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ACCOUNTING THE BACKBONE OF YOUR BUSINESS

Whatever your business be, if you want to succeed in your venture your accounting should be proper and up to date. If you want any accounting assistance in UAE contact ubl auditing for perfect accounting and auditing with best accountants of the country.<br>

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ACCOUNTING THE BACKBONE OF YOUR BUSINESS

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  1. Tax update introduction of corporate tax in uae The United Arab Emirates (UAE) has reaffirmed that its nation is developing into a major international centre for trade and investment. In order to do this, the nation has set out on a quest to enact revolutionary changes that would solidify its position as the most sought-after investment market in the world. auditing consultancy dubai To ensure a safe and prosperous future for the nation, the UAE is concentrated on developing new revenue streams. This guarantees economic self-sufficiency, which is crucial for potential investors to take into account. This future is made possible by the introduction of corporate taxes, and the UAE’s commitment to upholding international norms for tax transparency and combating

  2. harmful tax practises is reaffirmed by a competitive corporate tax regime based on best practises from throughout the world. Corporate Tax Implementation in the UAE UAE’s Ministry of Finance has declared that the government would implement Corporate Tax (CT) for fiscal years beginning on or after June 1, 2023. Here are some fundamental details concerning the new planned CT that is scheduled to go into effect by the middle of next year Basic Information best auditing consultancy dubai For all fiscal years beginning on or after June 1, 2023, CT will be in effect. Examples: Starting on July 1st, 2023, every company whose fiscal year runs from July 1 to June 30th will be subject to CT. The company will only be subject to CT starting on January 1st

  3. 2024 if its financial year runs from January 1st, 2023, to December 31st, 2023. With the exception of the extraction of natural resources, the CT, a federal tax, will be imposed on all enterprises and other commercial activity across the Emirates. The following tax rate will be applicable: 0% tax on taxable income up to AED 375,000; 9% tax on taxable income beyond AED 375,000; and an additional tax. Effects on Legal Entities Any actions made by a legal entity will be regarded as business actions for the purposes of CT. As long as they adhere to all regulatory criteria and refrain from doing business with mainland UAE, businesses formed in the Free Zones may continue to benefit from tax exemption benefits.

  4. If certain requirements are completed, a UAE group of firms may choose to establish a tax group and be considered as a single taxable person. Consequences for Individuals An individual’s salary and other job income will not be subject to UAE CT (whether received from the public or private sector). If a person is not obliged to seek a commercial licence or permission to engage in such business in the UAE, then their personal real estate investment should not be subject to UAE CT. Individuals’ personal income, such as salary, interest on bank deposits, etc., shall not fall under the purview of CT.

  5. For the purposes of CT, only people who have (or are needed to receive) a business licence or permission to conduct the relevant commercial, industrial, and/or professional activity in the UAE will be regarded as carrying on business.

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