisions.

We have listed what we consider the most notable changes as per the new Executive Regulations

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UAE Publishes Corporate Income Tax Law

UAE Releases Cabinet Decision on CT Admin Penalties

The Ministry of Finance (“MoF”) published Cabinet Decision No. 75 of 2023, adopted by the UAE’S Federal Cabinet, outlining the Administrative Penalties for Violations of the Corporate Income Tax legislation. This new Decision is set to be effective from August 1, 2023. We’ve incorporate our own insights based on this Cabinet Decision. Read on to know more.

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Outcome statement from the OECD’s Inclusive Framework on BEPS

An update was published by the OECD on 12 July 2023 in relation to the status of the BEPS 2.0 project following the conclusion of the 15th meeting of the OECD/G20 Inclusive Framework. With so much of the focus seemingly on Pillar Two over the last number of months the Outcome Statement provides some important, albeit brief, updates in relation to Pillar One as well as the Subject to Tax Rule (STTR) from Pillar Two.

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