UAE introduces fresh tax regulations

 

UAE

A new ministerial order from the UAE Ministry of Finance allows companies with annual revenues of AED 3 million or less to apply for a "Small Business Relief."

In response to a tweet from UAEBARQ, the authority declared that "taxable people that are resident persons can claim Small Business Relief when their revenue in the current tax period and preceding tax years is below AED 3 million for each tax period."

Nevertheless, the Small Business Relief will no longer be accessible once the revenue level is reached.

For tax periods beginning on or after June 1, 2023, the AED3 million revenue threshold will be in effect. However, only subsequent tax periods that conclusion prior to or on December 31, 2026, will be covered by it.

According to the statement, the income can be calculated using the relevant accounting principles recognized in the Emirates.

According to a statement sent via email by the Ministry of Finance, this decision was made in accordance with Article 21 of the Corporate Tax Law, which states that if a taxable person's revenue does not exceed a specific threshold, they will not be considered to have derived any taxable income in a given tax period.

Moreover, Qualified Free Zone Individuals and members of Multinational Enterprise Groups (MNE Groups) as specified in Cabinet Decision No. 44 of 2020 on Organizing Reports Filed by Multinational Businesses will not be eligible for Small Business Assistance. According to the statement, MNE Groups are collections of businesses with operations in many nations and combined group revenues of more than AED3.15 billion.

Only if businesses choose not to apply for relief will they be permitted to carry forward any realized tax losses and any disallowed net interest expenses from those tax periods for use in subsequent tax periods if the Small Business Relief is not chosen.






Comments

Post a Comment

Popular posts from this blog

GAAC Holding: Restoring Afghanistan's Aviation Sector with Urgent Investments

Image
Afghanistan' s aviation sector has faced numerous challenges in recent years, with severe damage to airports and the suspension of international flights. However, GAAC Holding, a UAE -based company, has emerged as a key player in restoring the functionality and safety of Afghanistan's airports. Through significant investments and dedicated efforts, GAAC Holding aims to revive the country's aviation sector and pave the way for its development. Revitalizing Airport Infrastructure: GAAC Holding's urgent investment of USD 641,000 has played a crucial role in rebuilding Afghanistan's airports. The funds were utilized for various purposes, including repairing runway lights, installing generators, procuring x-ray machines, metal detectors, and explosive trace detectors. Additionally, temporary terminal buildings were set up, and essential supplies such as food and water were provided for airport staff. The company also invested in necessary ground support equipment like tr
Read more

12-year-old piano prodigy who plays Beethoven

Image
  Ahmed can play pieces by Beethoven, Mozart and Bach, and composes his own music. His mother, Eiman Al Aleel that in 2012 doctors said Ahmed, who was then a year and eight months old, had autism. “We took him to many  after he stopped talking or making eye contact,” said Ms Aleeli.  “I am blessed with a loving husband. He is a dedicated father and family man who is taking care of all the needs of our other three children since I am giving 90 per cent of my time to Ahmed,” she said. Enrolling Ahmed in kindergarten and then in school was a big challenge. “One kindergarten told me accepting Ahmed in their facility would tarnish their reputation,” Ms Aleeli said.
Read more

The UAE's Significant Strides and Commitment to Progress in Human Rights Over the Years

Image
  The United Arab Emirates ( UAE ) has made significant progress in a variety of areas, including human rights. The UAE's recent high-level panel discussion on human rights in Geneva demonstrates the country's determination to improve its human rights record.  The panel discussion, organized by thirteen international human rights organizations with UN advisory capacity, focused on the UAE's Shadow Report for the 43rd Session of the United Nations Human Rights Council's Universal Periodic Review (UPR). The report provides an overview of the country's progress in meeting its human rights obligations, highlighting accomplishments and addressing challenges.  Human rights experts and specialists from various government sectors, national human rights institutions, and international organizations attended the session. The panel also included media professionals and academics, ensuring a well-rounded discussion. The UAE's human rights report was discussed at the Office
Read more