Xact Plus Chartered Accountants

UAE Corporate Tax Legal Framework

1- Federal Decree- Law: Issued by the President of the UAE.
2- Cabinet Decisions: Decisions issued by the UAE Cabinet.
3- Ministerial Decisions: Decisions issued by the Minister of Finance.
4- FTA Decisions: Issued by the Chairman of the Board of Directors of the FTA.
5- FTA Guides: 16 guides on the various Corporate Tax provisions issued so far.
6- FTA Public Clarifications: 1 Public Clarification.

📢 Attention UAE Corporates!

📅 Important Deadline: 31 August 2024
Avoid administrative penalties by registering for corporate tax on time.

Who Needs to Register?

Resident Juridical Persons: Incorporated, established, or recognized before 1 March 2024.
Special Case: If your license was issued in June (any year), ensure your registration application is submitted by 31 August 2024.
Don't Miss Out!
Submit your Tax Registration application by the deadline to avoid late registration penalties. ⏰

🔗 For more details, visit

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𝐒𝐭𝐚𝐫𝐭𝐢𝐧𝐠 𝐏𝐨𝐢𝐧𝐭 𝐟𝐨𝐫 𝐃𝐞𝐭𝐞𝐫𝐦𝐢𝐧𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐓𝐚𝐱𝐚𝐛𝐥𝐞 𝐈𝐧𝐜𝐨𝐦𝐞

Financial statements play a pivotal role in calculating taxable income for businesses. A taxable person's accounting income, as reflected in the financial statements, serves as the foundation for determining taxable income.

𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:
- 𝐑𝐞𝐯𝐞𝐧𝐮𝐞 𝐓𝐡𝐫𝐞𝐬𝐡𝐨𝐥𝐝𝐬:
- Up to AED 3 million: Taxable persons earning revenue up to AED 3 million in a tax period may use the cash basis of accounting.
- Exceeding AED 3 million: Once revenue surpasses AED 3 million, financial statements must adhere to the accrual basis of accounting, unless exceptional circumstances warrant FTA approval.

- 𝐈𝐅𝐑𝐒 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞:
- Financial statements must comply with IFRS.
- Taxable persons with revenue up to AED 50 million may opt for IFRS for SMEs.

- 𝐀𝐮𝐝𝐢𝐭 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬:
- Taxable persons with revenue exceeding AED 50 million must maintain audited financial statements.
- For UAE-based companies, audits should be conducted by a UAE-registered auditor in accordance with relevant legislation.

These guidelines ensure that financial reporting and taxable income determination align with international standards, fostering transparency and accuracy in tax calculations.
Taxation

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Setting up a company in a freezone offers various benefits such as 100% foreign ownership, tax exemptions, and simplified business processes.
Get in touch Today!!!

𝐄𝐦𝐚𝐢𝐥 𝐮𝐬 𝐚𝐭 [email protected]
𝐂𝐚𝐥𝐥 𝐮𝐬 𝐚𝐭 +971506187560


#الدفترية

Setting up a company in a freezone offers various benefits such as 100% foreign ownership, tax exemptions, and simplified business processes. It is a popular choice for entrepreneurs looking to establish a presence in Dubai and take advantage of its strategic location and business-friendly environment. Xact+ team can assist you in the incorporation process and ensure a smooth setup for your business in a Dubai freezone.

𝐄𝐦𝐚𝐢𝐥 𝐮𝐬 𝐚𝐭 [email protected]
𝐂𝐚𝐥𝐥 𝐮𝐬 𝐚𝐭 +971506187560


#الدفترية

Tax Period!

𝐄𝐦𝐚𝐢𝐥 𝐮𝐬 𝐚𝐭 [email protected]
𝐂𝐚𝐥𝐥 𝐮𝐬 𝐚𝐭 +971506187560

#الدفترية

Corporate Tax Registration Deadlines!

𝐄𝐦𝐚𝐢𝐥 𝐮𝐬 𝐚𝐭 [email protected]
𝐂𝐚𝐥𝐥 𝐮𝐬 𝐚𝐭 +971506187560

#الدفترية