Aurifer’s submission for Pillar one – Amount B
Liam Purcell
August 31, 2023
Here, we provide our observations and recommendations in relation to the proposed scoping and pricing mechanism for Pillar One – Amount B.
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UAE’s New Tax Procedures Executive Regulations
Thomas Vanhee
August 2, 2023
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
UAE Releases Cabinet Decision on CT Admin Penalties
Thomas Vanhee
August 1, 2023
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.
New Cabinet Decision Provides Additional Exemption Conditions For QIFs and REITs
Thomas Vanhee
August 1, 2023
The recently published Cabinet Decision No. 81 of 2023 introduces new conditions for Qualifying Investment Funds (“QIF”) that must be fulfilled to qualify for the CT exemption (aside from the ones under the CT law).
Outcome statement from the OECD’s Inclusive Framework on BEPS
Liam Purcell
July 14, 2023
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.
Impact of UAE Corporate Tax on Law Firms and Professional Services Firms
Thomas Vanhee
June 27, 2023
Explore the application of the new UAE Corporate Income Tax to complex structures of law and professional services firms. Learn about tax implications for mainland and Free Zone LLCs, transparent entities under UAE CIT, and UAE branches of foreign companies.
The New CIT Cabinet And Ministerial Decisions: Insights On The Free Zone Corporate Tax Regime
Thomas Vanhee
June 26, 2023
The UAE MoF issued two landmark decisions on 1 June 2023: Cabinet Decision No. 55 of 2023 on Determining Qualifying Income and Ministerial Decision No. 139 of 2023 regarding Qualifying Activities and Excluded Activities. These decisions – effective immediately upon publication – provide essential guidance for businesses operating in one of the more than 40 multidisciplinary UAE’s FZ. We discuss those elements in further detail here.
CIT in the UAE: The PE Clause for Individuals
Thomas Vanhee
May 11, 2023
This article deals with the PE concept applied to individuals operating as solo entrepreneurs or freelancers in the UAE territory.
CIT in the UAE: The PE Clause for Companies
Thomas Vanhee
May 10, 2023
In the article, the authors analyse the UAE’s PE policy and approach with a few practical examples, focusing on applying the PE clause to companies and other legal entities.
Working remotely tax free – not that simple
Thomas Vanhee
May 9, 2023
Explore the challenges of working remotely tax-free in Dubai. The virtual working program allows overseas employees to benefit from the tax advantages of residing in Dubai while retaining employment in their home countries. However, ensuring tax-free salary may not be as simple as it seems, with each case having unique considerations.