Government issues Revised Decisions providing revised conditions for taxability of Free Zone Persons

The UAE Government issues revised decisions and guidelines for availing 0% Corporate Tax benefit by ‘Qualifying Free Zone Persons’ Ministry of Finance has today released the much-awaited decisions from UAE Corporate Tax perspective with regard to Qualifying Free Zone persons (‘QFZP’). Cabinet Decision No. 100 of 2023 on Determining Qualifying Income for the QFZP for…

PKF UAE VAT Update on Applicability of Reverse Charge Mechanism on Supplies of Electronic Devices

“The Federal Tax Authority (FTA) has recently issued Cabinet Decision No. 91 of 2023- Application of the Reverse Charge Mechanism on Electronic Devices among Registrants in the State for the purposes of Value Added Tax”. Summary of key points of the Ministerial Decision: Definition of Electronic Devices Mobile phones, smart phones, computer devices, tablets and…

Release of Newexecutive Regulation on Tax Procedures Law Vide Cabinet Decision No (74) Of 2023 (w.e.f. August 01,2023)

“The Federal Tax Authority (FTA) has recently released the Cabinet Decision No. (74) of 2023 on the Executive Regulation of Federal Decree Law No. (28) of 2022 on Tax Procedures (´´New Executive Regulation´´) on 28th July 2023, which hasrepealed Cabinet Decision No. (36) of 2017 on the Executive Regulation of Federal Decree Law No. (7)…

UAE Corporate Tax Update: Ministry of Finance issuesMinisterialDecision on Exceptions from Registration for Corporate Tax

Post the release of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”), the UAE Ministry of Finance (‘MOF’) / Federal Tax Authority (‘FTA’) has initiated issuing further guidance on the provisions of the Corporate Tax (‘CT’)Law. On clarificatory note, the MOF has issued today Ministerial…

UAE Corporate Tax Update: Ministry of Finance issues Ministerial Decision on Small Business Relief for small taxpayers

Post the release of the Federal Decree-Law No. 47 of 2022 on the Taxation of Corporations and Businesses (the “Corporate Tax Law”), the UAE Ministry of Finanice (‘MOF’) / Federal Tax Authority (‘FTA’) has initiated issuing further guidances on the provisions of the Corporate Tax law. In order to support start-ups and other small or…

Update on Emirate Wise Reporting for Electronic Commerce Supplies by Qualifying Registrants

“The Federal Tax Authority (FTA) has recently issued VAT public clarification VATP033- Amendments to Emirates’ Reporting- Electronic Commerce Supplies by Qualifying Registrants and Ministerial decision No. 26 of 2023 on Criteria and Conditions for Electronic Commerce for Purposes of Keeping Records of the Supplies Made (w.e.f 1st July, 2023). The key areas covered in the…

UAE Customs Update: Customs Notice No. 11/2022 on Procedure & Fees for Electronic Attestation for Import Commercial Invoices

The Ministry of Foreign Affairs and International Cooperation (MOFAIC) has put in place a new system for attestation of commercialinvoices relating to Import of Goods into United Arab Emirates (UAE) which will be effective from 01 February 2023. Key Highlights of the new system: The commercial invoices for Import of goods having a value of…